Can I retire at age 56 with 1,220,000?

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 $1,220,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.5%
1 years$100,746$99,849$98,974$98,119$97,285$93,945
2 years$49,874$48,946$48,045$47,173$46,326$42,995
3 years$32,919$31,987$31,089$30,224$29,391$26,174
4 years$24,443$23,513$22,625$21,775$20,962$17,883
5 years$19,359$18,435$17,558$16,725$15,935$13,003
6 years$15,971$15,053$14,189$13,375$12,609$9,825
7 years$13,552$12,642$11,791$10,996$10,254$7,619
8 years$11,738$10,836$10,000$9,225$8,507$6,018
9 years$10,328$9,435$8,613$7,857$7,164$4,818
10 years$9,201$8,317$7,509$6,773$6,104$3,897
11 years$8,279$7,404$6,611$5,895$5,250$3,177
12 years$7,512$6,645$5,867$5,170$4,549$2,607
13 years$6,863$6,005$5,242$4,565$3,967$2,150
14 years$6,307$5,459$4,710$4,052$3,478$1,780
15 years$5,826$4,987$4,252$3,614$3,062$1,478
16 years$5,405$4,575$3,855$3,236$2,706$1,231
17 years$5,034$4,213$3,508$2,907$2,399$1,027
18 years$4,705$3,893$3,202$2,620$2,133$859
19 years$4,411$3,608$2,932$2,367$1,902$719
20 years$4,146$3,353$2,691$2,144$1,699$603
21 years$3,907$3,123$2,475$1,946$1,520$506
22 years$3,690$2,915$2,281$1,769$1,362$425
23 years$3,493$2,727$2,106$1,611$1,223$358
24 years$3,312$2,555$1,948$1,470$1,099$301
25 years$3,145$2,398$1,804$1,342$989$253
26 years$2,992$2,253$1,673$1,227$891$213
27 years$2,850$2,121$1,554$1,123$803$180
28 years$2,719$1,998$1,444$1,029$725$151
29 years$2,597$1,885$1,344$944$655$127
30 years$2,483$1,780$1,252$866$591$107
31 years$2,377$1,683$1,167$795$535$91
32 years$2,278$1,592$1,089$731$484$76
33 years$2,185$1,508$1,017$672$438$64
34 years$2,097$1,429$950$619$396$54
35 years$2,015$1,356$888$569$359$46
36 years$1,938$1,287$831$524$325$39
37 years$1,864$1,222$778$483$295$33
38 years$1,795$1,161$728$445$267$28
39 years$1,730$1,104$682$411$242$23
40 years$1,668$1,051$640$379$220$20
41 years$1,609$1,000$600$349$199$17
42 years$1,553$953$563$323$181$14
43 years$1,500$908$528$298$164$12
44 years$1,450$865$495$275$149$10
45 years$1,401$825$465$254$135$8
46 years$1,355$787$437$234$123$7
47 years$1,312$751$411$217$112$6
48 years$1,270$717$386$200$101$5
49 years$1,230$685$363$185$92$4
50 years$1,191$654$341$171$84$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,220,000, adding $6,582 every year, while hoping to spend $22,778 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: 25/48/27 Blend
55$1,220,000$1,220,000$1,220,000$1,220,000
56$1,351,229$1,286,569$1,267,659$1,373,417
57$1,464,819$1,325,376$1,285,890$1,431,139
58$1,589,232$1,365,320$1,303,969$1,490,617
59$1,725,547$1,406,434$1,321,865$1,553,913
60$1,874,954$1,448,751$1,339,549$1,621,364
61$2,038,762$1,492,303$1,356,987$1,693,337
62$2,218,415$1,537,125$1,374,145$1,770,238
63$2,415,501$1,583,251$1,390,987$1,852,512
64$2,631,770$1,630,719$1,407,473$1,940,649
65$2,869,151$1,679,564$1,423,563$2,035,186
66$3,129,765$1,729,823$1,439,213$2,136,716
67$3,415,953$1,781,537$1,454,379$2,245,890
68$3,730,291$1,834,743$1,469,011$2,363,424
69$4,075,618$1,889,482$1,483,060$2,490,107
70$4,455,060$1,945,796$1,496,472$2,626,806
71$4,872,063$2,003,727$1,509,191$2,774,475
72$5,330,422$2,063,318$1,521,157$2,934,166
73$5,834,318$2,124,614$1,532,309$3,107,035
74$6,388,357$2,187,659$1,542,580$3,294,356
75$6,997,615$2,252,499$1,551,902$3,497,531
76$7,667,683$2,319,183$1,560,202$3,718,105
77$8,404,722$2,387,758$1,567,404$3,957,778
78$9,215,519$2,458,274$1,573,427$4,218,422
79$10,107,553$2,530,781$1,578,188$4,502,099
80$11,089,065$2,605,330$1,581,598$4,811,082
81$12,169,132$2,681,974$1,583,565$5,147,872
82$13,357,760$2,760,766$1,583,990$5,515,224
83$14,665,969$2,841,762$1,582,772$5,916,175
84$16,105,907$2,925,017$1,579,803$6,354,069
85$17,690,954$3,010,587$1,574,971$6,832,590
86$19,435,856$3,098,531$1,568,158$7,355,797
87$21,356,862$3,188,908$1,559,240$7,928,161
88$23,471,875$3,281,778$1,548,088$8,554,609
89$25,800,623$3,377,201$1,534,565$9,240,569
90$28,364,843$3,475,241$1,518,530$9,992,022
91$31,188,489$3,575,960$1,499,833$10,815,556
92$34,297,956$3,679,422$1,478,318$11,718,434
93$37,722,328$3,785,695$1,453,822$12,708,654
94$41,493,654$3,894,842$1,426,174$13,795,033
95$45,647,251$4,006,934$1,395,194$14,987,284
96$50,222,034$4,122,036$1,360,696$16,296,110
97$55,260,885$4,240,220$1,322,484$17,733,307
98$60,811,060$4,361,555$1,280,351$19,311,872
99$66,924,629$4,486,113$1,234,085$21,046,125
100$73,658,975$4,613,966$1,183,460$22,951,850