Can I retire at age 56 with 1,060,000?

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 $1,060,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.8%
1 years$87,534$86,754$85,993$85,251$84,526$81,204
2 years$43,334$42,527$41,744$40,986$40,250$36,945
3 years$28,602$27,792$27,011$26,260$25,537$22,351
4 years$21,238$20,430$19,657$18,919$18,213$15,171
5 years$16,820$16,017$15,255$14,532$13,845$10,955
6 years$13,876$13,079$12,328$11,621$10,955$8,219
7 years$11,774$10,984$10,245$9,554$8,909$6,326
8 years$10,199$9,415$8,688$8,015$7,391$4,958
9 years$8,974$8,198$7,483$6,827$6,225$3,938
10 years$7,994$7,226$6,524$5,885$5,304$3,159
11 years$7,193$6,433$5,744$5,122$4,561$2,554
12 years$6,526$5,774$5,097$4,492$3,953$2,077
13 years$5,963$5,218$4,554$3,966$3,447$1,698
14 years$5,480$4,743$4,092$3,521$3,021$1,393
15 years$5,062$4,333$3,695$3,140$2,660$1,146
16 years$4,696$3,975$3,350$2,811$2,351$946
17 years$4,374$3,661$3,048$2,526$2,085$782
18 years$4,088$3,383$2,782$2,276$1,854$647
19 years$3,832$3,135$2,547$2,057$1,652$537
20 years$3,603$2,913$2,338$1,863$1,476$446
21 years$3,395$2,714$2,150$1,691$1,321$370
22 years$3,206$2,533$1,982$1,537$1,184$308
23 years$3,035$2,369$1,830$1,400$1,063$256
24 years$2,877$2,220$1,692$1,277$955$213
25 years$2,733$2,083$1,567$1,166$859$178
26 years$2,600$1,958$1,454$1,066$774$148
27 years$2,477$1,843$1,350$976$698$123
28 years$2,363$1,736$1,255$894$630$103
29 years$2,256$1,638$1,168$820$569$86
30 years$2,158$1,547$1,088$753$514$72
31 years$2,065$1,462$1,014$691$465$60
32 years$1,979$1,384$946$635$420$50
33 years$1,898$1,310$883$584$380$42
34 years$1,822$1,242$825$537$344$35
35 years$1,751$1,178$772$495$312$29
36 years$1,684$1,118$722$456$283$24
37 years$1,620$1,062$676$420$256$20
38 years$1,560$1,009$633$387$232$17
39 years$1,503$960$593$357$211$14
40 years$1,449$913$556$329$191$12
41 years$1,398$869$521$304$173$10
42 years$1,350$828$489$280$157$8
43 years$1,303$789$459$259$143$7
44 years$1,259$752$430$239$130$6
45 years$1,218$717$404$221$118$5
46 years$1,178$684$380$204$107$4
47 years$1,140$653$357$188$97$3
48 years$1,103$623$335$174$88$3
49 years$1,068$595$315$161$80$2
50 years$1,035$568$296$149$73$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,060,000, adding $6,287 every year, while hoping to spend $25,966 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: 47/44/9 Blend
55$1,060,000$1,060,000$1,060,000$1,060,000
56$1,174,605$1,118,425$1,101,995$1,226,627
57$1,266,787$1,145,600$1,111,284$1,290,252
58$1,367,502$1,173,237$1,120,014$1,356,048
59$1,477,591$1,201,330$1,128,139$1,426,855
60$1,597,984$1,229,873$1,135,610$1,503,148
61$1,729,702$1,258,861$1,142,377$1,585,447
62$1,873,869$1,288,283$1,148,384$1,674,328
63$2,031,726$1,318,131$1,153,577$1,770,422
64$2,204,635$1,348,393$1,157,896$1,874,424
65$2,394,101$1,379,056$1,161,277$1,987,101
66$2,601,776$1,410,107$1,163,657$2,109,299
67$2,829,483$1,441,529$1,164,966$2,241,946
68$3,079,231$1,473,303$1,165,132$2,386,067
69$3,353,228$1,505,411$1,164,080$2,542,792
70$3,653,910$1,537,829$1,161,730$2,713,363
71$3,983,959$1,570,533$1,157,998$2,899,151
72$4,346,330$1,603,497$1,152,798$3,101,666
73$4,744,278$1,636,689$1,146,039$3,322,571
74$5,181,386$1,670,079$1,137,623$3,563,699
75$5,661,605$1,703,630$1,127,451$3,827,070
76$6,189,285$1,737,305$1,115,417$4,114,911
77$6,769,220$1,771,061$1,101,411$4,429,673
78$7,406,690$1,804,852$1,085,318$4,774,062
79$8,107,513$1,838,630$1,067,017$5,151,055
80$8,878,097$1,872,342$1,046,380$5,563,937
81$9,725,506$1,905,929$1,023,277$6,016,327
82$10,657,518$1,939,330$997,567$6,512,211
83$11,682,706$1,972,478$969,106$7,055,987
84$12,810,514$2,005,302$937,743$7,652,497
85$14,051,347$2,037,723$903,319$8,307,083
86$15,416,672$2,069,658$865,667$9,025,627
87$16,919,121$2,101,020$824,615$9,814,617
88$18,572,612$2,131,711$779,981$10,681,201
89$20,392,484$2,161,630$731,576$11,633,258
90$22,395,635$2,190,667$679,201$12,679,470
91$24,600,685$2,218,705$622,650$13,829,411
92$27,028,152$2,245,620$561,706$15,093,628
93$29,700,645$2,271,276$496,144$16,483,749
94$32,643,073$2,295,531$425,727$18,012,589
95$35,882,888$2,318,233$350,210$19,694,272
96$39,450,335$2,339,219$269,335$21,544,364
97$43,378,746$2,358,317$182,834$23,580,026
98$47,704,845$2,375,342$90,426$25,820,166
99$52,469,102$2,390,096$0$28,285,629
100$57,716,112$2,402,373$0$31,000,173