Can I retire at age 56 with 1,160,000?

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 $1,160,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13%
1 years$95,792$94,938$94,106$93,293$92,500$91,344
2 years$47,422$46,538$45,683$44,853$44,048$42,885
3 years$31,300$30,413$29,560$28,738$27,946$26,812
4 years$23,241$22,357$21,512$20,704$19,931$18,835
5 years$18,407$17,528$16,694$15,902$15,151$14,096
6 years$15,185$14,313$13,491$12,717$11,989$10,975
7 years$12,885$12,020$11,211$10,456$9,750$8,779
8 years$11,161$10,303$9,508$8,771$8,089$7,160
9 years$9,820$8,971$8,189$7,471$6,812$5,925
10 years$8,748$7,908$7,140$6,440$5,804$4,959
11 years$7,872$7,040$6,286$5,605$4,992$4,187
12 years$7,142$6,318$5,578$4,916$4,326$3,561
13 years$6,525$5,710$4,984$4,340$3,772$3,046
14 years$5,997$5,190$4,478$3,853$3,307$2,619
15 years$5,539$4,741$4,043$3,436$2,911$2,260
16 years$5,139$4,350$3,666$3,077$2,573$1,957
17 years$4,787$4,006$3,336$2,764$2,281$1,700
18 years$4,474$3,702$3,045$2,491$2,029$1,480
19 years$4,194$3,431$2,788$2,251$1,808$1,291
20 years$3,942$3,188$2,558$2,039$1,615$1,128
21 years$3,715$2,970$2,353$1,850$1,445$988
22 years$3,509$2,772$2,169$1,682$1,295$866
23 years$3,321$2,593$2,002$1,532$1,163$760
24 years$3,149$2,429$1,852$1,397$1,045$668
25 years$2,991$2,280$1,715$1,276$941$587
26 years$2,845$2,143$1,591$1,167$847$517
27 years$2,710$2,016$1,477$1,068$764$455
28 years$2,585$1,900$1,373$979$689$401
29 years$2,469$1,792$1,278$897$622$353
30 years$2,361$1,693$1,190$824$562$312
31 years$2,260$1,600$1,110$756$508$275
32 years$2,166$1,514$1,035$695$460$243
33 years$2,077$1,434$967$639$416$214
34 years$1,994$1,359$903$588$377$189
35 years$1,916$1,289$844$541$341$167
36 years$1,842$1,223$790$499$309$148
37 years$1,773$1,162$739$459$280$130
38 years$1,707$1,104$692$423$254$115
39 years$1,645$1,050$649$390$230$102
40 years$1,586$999$608$360$209$90
41 years$1,530$951$570$332$190$80
42 years$1,477$906$535$307$172$70
43 years$1,426$863$502$283$156$62
44 years$1,378$823$471$261$142$55
45 years$1,332$784$442$241$129$49
46 years$1,289$748$415$223$117$43
47 years$1,247$714$390$206$106$38
48 years$1,207$682$367$190$96$34
49 years$1,169$651$345$176$87$30
50 years$1,133$622$324$163$79$26

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,160,000, adding $3,692 every year, while hoping to spend $35,471 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: 40/47/13 Blend
55$1,160,000$1,160,000$1,160,000$1,160,000
56$1,282,128$1,220,648$1,202,668$1,328,303
57$1,375,165$1,242,719$1,205,217$1,383,371
58$1,476,502$1,264,683$1,206,662$1,439,144
59$1,586,949$1,286,496$1,206,929$1,498,703
60$1,707,397$1,308,114$1,205,940$1,562,408
61$1,838,825$1,329,486$1,203,614$1,630,655
62$1,982,314$1,350,559$1,199,863$1,703,883
63$2,139,050$1,371,276$1,194,599$1,782,574
64$2,310,342$1,391,577$1,187,726$1,867,262
65$2,497,628$1,411,396$1,179,146$1,958,537
66$2,702,493$1,430,662$1,168,755$2,057,048
67$2,926,684$1,449,300$1,156,444$2,163,514
68$3,172,120$1,467,230$1,142,100$2,278,726
69$3,440,919$1,484,367$1,125,603$2,403,559
70$3,735,410$1,500,619$1,106,828$2,538,978
71$4,058,161$1,515,888$1,085,646$2,686,050
72$4,411,997$1,530,070$1,061,918$2,845,950
73$4,800,031$1,543,053$1,035,503$3,019,977
74$5,225,691$1,554,721$1,006,250$3,209,563
75$5,692,755$1,564,945$974,002$3,416,291
76$6,205,382$1,573,594$938,597$3,641,905
77$6,768,154$1,580,522$899,863$3,888,333
78$7,386,117$1,585,580$857,620$4,157,700
79$8,064,833$1,588,605$811,683$4,452,354
80$8,810,426$1,589,427$761,854$4,774,882
81$9,629,643$1,587,863$707,930$5,128,142
82$10,529,918$1,583,719$649,697$5,515,287
83$11,519,440$1,576,791$586,931$5,939,795
84$12,607,230$1,566,861$519,401$6,405,506
85$13,803,228$1,553,698$446,861$6,916,653
86$15,118,384$1,537,056$369,058$7,477,909
87$16,564,765$1,516,677$285,727$8,094,429
88$18,155,661$1,492,285$196,589$8,771,900
89$19,905,720$1,463,588$101,356$9,516,595
90$21,831,077$1,430,278$0$10,335,433
91$23,949,513$1,392,027$0$11,236,088
92$26,280,617$1,348,490$0$12,241,948
93$28,845,973$1,299,299$0$13,348,271
94$31,669,364$1,244,067$0$14,565,351
95$34,776,996$1,182,383$0$15,904,535
96$38,197,744$1,113,814$0$17,378,338
97$41,963,423$1,037,900$0$19,000,558
98$46,109,090$954,155$0$20,786,407
99$50,673,376$862,067$0$22,752,662
100$55,698,845$761,093$0$24,917,816