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%18.4%
1 years$87,534$86,754$85,993$85,251$84,526$81,657
2 years$43,334$42,527$41,744$40,986$40,250$37,389
3 years$28,602$27,792$27,011$26,260$25,537$22,772
4 years$21,238$20,430$19,657$18,919$18,213$15,567
5 years$16,820$16,017$15,255$14,532$13,845$11,324
6 years$13,876$13,079$12,328$11,621$10,955$8,562
7 years$11,774$10,984$10,245$9,554$8,909$6,643
8 years$10,199$9,415$8,688$8,015$7,391$5,250
9 years$8,974$8,198$7,483$6,827$6,225$4,206
10 years$7,994$7,226$6,524$5,885$5,304$3,404
11 years$7,193$6,433$5,744$5,122$4,561$2,777
12 years$6,526$5,774$5,097$4,492$3,953$2,280
13 years$5,963$5,218$4,554$3,966$3,447$1,881
14 years$5,480$4,743$4,092$3,521$3,021$1,559
15 years$5,062$4,333$3,695$3,140$2,660$1,296
16 years$4,696$3,975$3,350$2,811$2,351$1,080
17 years$4,374$3,661$3,048$2,526$2,085$902
18 years$4,088$3,383$2,782$2,276$1,854$755
19 years$3,832$3,135$2,547$2,057$1,652$632
20 years$3,603$2,913$2,338$1,863$1,476$531
21 years$3,395$2,714$2,150$1,691$1,321$446
22 years$3,206$2,533$1,982$1,537$1,184$375
23 years$3,035$2,369$1,830$1,400$1,063$315
24 years$2,877$2,220$1,692$1,277$955$265
25 years$2,733$2,083$1,567$1,166$859$224
26 years$2,600$1,958$1,454$1,066$774$188
27 years$2,477$1,843$1,350$976$698$159
28 years$2,363$1,736$1,255$894$630$134
29 years$2,256$1,638$1,168$820$569$113
30 years$2,158$1,547$1,088$753$514$95
31 years$2,065$1,462$1,014$691$465$80
32 years$1,979$1,384$946$635$420$68
33 years$1,898$1,310$883$584$380$57
34 years$1,822$1,242$825$537$344$48
35 years$1,751$1,178$772$495$312$41
36 years$1,684$1,118$722$456$283$34
37 years$1,620$1,062$676$420$256$29
38 years$1,560$1,009$633$387$232$25
39 years$1,503$960$593$357$211$21
40 years$1,449$913$556$329$191$18
41 years$1,398$869$521$304$173$15
42 years$1,350$828$489$280$157$12
43 years$1,303$789$459$259$143$11
44 years$1,259$752$430$239$130$9
45 years$1,218$717$404$221$118$8
46 years$1,178$684$380$204$107$6
47 years$1,140$653$357$188$97$5
48 years$1,103$623$335$174$88$5
49 years$1,068$595$315$161$80$4
50 years$1,035$568$296$149$73$3

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 $3,225 every year, while hoping to spend $45,040 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: 44/33/23 Blend
55$1,060,000$1,060,000$1,060,000$1,060,000
56$1,171,447$1,115,267$1,098,837$1,215,053
57$1,243,012$1,121,992$1,087,725$1,252,964
58$1,320,367$1,127,538$1,074,732$1,289,408
59$1,404,056$1,131,799$1,059,747$1,328,006
60$1,494,675$1,134,662$1,042,654$1,368,984
61$1,592,880$1,136,009$1,023,331$1,412,589
62$1,699,393$1,135,712$1,001,652$1,459,096
63$1,815,007$1,133,639$977,484$1,508,814
64$1,940,596$1,129,645$950,688$1,562,083
65$2,077,120$1,123,581$921,118$1,619,281
66$2,225,634$1,115,284$888,624$1,680,830
67$2,387,301$1,104,586$853,045$1,747,195
68$2,563,400$1,091,304$814,216$1,818,896
69$2,755,338$1,075,249$771,963$1,896,507
70$2,964,663$1,056,217$726,104$1,980,666
71$3,193,080$1,033,993$676,450$2,072,080
72$3,442,465$1,008,350$622,803$2,171,533
73$3,714,884$979,046$564,954$2,279,893
74$4,012,610$945,827$502,688$2,398,125
75$4,338,146$908,423$435,778$2,527,294
76$4,694,250$866,548$363,989$2,668,582
77$5,083,954$819,900$287,073$2,823,298
78$5,510,601$768,159$204,775$2,992,890
79$5,977,872$710,988$116,823$3,178,961
80$6,489,817$648,028$22,939$3,383,287
81$7,050,899$578,903$0$3,607,831
82$7,666,035$503,213$0$3,873,724
83$8,340,637$420,537$0$4,171,651
84$9,080,667$330,428$0$4,498,713
85$9,892,692$232,417$0$4,857,930
86$10,783,947$126,005$0$5,252,637
87$11,762,399$10,669$0$5,686,516
88$12,836,826$0$0$6,163,630
89$14,016,896$0$0$6,729,915
90$15,313,261$0$0$7,356,398
91$16,737,654$0$0$8,044,894
92$18,303,002$0$0$8,801,668
93$20,023,546$0$0$9,633,623
94$21,914,975$0$0$10,548,364
95$23,994,574$0$0$11,554,270
96$26,281,386$0$0$12,660,573
97$28,796,394$0$0$13,877,443
98$31,562,713$0$0$15,216,088
99$34,605,813$0$0$16,688,853
100$37,953,756$0$0$18,309,342