Can I retire at age 56 with 1,190,000?

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 $1,190,000?

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%
1 years$98,269$97,394$96,540$95,706$94,892$93,668
2 years$48,648$47,742$46,864$46,013$45,187$43,955
3 years$32,110$31,200$30,324$29,481$28,668$27,467
4 years$23,842$22,935$22,068$21,239$20,447$19,286
5 years$18,883$17,982$17,126$16,314$15,543$14,426
6 years$15,578$14,683$13,840$13,046$12,299$11,226
7 years$13,218$12,331$11,501$10,726$10,002$8,975
8 years$11,449$10,570$9,754$8,998$8,298$7,316
9 years$10,074$9,203$8,401$7,664$6,988$6,050
10 years$8,975$8,112$7,324$6,607$5,954$5,061
11 years$8,076$7,222$6,448$5,750$5,121$4,270
12 years$7,327$6,482$5,723$5,043$4,437$3,629
13 years$6,694$5,858$5,113$4,452$3,870$3,103
14 years$6,152$5,324$4,594$3,952$3,392$2,665
15 years$5,682$4,864$4,148$3,525$2,987$2,299
16 years$5,272$4,463$3,760$3,156$2,640$1,989
17 years$4,910$4,110$3,422$2,836$2,340$1,727
18 years$4,589$3,798$3,124$2,556$2,081$1,502
19 years$4,302$3,520$2,860$2,309$1,855$1,310
20 years$4,044$3,271$2,624$2,091$1,657$1,144
21 years$3,811$3,046$2,414$1,898$1,483$1,000
22 years$3,600$2,844$2,225$1,726$1,329$876
23 years$3,407$2,660$2,054$1,572$1,193$768
24 years$3,230$2,492$1,900$1,433$1,072$675
25 years$3,068$2,339$1,760$1,309$965$593
26 years$2,919$2,198$1,632$1,197$869$521
27 years$2,780$2,069$1,515$1,096$784$458
28 years$2,652$1,949$1,409$1,004$707$404
29 years$2,533$1,839$1,311$921$638$356
30 years$2,422$1,737$1,221$845$577$313
31 years$2,319$1,642$1,138$776$522$276
32 years$2,222$1,553$1,062$713$472$244
33 years$2,131$1,471$992$656$427$215
34 years$2,046$1,394$927$603$387$190
35 years$1,966$1,322$866$555$350$167
36 years$1,890$1,255$810$512$317$148
37 years$1,819$1,192$759$471$288$130
38 years$1,751$1,133$710$434$261$115
39 years$1,687$1,077$666$401$236$102
40 years$1,627$1,025$624$369$214$90
41 years$1,570$976$585$341$195$79
42 years$1,515$929$549$315$176$70
43 years$1,463$885$515$290$160$62
44 years$1,414$844$483$268$145$55
45 years$1,367$805$454$248$132$48
46 years$1,322$768$426$229$120$43
47 years$1,279$733$400$211$109$38
48 years$1,238$699$376$195$99$33
49 years$1,199$668$354$180$90$30
50 years$1,162$638$333$167$82$26

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,190,000, adding $3,961 every year, while hoping to spend $34,156 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: 57/16/27 Blend
55$1,190,000$1,190,000$1,190,000$1,190,000
56$1,315,466$1,252,396$1,233,951$1,380,520
57$1,413,302$1,277,421$1,238,946$1,450,602
58$1,519,972$1,302,529$1,242,965$1,523,027
59$1,636,342$1,327,685$1,245,937$1,601,264
60$1,763,363$1,352,856$1,247,790$1,685,884
61$1,902,085$1,378,005$1,248,449$1,777,520
62$2,053,659$1,403,089$1,247,835$1,876,866
63$2,219,358$1,428,066$1,245,863$1,984,690
64$2,400,579$1,452,888$1,242,446$2,101,839
65$2,598,863$1,477,504$1,237,492$2,229,244
66$2,815,904$1,501,859$1,230,905$2,367,936
67$3,053,570$1,525,894$1,222,584$2,519,049
68$3,313,917$1,549,545$1,212,424$2,683,835
69$3,599,209$1,572,746$1,200,313$2,863,674
70$3,911,940$1,595,422$1,186,135$3,060,087
71$4,254,857$1,617,496$1,169,769$3,274,753
72$4,630,983$1,638,884$1,151,087$3,509,523
73$5,043,652$1,659,498$1,129,957$3,766,437
74$5,496,532$1,679,242$1,106,239$4,047,746
75$5,993,667$1,698,013$1,079,786$4,355,931
76$6,539,509$1,715,704$1,050,447$4,693,728
77$7,138,964$1,732,198$1,018,062$5,064,156
78$7,797,434$1,747,371$982,462$5,470,540
79$8,520,872$1,761,092$943,475$5,916,549
80$9,315,836$1,773,221$900,917$6,406,227
81$10,189,551$1,783,608$854,596$6,944,035
82$11,149,974$1,792,094$804,314$7,534,890
83$12,205,875$1,798,510$749,863$8,184,212
84$13,366,914$1,802,677$691,022$8,897,980
85$14,643,734$1,804,403$627,567$9,682,783
86$16,048,061$1,803,485$559,257$10,545,886
87$17,592,816$1,799,709$485,845$11,495,301
88$19,292,234$1,792,844$407,070$12,539,857
89$21,161,997$1,782,650$322,663$13,689,290
90$23,219,389$1,768,867$232,340$14,954,334
91$25,483,448$1,751,224$135,806$16,346,821
92$27,975,156$1,729,430$32,751$17,879,794
93$30,717,628$1,703,178$0$19,567,633
94$33,736,337$1,672,144$0$21,448,437
95$37,059,347$1,635,983$0$23,528,947
96$40,717,584$1,594,330$0$25,819,082
97$44,745,124$1,546,798$0$28,340,181
98$49,179,515$1,492,980$0$31,115,759
99$54,062,131$1,432,441$0$34,171,731
100$59,438,562$1,364,725$0$37,536,659