Can I retire at age 56 with 1,340,000?

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 $1,340,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.3%
1 years$110,656$109,670$108,709$107,770$106,853$105,387
2 years$54,780$53,760$52,771$51,813$50,883$49,408
3 years$36,157$35,133$34,146$33,197$32,282$30,845
4 years$26,848$25,826$24,850$23,916$23,024$21,635
5 years$21,263$20,248$19,285$18,370$17,502$16,166
6 years$17,542$16,534$15,585$14,691$13,849$12,567
7 years$14,885$13,885$12,951$12,078$11,263$10,036
8 years$12,893$11,902$10,983$10,132$9,344$8,171
9 years$11,344$10,363$9,460$8,630$7,869$6,750
10 years$10,106$9,135$8,248$7,439$6,705$5,639
11 years$9,093$8,132$7,261$6,474$5,766$4,752
12 years$8,250$7,299$6,444$5,679$4,997$4,034
13 years$7,538$6,596$5,757$5,014$4,357$3,444
14 years$6,927$5,996$5,173$4,451$3,820$2,955
15 years$6,399$5,477$4,670$3,969$3,363$2,545
16 years$5,937$5,025$4,234$3,554$2,972$2,199
17 years$5,529$4,628$3,853$3,193$2,635$1,906
18 years$5,168$4,276$3,517$2,878$2,343$1,656
19 years$4,845$3,963$3,220$2,600$2,089$1,441
20 years$4,554$3,683$2,955$2,355$1,866$1,257
21 years$4,292$3,430$2,718$2,137$1,670$1,098
22 years$4,053$3,202$2,505$1,943$1,496$960
23 years$3,836$2,995$2,313$1,770$1,343$841
24 years$3,637$2,806$2,139$1,614$1,207$737
25 years$3,455$2,633$1,981$1,474$1,086$646
26 years$3,286$2,475$1,838$1,348$979$567
27 years$3,131$2,329$1,706$1,234$882$498
28 years$2,987$2,195$1,586$1,130$796$438
29 years$2,853$2,071$1,476$1,037$719$385
30 years$2,728$1,955$1,375$951$650$339
31 years$2,611$1,849$1,282$874$587$298
32 years$2,502$1,749$1,196$803$531$263
33 years$2,400$1,656$1,117$738$481$231
34 years$2,304$1,570$1,043$679$435$204
35 years$2,213$1,489$976$625$394$180
36 years$2,128$1,413$913$576$357$158
37 years$2,048$1,342$854$531$324$139
38 years$1,972$1,276$800$489$294$123
39 years$1,900$1,213$749$451$266$108
40 years$1,832$1,154$702$416$241$96
41 years$1,767$1,099$659$384$219$84
42 years$1,706$1,046$618$354$199$74
43 years$1,648$997$580$327$180$66
44 years$1,592$950$544$302$164$58
45 years$1,539$906$511$279$149$51
46 years$1,489$864$480$258$135$45
47 years$1,441$825$451$238$123$40
48 years$1,394$788$424$220$111$35
49 years$1,350$752$398$203$101$31
50 years$1,308$718$374$188$92$27

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,340,000, adding $5,444 every year, while hoping to spend $52,612 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: 82/8/10 Blend
55$1,340,000$1,340,000$1,340,000$1,340,000
56$1,482,295$1,411,275$1,390,505$1,601,094
57$1,577,511$1,424,449$1,381,109$1,692,868
58$1,680,675$1,436,505$1,369,634$1,786,078
59$1,792,543$1,447,333$1,355,955$1,886,826
60$1,913,945$1,456,815$1,339,943$1,995,842
61$2,045,795$1,464,827$1,321,459$2,113,924
62$2,189,097$1,471,235$1,300,359$2,241,957
63$2,344,958$1,475,897$1,276,493$2,380,910
64$2,514,592$1,478,664$1,249,704$2,531,855
65$2,699,337$1,479,376$1,219,826$2,695,970
66$2,900,667$1,477,863$1,186,688$2,874,553
67$3,120,202$1,473,945$1,150,108$3,069,036
68$3,359,724$1,467,430$1,109,899$3,280,994
69$3,621,198$1,458,116$1,065,862$3,512,165
70$3,906,783$1,445,787$1,017,792$3,764,461
71$4,218,859$1,430,215$965,472$4,039,991
72$4,560,045$1,411,158$908,678$4,341,079
73$4,933,224$1,388,359$847,173$4,670,284
74$5,341,571$1,361,547$780,711$5,030,427
75$5,788,582$1,330,433$709,036$5,424,617
76$6,278,106$1,294,713$631,877$5,856,279
77$6,814,383$1,254,064$548,956$6,329,188
78$7,402,082$1,208,145$459,977$6,847,504
79$8,046,344$1,156,593$364,636$7,415,813
80$8,752,831$1,099,027$262,612$8,039,165
81$9,527,782$1,035,042$153,571$8,723,130
82$10,378,066$964,209$37,166$9,473,844
83$11,311,251$886,076$0$10,298,068
84$12,335,670$800,166$0$11,212,546
85$13,460,507$705,973$0$12,221,038
86$14,695,874$602,961$0$13,328,669
87$16,052,915$490,568$0$14,545,459
88$17,543,903$368,196$0$15,882,450
89$19,182,360$235,216$0$17,351,808
90$20,983,182$90,963$0$18,966,938
91$22,962,780$0$0$20,742,611
92$25,139,237$0$0$22,700,848
93$27,532,471$0$0$24,862,967
94$30,164,429$0$0$27,240,791
95$33,059,291$0$0$29,856,169
96$36,243,700$0$0$32,733,176
97$39,747,008$0$0$35,898,336
98$43,601,556$0$0$39,380,872
99$47,842,979$0$0$43,212,986
100$52,510,541$0$0$47,430,156