Can I retire at age 56 with 1,050,000?

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 $1,050,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.3%
1 years$86,708$85,936$85,182$84,447$83,728$83,271
2 years$42,925$42,125$41,351$40,599$39,871$39,409
3 years$28,332$27,529$26,757$26,012$25,296$24,844
4 years$21,037$20,237$19,472$18,740$18,041$17,603
5 years$16,662$15,866$15,111$14,394$13,715$13,291
6 years$13,745$12,956$12,212$11,511$10,852$10,444
7 years$11,663$10,880$10,148$9,464$8,825$8,433
8 years$10,102$9,326$8,606$7,939$7,322$6,945
9 years$8,889$8,120$7,413$6,762$6,166$5,805
10 years$7,919$7,158$6,463$5,829$5,254$4,908
11 years$7,125$6,372$5,690$5,073$4,518$4,188
12 years$6,465$5,719$5,049$4,450$3,915$3,600
13 years$5,906$5,168$4,511$3,929$3,414$3,114
14 years$5,428$4,698$4,053$3,487$2,993$2,707
15 years$5,014$4,292$3,660$3,110$2,635$2,363
16 years$4,652$3,938$3,318$2,785$2,329$2,070
17 years$4,333$3,626$3,019$2,502$2,065$1,819
18 years$4,049$3,351$2,756$2,255$1,836$1,603
19 years$3,796$3,106$2,523$2,037$1,637$1,416
20 years$3,569$2,886$2,316$1,845$1,462$1,253
21 years$3,363$2,688$2,130$1,675$1,308$1,111
22 years$3,176$2,509$1,963$1,523$1,173$986
23 years$3,006$2,347$1,813$1,387$1,053$877
24 years$2,850$2,199$1,676$1,265$946$780
25 years$2,707$2,063$1,553$1,155$851$695
26 years$2,575$1,939$1,440$1,056$767$620
27 years$2,453$1,825$1,337$967$691$553
28 years$2,340$1,720$1,243$886$624$494
29 years$2,235$1,622$1,157$812$563$442
30 years$2,137$1,532$1,077$745$509$395
31 years$2,046$1,448$1,004$685$460$353
32 years$1,961$1,371$937$629$416$316
33 years$1,880$1,298$875$579$377$283
34 years$1,805$1,230$818$532$341$254
35 years$1,734$1,167$764$490$309$227
36 years$1,668$1,107$715$451$280$204
37 years$1,605$1,052$669$416$254$183
38 years$1,545$1,000$627$383$230$164
39 years$1,489$951$587$353$209$147
40 years$1,436$904$550$326$189$132
41 years$1,385$861$516$301$172$118
42 years$1,337$820$484$278$156$106
43 years$1,291$781$454$256$141$95
44 years$1,248$745$426$237$128$85
45 years$1,206$710$400$218$116$77
46 years$1,167$677$376$202$106$69
47 years$1,129$646$353$186$96$62
48 years$1,093$617$332$172$87$56
49 years$1,058$589$312$159$79$50
50 years$1,025$563$293$147$72$45

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,050,000, adding $5,381 every year, while hoping to spend $35,902 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: 65/12/23 Blend
55$1,050,000$1,050,000$1,050,000$1,050,000
56$1,162,651$1,107,001$1,090,726$1,230,983
57$1,243,041$1,123,044$1,089,065$1,293,687
58$1,330,429$1,138,671$1,086,146$1,357,652
59$1,425,489$1,153,821$1,081,888$1,426,738
60$1,528,964$1,168,434$1,076,207$1,501,449
61$1,641,674$1,182,443$1,069,015$1,582,342
62$1,764,518$1,195,776$1,060,220$1,670,031
63$1,898,486$1,208,357$1,049,726$1,765,194
64$2,044,670$1,220,104$1,037,430$1,868,578
65$2,204,270$1,230,933$1,023,227$1,981,006
66$2,378,607$1,240,750$1,007,007$2,103,386
67$2,569,136$1,249,457$988,652$2,236,722
68$2,777,457$1,256,951$968,042$2,382,118
69$3,005,335$1,263,118$945,048$2,540,793
70$3,254,711$1,267,843$919,539$2,714,091
71$3,527,722$1,270,998$891,374$2,903,495
72$3,826,723$1,272,450$860,408$3,110,640
73$4,154,305$1,272,057$826,489$3,337,328
74$4,513,325$1,269,668$789,457$3,585,549
75$4,906,926$1,265,124$749,146$3,857,494
76$5,338,572$1,258,254$705,381$4,155,582
77$5,812,076$1,248,879$657,982$4,482,479
78$6,331,641$1,236,806$606,757$4,841,125
79$6,901,893$1,221,834$551,508$5,234,764
80$7,527,930$1,203,748$492,027$5,666,969
81$8,215,367$1,182,320$428,098$6,141,683
82$8,970,390$1,157,309$359,495$6,663,252
83$9,799,812$1,128,460$285,981$7,236,470
84$10,711,141$1,095,502$207,309$7,866,620
85$11,712,645$1,058,150$123,221$8,559,530
86$12,813,434$1,016,099$33,450$9,321,622
87$14,023,547$969,030$0$10,159,980
88$15,354,040$916,604$0$11,097,714
89$16,817,096$858,462$0$12,137,885
90$18,426,138$794,224$0$13,281,843
91$20,195,954$723,491$0$14,540,130
92$22,142,836$645,837$0$15,924,362
93$24,284,738$560,816$0$17,447,341
94$26,641,439$467,954$0$19,123,176
95$29,234,733$366,750$0$20,967,415
96$32,088,632$256,677$0$22,997,190
97$35,229,596$137,178$0$25,231,383
98$38,686,778$7,662$0$27,690,802
99$42,492,300$0$0$30,398,378
100$46,681,560$0$0$33,396,877