Can I retire at age 56 with 1,500,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $1,500,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.4%
1 years$123,869$122,765$121,689$120,638$119,612$117,922
2 years$61,321$60,179$59,072$57,999$56,958$55,259
3 years$40,475$39,328$38,224$37,161$36,137$34,481
4 years$30,053$28,910$27,817$26,772$25,773$24,173
5 years$23,802$22,666$21,587$20,564$19,592$18,053
6 years$19,636$18,508$17,446$16,445$15,503$14,026
7 years$16,662$15,543$14,497$13,520$12,608$11,195
8 years$14,432$13,323$12,295$11,342$10,459$9,109
9 years$12,698$11,600$10,590$9,661$8,808$7,521
10 years$11,312$10,225$9,232$8,328$7,505$6,279
11 years$10,179$9,103$8,128$7,247$6,455$5,289
12 years$9,236$8,170$7,213$6,357$5,593$4,486
13 years$8,438$7,384$6,445$5,612$4,878$3,828
14 years$7,754$6,711$5,791$4,982$4,276$3,281
15 years$7,163$6,131$5,228$4,443$3,765$2,824
16 years$6,646$5,625$4,740$3,978$3,327$2,439
17 years$6,190$5,181$4,313$3,574$2,950$2,112
18 years$5,785$4,787$3,937$3,221$2,623$1,834
19 years$5,423$4,437$3,605$2,911$2,338$1,595
20 years$5,098$4,123$3,308$2,636$2,088$1,390
21 years$4,804$3,840$3,043$2,393$1,869$1,213
22 years$4,537$3,585$2,804$2,175$1,675$1,060
23 years$4,294$3,353$2,589$1,981$1,504$928
24 years$4,072$3,141$2,395$1,807$1,352$812
25 years$3,867$2,948$2,218$1,650$1,216$712
26 years$3,679$2,770$2,057$1,509$1,096$625
27 years$3,505$2,607$1,910$1,381$988$548
28 years$3,343$2,457$1,776$1,265$891$481
29 years$3,193$2,318$1,652$1,160$805$423
30 years$3,053$2,189$1,539$1,065$727$372
31 years$2,923$2,069$1,435$978$657$327
32 years$2,801$1,958$1,339$899$595$288
33 years$2,686$1,854$1,250$827$538$253
34 years$2,579$1,757$1,168$761$487$223
35 years$2,478$1,667$1,092$700$441$196
36 years$2,382$1,582$1,022$645$400$173
37 years$2,292$1,503$956$594$362$152
38 years$2,207$1,428$895$548$329$134
39 years$2,127$1,358$839$505$298$118
40 years$2,051$1,292$786$466$270$104
41 years$1,978$1,230$737$430$245$92
42 years$1,910$1,171$692$397$222$81
43 years$1,844$1,116$649$366$202$71
44 years$1,782$1,064$609$338$183$63
45 years$1,723$1,014$572$312$166$55
46 years$1,666$968$537$288$151$49
47 years$1,613$923$505$266$137$43
48 years$1,561$882$474$246$125$38
49 years$1,512$842$446$227$113$33
50 years$1,465$804$419$210$103$29

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,500,000, adding $4,947 every year, while hoping to spend $27,015 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: 45/26/29 Blend
55$1,500,000$1,500,000$1,500,000$1,500,000
56$1,658,103$1,578,603$1,555,353$1,718,615
57$1,798,486$1,627,211$1,578,713$1,810,803
58$1,952,282$1,677,295$1,601,951$1,907,757
59$2,120,832$1,728,899$1,625,033$2,012,398
60$2,305,610$1,782,069$1,647,925$2,125,458
61$2,508,242$1,836,850$1,670,591$2,247,745
62$2,730,517$1,893,290$1,692,990$2,380,148
63$2,974,408$1,951,439$1,715,083$2,523,647
64$3,242,084$2,011,346$1,736,825$2,679,318
65$3,535,938$2,073,064$1,758,171$2,848,348
66$3,858,606$2,136,646$1,779,071$3,032,043
67$4,212,988$2,202,146$1,799,474$3,231,843
68$4,602,283$2,269,621$1,819,327$3,449,331
69$5,030,012$2,339,129$1,838,570$3,686,255
70$5,500,056$2,410,729$1,857,145$3,944,534
71$6,016,689$2,484,482$1,874,987$4,226,288
72$6,584,621$2,560,452$1,892,029$4,533,849
73$7,209,041$2,638,702$1,908,200$4,869,786
74$7,895,664$2,719,299$1,923,426$5,236,930
75$8,650,788$2,802,312$1,937,628$5,638,398
76$9,481,353$2,887,810$1,950,723$6,077,627
77$10,395,004$2,975,865$1,962,624$6,558,401
78$11,400,163$3,066,551$1,973,241$7,084,890
79$12,506,112$3,159,944$1,982,477$7,661,689
80$13,723,076$3,256,122$1,990,231$8,293,860
81$15,062,323$3,355,165$1,996,396$8,986,980
82$16,536,267$3,457,155$2,000,863$9,747,194
83$18,158,587$3,562,177$2,003,513$10,581,275
84$19,944,356$3,670,317$2,004,224$11,496,684
85$21,910,182$3,781,664$2,002,866$12,501,642
86$24,074,364$3,896,309$1,999,306$13,605,208
87$26,457,067$4,014,346$1,993,401$14,817,367
88$29,080,511$4,135,871$1,985,002$16,149,116
89$31,969,177$4,260,983$1,973,954$17,612,579
90$35,150,044$4,389,783$1,960,093$19,221,113
91$38,652,840$4,522,374$1,943,247$20,989,436
92$42,510,323$4,658,863$1,923,239$22,933,768
93$46,758,588$4,799,359$1,899,879$25,071,984
94$51,437,410$4,943,974$1,872,972$27,423,779
95$56,590,620$5,092,823$1,842,310$30,010,858
96$62,266,515$5,246,023$1,807,680$32,857,140
97$68,518,317$5,403,695$1,768,854$35,988,982
98$75,404,671$5,565,963$1,725,597$39,435,432
99$82,990,205$5,732,952$1,677,661$43,228,496
100$91,346,132$5,904,793$1,624,789$47,403,449