Can I retire at age 56 with 1,070,000?

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 $1,070,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.1%
1 years$88,360$87,573$86,805$86,055$85,323$83,193
2 years$43,742$42,928$42,138$41,373$40,630$38,498
3 years$28,872$28,054$27,266$26,508$25,777$23,709
4 years$21,438$20,622$19,843$19,097$18,385$16,396
5 years$16,979$16,168$15,399$14,669$13,976$12,073
6 years$14,007$13,203$12,445$11,731$11,059$9,244
7 years$11,885$11,088$10,341$9,644$8,994$7,266
8 years$10,295$9,504$8,770$8,090$7,461$5,821
9 years$9,058$8,275$7,554$6,891$6,283$4,729
10 years$8,070$7,294$6,586$5,940$5,354$3,883
11 years$7,261$6,493$5,798$5,170$4,604$3,215
12 years$6,588$5,828$5,146$4,535$3,990$2,680
13 years$6,019$5,267$4,597$4,003$3,479$2,246
14 years$5,531$4,788$4,131$3,554$3,050$1,891
15 years$5,109$4,373$3,729$3,169$2,685$1,597
16 years$4,741$4,013$3,381$2,838$2,373$1,353
17 years$4,415$3,695$3,077$2,550$2,104$1,150
18 years$4,127$3,415$2,809$2,298$1,871$978
19 years$3,869$3,165$2,571$2,076$1,668$834
20 years$3,637$2,941$2,360$1,880$1,490$712
21 years$3,427$2,739$2,171$1,707$1,333$609
22 years$3,237$2,557$2,000$1,552$1,195$521
23 years$3,063$2,392$1,847$1,413$1,073$447
24 years$2,904$2,241$1,708$1,289$964$383
25 years$2,759$2,103$1,582$1,177$868$329
26 years$2,624$1,976$1,467$1,076$781$282
27 years$2,500$1,860$1,363$985$705$242
28 years$2,385$1,753$1,267$903$636$208
29 years$2,278$1,653$1,179$828$574$179
30 years$2,178$1,561$1,098$760$519$154
31 years$2,085$1,476$1,024$698$469$132
32 years$1,998$1,397$955$641$424$114
33 years$1,916$1,323$892$590$384$98
34 years$1,840$1,254$833$543$348$84
35 years$1,767$1,189$779$499$315$72
36 years$1,699$1,129$729$460$285$62
37 years$1,635$1,072$682$424$259$54
38 years$1,575$1,019$639$391$234$46
39 years$1,517$969$598$360$213$40
40 years$1,463$922$561$332$193$34
41 years$1,411$877$526$306$175$29
42 years$1,362$835$493$283$159$25
43 years$1,316$796$463$261$144$22
44 years$1,271$759$435$241$131$19
45 years$1,229$724$408$223$119$16
46 years$1,189$690$383$206$108$14
47 years$1,150$659$360$190$98$12
48 years$1,113$629$338$176$89$10
49 years$1,078$600$318$162$81$9
50 years$1,045$574$299$150$73$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,070,000, adding $2,415 every year, while hoping to spend $21,604 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: 46/27/27 Blend
55$1,070,000$1,070,000$1,070,000$1,070,000
56$1,181,631$1,124,921$1,108,336$1,226,707
57$1,279,171$1,157,056$1,122,479$1,290,963
58$1,385,936$1,190,041$1,136,371$1,358,353
59$1,502,844$1,223,895$1,149,982$1,431,055
60$1,630,906$1,258,638$1,163,279$1,509,576
61$1,771,236$1,294,289$1,176,226$1,594,477
62$1,925,060$1,330,867$1,188,788$1,686,375
63$2,093,728$1,368,392$1,200,924$1,785,950
64$2,278,728$1,406,883$1,212,595$1,893,949
65$2,481,699$1,446,361$1,223,757$2,011,198
66$2,704,445$1,486,845$1,234,366$2,138,603
67$2,948,954$1,528,356$1,244,372$2,277,164
68$3,217,415$1,570,913$1,253,727$2,427,985
69$3,512,240$1,614,537$1,262,376$2,592,278
70$3,836,088$1,659,248$1,270,264$2,771,380
71$4,191,884$1,705,067$1,277,333$2,966,765
72$4,582,854$1,752,012$1,283,522$3,180,056
73$5,012,549$1,800,105$1,288,764$3,413,041
74$5,484,884$1,849,366$1,292,993$3,667,691
75$6,004,171$1,899,813$1,296,137$3,946,179
76$6,575,159$1,951,467$1,298,120$4,250,895
77$7,203,083$2,004,347$1,298,865$4,584,477
78$7,893,709$2,058,471$1,298,288$4,949,831
79$8,653,390$2,113,859$1,296,304$5,350,159
80$9,489,126$2,170,528$1,292,820$5,788,987
81$10,408,629$2,228,496$1,287,742$6,270,205
82$11,420,398$2,287,781$1,280,969$6,798,098
83$12,533,794$2,348,398$1,272,398$7,377,386
84$13,759,135$2,410,363$1,261,917$8,013,275
85$15,107,789$2,473,693$1,249,413$8,711,497
86$16,592,279$2,538,399$1,234,764$9,478,373
87$18,226,407$2,604,497$1,217,844$10,320,868
88$20,025,381$2,671,997$1,198,522$11,246,658
89$22,005,956$2,740,911$1,176,659$12,264,199
90$24,186,596$2,811,249$1,152,110$13,382,816
91$26,587,647$2,883,018$1,124,723$14,612,781
92$29,231,526$2,956,225$1,094,341$15,965,417
93$32,142,938$3,030,876$1,060,797$17,453,201
94$35,349,101$3,106,973$1,023,918$19,089,884
95$38,880,013$3,184,517$983,522$20,890,622
96$42,768,724$3,263,509$939,420$22,872,117
97$47,051,657$3,343,944$891,413$25,052,775
98$51,768,945$3,425,816$839,295$27,452,881
99$56,964,814$3,509,118$782,848$30,094,793
100$62,687,999$3,593,838$721,847$33,003,147