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

Use the below retirement simulation to view the chances of a successful retirement.
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%13.4%
1 years$88,360$87,573$86,805$86,055$85,323$84,118
2 years$43,742$42,928$42,138$41,373$40,630$39,418
3 years$28,872$28,054$27,266$26,508$25,777$24,596
4 years$21,438$20,622$19,843$19,097$18,385$17,243
5 years$16,979$16,168$15,399$14,669$13,976$12,878
6 years$14,007$13,203$12,445$11,731$11,059$10,005
7 years$11,885$11,088$10,341$9,644$8,994$7,986
8 years$10,295$9,504$8,770$8,090$7,461$6,498
9 years$9,058$8,275$7,554$6,891$6,283$5,365
10 years$8,070$7,294$6,586$5,940$5,354$4,479
11 years$7,261$6,493$5,798$5,170$4,604$3,772
12 years$6,588$5,828$5,146$4,535$3,990$3,200
13 years$6,019$5,267$4,597$4,003$3,479$2,730
14 years$5,531$4,788$4,131$3,554$3,050$2,341
15 years$5,109$4,373$3,729$3,169$2,685$2,015
16 years$4,741$4,013$3,381$2,838$2,373$1,740
17 years$4,415$3,695$3,077$2,550$2,104$1,507
18 years$4,127$3,415$2,809$2,298$1,871$1,308
19 years$3,869$3,165$2,571$2,076$1,668$1,138
20 years$3,637$2,941$2,360$1,880$1,490$992
21 years$3,427$2,739$2,171$1,707$1,333$865
22 years$3,237$2,557$2,000$1,552$1,195$756
23 years$3,063$2,392$1,847$1,413$1,073$662
24 years$2,904$2,241$1,708$1,289$964$579
25 years$2,759$2,103$1,582$1,177$868$508
26 years$2,624$1,976$1,467$1,076$781$446
27 years$2,500$1,860$1,363$985$705$391
28 years$2,385$1,753$1,267$903$636$343
29 years$2,278$1,653$1,179$828$574$302
30 years$2,178$1,561$1,098$760$519$265
31 years$2,085$1,476$1,024$698$469$233
32 years$1,998$1,397$955$641$424$205
33 years$1,916$1,323$892$590$384$181
34 years$1,840$1,254$833$543$348$159
35 years$1,767$1,189$779$499$315$140
36 years$1,699$1,129$729$460$285$123
37 years$1,635$1,072$682$424$259$109
38 years$1,575$1,019$639$391$234$96
39 years$1,517$969$598$360$213$84
40 years$1,463$922$561$332$193$74
41 years$1,411$877$526$306$175$65
42 years$1,362$835$493$283$159$58
43 years$1,316$796$463$261$144$51
44 years$1,271$759$435$241$131$45
45 years$1,229$724$408$223$119$39
46 years$1,189$690$383$206$108$35
47 years$1,150$659$360$190$98$31
48 years$1,113$629$338$176$89$27
49 years$1,078$600$318$162$81$24
50 years$1,045$574$299$150$73$21

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 $5,789 every year, while hoping to spend $48,744 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: 74/13/13 Blend
55$1,070,000$1,070,000$1,070,000$1,070,000
56$1,185,111$1,128,401$1,111,816$1,269,178
57$1,254,129$1,131,830$1,097,199$1,328,950
58$1,328,554$1,133,793$1,080,458$1,387,801
59$1,408,884$1,134,166$1,061,471$1,450,954
60$1,495,670$1,132,820$1,040,110$1,518,823
61$1,589,515$1,129,615$1,016,241$1,591,862
62$1,691,083$1,124,403$989,722$1,670,574
63$1,801,103$1,117,029$960,407$1,755,513
64$1,920,377$1,107,325$928,143$1,847,290
65$2,049,787$1,095,115$892,767$1,946,579
66$2,190,304$1,080,214$854,113$2,054,122
67$2,342,993$1,062,423$812,004$2,170,740
68$2,509,029$1,041,533$766,257$2,297,336
69$2,689,703$1,017,320$716,680$2,434,907
70$2,886,435$989,552$663,071$2,584,553
71$3,100,789$957,977$605,221$2,747,487
72$3,334,485$922,334$542,912$2,925,046
73$3,589,416$882,342$475,913$3,118,707
74$3,867,668$837,708$403,987$3,330,096
75$4,171,533$788,118$326,884$3,561,009
76$4,503,537$733,244$244,342$3,813,425
77$4,866,461$672,736$156,091$4,089,527
78$5,263,365$606,225$61,845$4,391,724
79$5,697,620$533,322$0$4,722,671
80$6,172,936$453,614$0$5,090,669
81$6,693,401$366,667$0$5,503,080
82$7,263,515$272,020$0$5,954,924
83$7,888,232$169,188$0$6,450,175
84$8,573,012$57,658$0$6,993,214
85$9,323,865$0$0$7,588,868
86$10,147,412$0$0$8,251,488
87$11,050,945$0$0$8,987,560
88$12,042,496$0$0$9,795,385
89$13,130,912$0$0$10,682,178
90$14,325,939$0$0$11,655,886
91$15,638,312$0$0$12,725,261
92$17,079,859$0$0$13,899,948
93$18,663,605$0$0$15,190,569
94$20,403,905$0$0$16,608,828
95$22,316,568$0$0$18,167,617
96$24,419,014$0$0$19,881,140
97$26,730,433$0$0$21,765,045
98$29,271,969$0$0$23,836,575
99$32,066,914$0$0$26,114,722
100$35,140,934$0$0$28,620,415