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%13.7%
1 years$86,708$85,936$85,182$84,447$83,728$82,443
2 years$42,925$42,125$41,351$40,599$39,871$38,579
3 years$28,332$27,529$26,757$26,012$25,296$24,038
4 years$21,037$20,237$19,472$18,740$18,041$16,826
5 years$16,662$15,866$15,111$14,394$13,715$12,547
6 years$13,745$12,956$12,212$11,511$10,852$9,732
7 years$11,663$10,880$10,148$9,464$8,825$7,755
8 years$10,102$9,326$8,606$7,939$7,322$6,299
9 years$8,889$8,120$7,413$6,762$6,166$5,191
10 years$7,919$7,158$6,463$5,829$5,254$4,326
11 years$7,125$6,372$5,690$5,073$4,518$3,637
12 years$6,465$5,719$5,049$4,450$3,915$3,079
13 years$5,906$5,168$4,511$3,929$3,414$2,622
14 years$5,428$4,698$4,053$3,487$2,993$2,243
15 years$5,014$4,292$3,660$3,110$2,635$1,927
16 years$4,652$3,938$3,318$2,785$2,329$1,661
17 years$4,333$3,626$3,019$2,502$2,065$1,435
18 years$4,049$3,351$2,756$2,255$1,836$1,243
19 years$3,796$3,106$2,523$2,037$1,637$1,079
20 years$3,569$2,886$2,316$1,845$1,462$938
21 years$3,363$2,688$2,130$1,675$1,308$817
22 years$3,176$2,509$1,963$1,523$1,173$712
23 years$3,006$2,347$1,813$1,387$1,053$622
24 years$2,850$2,199$1,676$1,265$946$543
25 years$2,707$2,063$1,553$1,155$851$475
26 years$2,575$1,939$1,440$1,056$767$416
27 years$2,453$1,825$1,337$967$691$364
28 years$2,340$1,720$1,243$886$624$319
29 years$2,235$1,622$1,157$812$563$280
30 years$2,137$1,532$1,077$745$509$245
31 years$2,046$1,448$1,004$685$460$215
32 years$1,961$1,371$937$629$416$189
33 years$1,880$1,298$875$579$377$166
34 years$1,805$1,230$818$532$341$145
35 years$1,734$1,167$764$490$309$128
36 years$1,668$1,107$715$451$280$112
37 years$1,605$1,052$669$416$254$99
38 years$1,545$1,000$627$383$230$87
39 years$1,489$951$587$353$209$76
40 years$1,436$904$550$326$189$67
41 years$1,385$861$516$301$172$59
42 years$1,337$820$484$278$156$52
43 years$1,291$781$454$256$141$45
44 years$1,248$745$426$237$128$40
45 years$1,206$710$400$218$116$35
46 years$1,167$677$376$202$106$31
47 years$1,129$646$353$186$96$27
48 years$1,093$617$332$172$87$24
49 years$1,058$589$312$159$79$21
50 years$1,025$563$293$147$72$18

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 $6,165 every year, while hoping to spend $39,703 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: 58/15/27 Blend
55$1,050,000$1,050,000$1,050,000$1,050,000
56$1,163,459$1,107,809$1,091,534$1,222,057
57$1,239,888$1,119,848$1,085,857$1,274,890
58$1,322,783$1,131,146$1,078,659$1,327,742
59$1,412,759$1,141,626$1,069,847$1,384,546
60$1,510,498$1,151,202$1,059,324$1,445,694
61$1,616,746$1,159,788$1,046,988$1,511,622
62$1,732,324$1,167,288$1,032,733$1,582,811
63$1,858,138$1,173,602$1,016,446$1,659,792
64$1,995,181$1,178,622$998,010$1,743,152
65$2,144,550$1,182,235$977,304$1,833,538
66$2,307,449$1,184,319$954,198$1,931,666
67$2,485,205$1,184,747$928,560$2,038,326
68$2,679,277$1,183,380$900,248$2,154,391
69$2,891,273$1,180,076$869,116$2,280,824
70$3,122,962$1,174,678$835,010$2,418,690
71$3,376,291$1,167,025$797,770$2,569,163
72$3,653,406$1,156,942$757,229$2,733,539
73$3,956,668$1,144,247$713,211$2,913,252
74$4,288,677$1,128,744$665,532$3,109,880
75$4,652,296$1,110,227$614,001$3,325,168
76$5,050,679$1,088,476$558,419$3,561,042
77$5,487,298$1,063,262$498,576$3,819,626
78$5,965,979$1,034,337$434,254$4,103,266
79$6,490,932$1,001,443$365,225$4,414,550
80$7,066,797$964,304$291,251$4,756,333
81$7,698,686$922,630$212,083$5,131,767
82$8,392,226$876,113$127,461$5,544,329
83$9,153,617$824,427$37,116$5,997,855
84$9,989,691$767,229$0$6,496,578
85$10,907,969$704,153$0$7,062,251
86$11,916,741$634,815$0$7,695,462
87$13,025,136$558,809$0$8,391,278
88$14,243,214$475,704$0$9,156,062
89$15,582,055$385,047$0$9,996,823
90$17,053,868$286,358$0$10,921,287
91$18,672,103$179,130$0$11,937,973
92$20,451,579$62,828$0$13,056,265
93$22,408,621$0$0$14,286,509
94$24,561,217$0$0$15,650,526
95$26,929,186$0$0$17,162,524
96$29,534,363$0$0$18,826,089
97$32,400,808$0$0$20,656,596
98$35,555,030$0$0$22,670,988
99$39,026,236$0$0$24,887,932
100$42,846,610$0$0$27,327,996