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%15.2%
1 years$88,360$87,573$86,805$86,055$85,323$83,498
2 years$43,742$42,928$42,138$41,373$40,630$38,800
3 years$28,872$28,054$27,266$26,508$25,777$24,000
4 years$21,438$20,622$19,843$19,097$18,385$16,673
5 years$16,979$16,168$15,399$14,669$13,976$12,335
6 years$14,007$13,203$12,445$11,731$11,059$9,491
7 years$11,885$11,088$10,341$9,644$8,994$7,498
8 years$10,295$9,504$8,770$8,090$7,461$6,038
9 years$9,058$8,275$7,554$6,891$6,283$4,932
10 years$8,070$7,294$6,586$5,940$5,354$4,072
11 years$7,261$6,493$5,798$5,170$4,604$3,392
12 years$6,588$5,828$5,146$4,535$3,990$2,844
13 years$6,019$5,267$4,597$4,003$3,479$2,398
14 years$5,531$4,788$4,131$3,554$3,050$2,031
15 years$5,109$4,373$3,729$3,169$2,685$1,726
16 years$4,741$4,013$3,381$2,838$2,373$1,472
17 years$4,415$3,695$3,077$2,550$2,104$1,259
18 years$4,127$3,415$2,809$2,298$1,871$1,078
19 years$3,869$3,165$2,571$2,076$1,668$926
20 years$3,637$2,941$2,360$1,880$1,490$796
21 years$3,427$2,739$2,171$1,707$1,333$685
22 years$3,237$2,557$2,000$1,552$1,195$591
23 years$3,063$2,392$1,847$1,413$1,073$510
24 years$2,904$2,241$1,708$1,289$964$440
25 years$2,759$2,103$1,582$1,177$868$380
26 years$2,624$1,976$1,467$1,076$781$329
27 years$2,500$1,860$1,363$985$705$284
28 years$2,385$1,753$1,267$903$636$246
29 years$2,278$1,653$1,179$828$574$213
30 years$2,178$1,561$1,098$760$519$185
31 years$2,085$1,476$1,024$698$469$160
32 years$1,998$1,397$955$641$424$139
33 years$1,916$1,323$892$590$384$120
34 years$1,840$1,254$833$543$348$104
35 years$1,767$1,189$779$499$315$90
36 years$1,699$1,129$729$460$285$78
37 years$1,635$1,072$682$424$259$68
38 years$1,575$1,019$639$391$234$59
39 years$1,517$969$598$360$213$51
40 years$1,463$922$561$332$193$44
41 years$1,411$877$526$306$175$38
42 years$1,362$835$493$283$159$33
43 years$1,316$796$463$261$144$29
44 years$1,271$759$435$241$131$25
45 years$1,229$724$408$223$119$22
46 years$1,189$690$383$206$108$19
47 years$1,150$659$360$190$98$16
48 years$1,113$629$338$176$89$14
49 years$1,078$600$318$162$81$12
50 years$1,045$574$299$150$73$11

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 $6,513 every year, while hoping to spend $32,759 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: 60/22/18 Blend
55$1,070,000$1,070,000$1,070,000$1,070,000
56$1,185,858$1,129,148$1,112,563$1,251,120
57$1,271,960$1,149,621$1,114,979$1,316,468
58$1,365,747$1,169,999$1,116,377$1,383,529
59$1,467,967$1,190,243$1,116,690$1,455,935
60$1,579,446$1,210,311$1,115,845$1,534,210
61$1,701,091$1,230,158$1,113,767$1,618,929
62$1,833,900$1,249,733$1,110,376$1,710,727
63$1,978,974$1,268,986$1,105,590$1,810,302
64$2,137,522$1,287,860$1,099,320$1,918,427
65$2,310,879$1,306,294$1,091,477$2,035,952
66$2,500,511$1,324,225$1,081,964$2,163,815
67$2,708,034$1,341,583$1,070,680$2,303,049
68$2,935,227$1,358,294$1,057,521$2,454,794
69$3,184,049$1,374,279$1,042,378$2,620,308
70$3,456,658$1,389,455$1,025,133$2,800,976
71$3,755,430$1,403,732$1,005,668$2,998,326
72$4,082,982$1,417,013$983,856$3,214,043
73$4,442,196$1,429,196$959,566$3,449,984
74$4,836,247$1,440,173$932,657$3,708,199
75$5,268,630$1,449,828$902,988$3,990,944
76$5,743,198$1,458,037$870,405$4,300,711
77$6,264,192$1,464,669$834,752$4,640,245
78$6,836,287$1,469,585$795,863$5,012,573
79$7,464,629$1,472,635$753,565$5,421,032
80$8,154,889$1,473,663$707,678$5,869,303
81$8,913,316$1,472,500$658,013$6,361,442
82$9,746,791$1,468,969$604,374$6,901,923
83$10,662,897$1,462,881$546,553$7,495,676
84$11,669,986$1,454,036$484,336$8,148,140
85$12,777,261$1,442,221$417,498$8,865,308
86$13,994,862$1,427,210$345,805$9,653,788
87$15,333,960$1,408,765$269,011$10,520,868
88$16,806,861$1,386,633$186,860$11,474,577
89$18,427,127$1,360,544$99,086$12,523,771
90$20,209,698$1,330,214$5,410$13,678,212
91$22,171,036$1,295,343$0$14,948,661
92$24,329,279$1,255,612$0$16,365,141
93$26,704,411$1,210,683$0$17,924,859
94$29,318,454$1,160,200$0$19,641,251
95$32,195,670$1,103,783$0$21,530,273
96$35,362,795$1,041,035$0$23,609,510
97$38,849,286$971,531$0$25,898,340
98$42,687,602$894,826$0$28,418,123
99$46,913,512$810,446$0$31,192,398
100$51,566,425$717,893$0$34,247,108