Can I retire at age 56 with 1,030,000?

Use the below retirement simulation to view the chances of a successful retirement.
Confused? Try the simple retirement calculator
About Your Retirement ?
Current Age
Retirement Age
Current Savings $
Annual Deposits $
Annual Withdrawals $
Stock market crash:
Portfolio ?
% in Stocks:
% in Bonds:
% in Cash:
Modify Stock Returns:
0%
Modify Bond Returns:
0%
Modify Cash Returns:
0%
Modify Inflation:
0%
How much money do I need to retire?

This retirement calculator runs simulations based on past data from the S&P 500, 10 Year Treasury Bond, 3 month T-Bill, and US inflation. For each year of each simulation, a random return and inflation amount is chosen.

How to use: Enter your current age and the age when you retire. Then enter your current savings, the amount that you can save annually before you retire, and the amount that you plan to withdraw after retirement. Your annual deposits and withdrawals take inflation into account. For example, if you need $50,000 to live on in retirement using today's dollars, we will automatically take into account the cost of living for your retirement years. The same is true for your annual deposits. Next, decide if you'd like to simulate a stock market crash.

In the portfolio section, choose the makeup of your portfolio with stocks, bonds, and cash. Cash assumes that your money is stored in a savings account. You can then alter the future returns and inflation. For example, if the market has historically returned about 10%, but you think the future will be worse, modify the stock returns by -3%, and the future returns will average out to 7%. Investment fees can also lower stock market returns. Many index funds and ETFs offer extremely low fees and expenses.

Many people receive income in retirement, such as social security, pension plans, part time jobs, annuities, and other benefits. This would allow you to take out smaller distributions every year. Please note that taxes must also be considered, but are not used in this simulation. A 401k, Roth IRA, and Traditional IRA are taxed differently than a standard investment account, as are dividends.

Note: This assumes that the future is at least somewhat like the past. In reality, anything could happen. The Soviet Union collapsed, Japan's Nikkei Index is still well below its 1989 peak. Numerous other markets have changed drastically and never recovered. However, this online tool is helpful in retirement planning and estimating how much you might need for retirement, especially those hoping to retire early. We recommend receiving advice from a financial planner.

Want to retire with $1,030,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.8%
1 years$85,056$84,299$83,560$82,838$82,134$79,219
2 years$42,107$41,323$40,563$39,826$39,111$36,206
3 years$27,793$27,005$26,247$25,517$24,814$22,009
4 years$20,637$19,852$19,101$18,384$17,697$15,015
5 years$16,344$15,564$14,823$14,120$13,453$10,900
6 years$13,484$12,709$11,979$11,292$10,645$8,223
7 years$11,441$10,673$9,955$9,284$8,657$6,365
8 years$9,910$9,149$8,443$7,788$7,182$5,019
9 years$8,720$7,966$7,272$6,634$6,048$4,011
10 years$7,768$7,021$6,339$5,718$5,154$3,238
11 years$6,990$6,251$5,581$4,977$4,432$2,635
12 years$6,342$5,610$4,953$4,365$3,841$2,157
13 years$5,794$5,070$4,425$3,854$3,349$1,775
14 years$5,325$4,609$3,976$3,421$2,936$1,467
15 years$4,918$4,210$3,590$3,051$2,585$1,216
16 years$4,563$3,863$3,255$2,732$2,285$1,010
17 years$4,250$3,557$2,962$2,454$2,026$841
18 years$3,972$3,287$2,704$2,212$1,801$702
19 years$3,724$3,046$2,475$1,999$1,605$586
20 years$3,501$2,831$2,272$1,810$1,434$491
21 years$3,299$2,637$2,089$1,643$1,283$411
22 years$3,116$2,461$1,926$1,494$1,150$344
23 years$2,949$2,302$1,778$1,360$1,033$289
24 years$2,796$2,157$1,644$1,241$928$242
25 years$2,655$2,024$1,523$1,133$835$203
26 years$2,526$1,902$1,413$1,036$752$171
27 years$2,407$1,790$1,312$948$678$144
28 years$2,296$1,687$1,219$869$612$121
29 years$2,193$1,592$1,135$797$553$101
30 years$2,097$1,503$1,057$731$499$85
31 years$2,007$1,421$985$672$451$72
32 years$1,923$1,344$919$617$408$60
33 years$1,845$1,273$858$568$370$51
34 years$1,771$1,207$802$522$335$43
35 years$1,701$1,145$750$481$303$36
36 years$1,636$1,086$701$443$275$30
37 years$1,574$1,032$657$408$249$25
38 years$1,516$981$615$376$226$21
39 years$1,461$932$576$347$205$18
40 years$1,408$887$540$320$186$15
41 years$1,359$844$506$295$168$13
42 years$1,311$804$475$272$153$11
43 years$1,266$766$446$251$139$9
44 years$1,224$730$418$232$126$8
45 years$1,183$697$393$214$114$6
46 years$1,144$664$369$198$104$5
47 years$1,107$634$347$183$94$5
48 years$1,072$605$326$169$86$4
49 years$1,038$578$306$156$78$3
50 years$1,006$552$288$144$71$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,030,000, adding $6,653 every year, while hoping to spend $21,485 every year in retirement. These numbers increase with inflation.
Reality usually performs much different than the expected returns. This uses historical averages, but anything can happen. In general, riskier investments have greater returns on average, but more volatility in the short term.
Age Total: 100% Stocks Total: 100% Bonds Total: 100% Cash Total: 65/16/19 Blend
55$1,030,000$1,030,000$1,030,000$1,030,000
56$1,141,923$1,087,333$1,071,368$1,210,284
57$1,235,539$1,117,752$1,084,399$1,287,398
58$1,337,984$1,148,942$1,097,146$1,368,576
59$1,450,135$1,180,917$1,109,578$1,456,777
60$1,572,960$1,213,693$1,121,660$1,552,692
61$1,707,523$1,247,285$1,133,356$1,657,078
62$1,854,996$1,281,708$1,144,629$1,770,770
63$2,016,670$1,316,976$1,155,439$1,894,687
64$2,193,968$1,353,105$1,165,743$2,029,842
65$2,388,456$1,390,110$1,175,498$2,177,352
66$2,601,858$1,428,005$1,184,657$2,338,445
67$2,836,075$1,466,806$1,193,171$2,514,476
68$3,093,201$1,506,525$1,200,989$2,706,936
69$3,375,541$1,547,178$1,208,055$2,917,468
70$3,685,634$1,588,778$1,214,313$3,147,883
71$4,026,279$1,631,339$1,219,703$3,400,176
72$4,400,559$1,674,873$1,224,162$3,676,544
73$4,811,869$1,719,395$1,227,624$3,979,410
74$5,263,949$1,764,915$1,230,019$4,311,441
75$5,760,921$1,811,445$1,231,275$4,675,576
76$6,307,327$1,858,997$1,231,314$5,075,057
77$6,908,167$1,907,581$1,230,056$5,513,450
78$7,568,954$1,957,207$1,227,417$5,994,691
79$8,295,761$2,007,883$1,223,309$6,523,113
80$9,095,277$2,059,618$1,217,638$7,103,490
81$9,974,874$2,112,418$1,210,308$7,741,087
82$10,942,674$2,166,290$1,201,216$8,441,700
83$12,007,626$2,221,238$1,190,256$9,211,722
84$13,179,591$2,277,265$1,177,317$10,058,193
85$14,469,432$2,334,374$1,162,280$10,988,873
86$15,889,122$2,392,566$1,145,023$12,012,312
87$17,451,849$2,451,838$1,125,419$13,137,935
88$19,172,149$2,512,190$1,103,331$14,376,125
89$21,066,036$2,573,615$1,078,621$15,738,325
90$23,151,157$2,636,107$1,051,140$17,237,146
91$25,446,956$2,699,657$1,020,734$18,886,484
92$27,974,860$2,764,255$987,243$20,701,654
93$30,758,478$2,829,886$950,498$22,699,531
94$33,823,825$2,896,533$910,322$24,898,713
95$37,199,570$2,964,178$866,533$27,319,696
96$40,917,300$3,032,797$818,936$29,985,066
97$45,011,826$3,102,364$767,331$32,919,712
98$49,521,503$3,172,851$711,507$36,151,063
99$54,488,599$3,244,224$651,246$39,709,346
100$59,959,690$3,316,444$586,316$43,627,873