Can I retire at age 56 with 1,080,000?

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 $1,080,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.9%
1 years$89,185$88,391$87,616$86,859$86,121$83,032
2 years$44,151$43,329$42,532$41,759$41,010$37,931
3 years$29,142$28,316$27,521$26,756$26,018$23,047
4 years$21,638$20,815$20,028$19,276$18,557$15,715
5 years$17,138$16,319$15,543$14,806$14,106$11,402
6 years$14,138$13,326$12,561$11,840$11,162$8,597
7 years$11,997$11,191$10,438$9,735$9,078$6,651
8 years$10,391$9,593$8,852$8,166$7,531$5,241
9 years$9,143$8,352$7,625$6,956$6,342$4,186
10 years$8,145$7,362$6,647$5,996$5,404$3,377
11 years$7,329$6,554$5,852$5,218$4,647$2,746
12 years$6,650$5,883$5,194$4,577$4,027$2,247
13 years$6,075$5,316$4,640$4,041$3,512$1,848
14 years$5,583$4,832$4,169$3,587$3,078$1,526
15 years$5,157$4,414$3,764$3,199$2,711$1,264
16 years$4,785$4,050$3,413$2,864$2,396$1,049
17 years$4,457$3,730$3,106$2,574$2,124$873
18 years$4,165$3,447$2,835$2,319$1,889$728
19 years$3,905$3,194$2,595$2,096$1,683$608
20 years$3,671$2,968$2,382$1,898$1,504$508
21 years$3,459$2,765$2,191$1,723$1,346$425
22 years$3,267$2,581$2,019$1,566$1,206$356
23 years$3,092$2,414$1,864$1,426$1,083$298
24 years$2,932$2,262$1,724$1,301$973$250
25 years$2,784$2,122$1,597$1,188$876$210
26 years$2,649$1,995$1,481$1,086$789$176
27 years$2,523$1,877$1,375$994$711$148
28 years$2,407$1,769$1,279$911$642$124
29 years$2,299$1,669$1,190$835$579$104
30 years$2,198$1,576$1,108$767$524$88
31 years$2,104$1,490$1,033$704$473$74
32 years$2,017$1,410$964$647$428$62
33 years$1,934$1,335$900$595$387$52
34 years$1,857$1,265$841$548$351$44
35 years$1,784$1,200$786$504$318$37
36 years$1,715$1,139$736$464$288$31
37 years$1,651$1,082$688$428$261$26
38 years$1,589$1,028$645$394$237$22
39 years$1,531$978$604$364$215$18
40 years$1,477$930$566$335$195$15
41 years$1,424$885$531$309$177$13
42 years$1,375$843$498$285$160$11
43 years$1,328$803$467$264$145$9
44 years$1,283$766$439$243$132$8
45 years$1,241$730$412$225$120$6
46 years$1,200$697$387$208$109$5
47 years$1,161$665$363$192$99$5
48 years$1,124$635$341$177$90$4
49 years$1,088$606$321$164$81$3
50 years$1,054$579$302$151$74$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,080,000, adding $6,593 every year, while hoping to spend $55,247 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: 56/24/20 Blend
55$1,080,000$1,080,000$1,080,000$1,080,000
56$1,196,961$1,139,721$1,122,981$1,257,211
57$1,260,268$1,136,785$1,101,818$1,296,122
58$1,328,182$1,131,853$1,078,095$1,332,028
59$1,401,112$1,124,770$1,051,667$1,369,933
60$1,479,511$1,115,369$1,022,384$1,410,044
61$1,563,875$1,103,476$990,087$1,452,591
62$1,654,748$1,088,904$954,613$1,497,827
63$1,752,728$1,071,456$915,788$1,546,038
64$1,858,471$1,050,922$873,431$1,597,538
65$1,972,699$1,027,081$827,356$1,652,678
66$2,096,205$999,699$777,363$1,711,849
67$2,229,862$968,528$723,248$1,775,483
68$2,374,626$933,304$664,795$1,844,060
69$2,531,552$893,750$601,780$1,918,116
70$2,701,798$849,571$533,967$1,998,241
71$2,886,637$800,457$461,111$2,085,095
72$3,087,472$746,077$382,957$2,179,405
73$3,305,844$686,084$299,235$2,281,980
74$3,543,448$620,110$209,667$2,393,717
75$3,802,151$547,767$113,962$2,515,609
76$4,084,005$468,642$11,815$2,648,757
77$4,391,270$382,303$0$2,794,381
78$4,726,434$288,290$0$2,974,573
79$5,092,233$186,118$0$3,174,127
80$5,491,680$75,277$0$3,392,248
81$5,928,091$0$0$3,630,847
82$6,405,119$0$0$3,903,857
83$6,926,784$0$0$4,224,247
84$7,497,510$0$0$4,574,866
85$8,122,173$0$0$4,958,721
86$8,806,139$0$0$5,379,120
87$9,555,318$0$0$5,839,711
88$10,376,218$0$0$6,344,507
89$11,276,007$0$0$6,897,931
90$12,262,579$0$0$7,504,851
91$13,344,629$0$0$8,170,633
92$14,531,733$0$0$8,901,183
93$15,834,439$0$0$9,703,010
94$17,264,365$0$0$10,583,281
95$18,834,311$0$0$11,549,892
96$20,558,374$0$0$12,611,542
97$22,452,084$0$0$13,777,812
98$24,532,551$0$0$15,059,259
99$26,818,622$0$0$16,467,511
100$29,331,060$0$0$18,015,378