Can I retire at age 56 with 1,600,000?

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 $1,600,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.6%
1 years$132,127$130,950$129,801$128,681$127,586$123,651
2 years$65,409$64,191$63,010$61,866$60,755$56,825
3 years$43,173$41,950$40,772$39,638$38,546$34,743
4 years$32,057$30,837$29,671$28,557$27,491$23,846
5 years$25,389$24,177$23,026$21,934$20,898$17,421
6 years$20,945$19,742$18,609$17,541$16,536$13,229
7 years$17,773$16,579$15,464$14,422$13,448$10,311
8 years$15,394$14,212$13,115$12,098$11,157$8,187
9 years$13,545$12,374$11,296$10,305$9,396$6,591
10 years$12,067$10,907$9,848$8,883$8,005$5,361
11 years$10,858$9,710$8,670$7,731$6,885$4,397
12 years$9,851$8,715$7,694$6,781$5,966$3,629
13 years$9,000$7,876$6,874$5,986$5,203$3,011
14 years$8,271$7,159$6,177$5,314$4,561$2,508
15 years$7,640$6,540$5,577$4,739$4,016$2,097
16 years$7,089$6,000$5,056$4,243$3,549$1,758
17 years$6,602$5,526$4,601$3,813$3,147$1,477
18 years$6,171$5,106$4,200$3,436$2,798$1,243
19 years$5,785$4,732$3,845$3,105$2,494$1,048
20 years$5,438$4,398$3,529$2,812$2,228$885
21 years$5,124$4,096$3,246$2,552$1,993$748
22 years$4,840$3,824$2,991$2,320$1,787$633
23 years$4,581$3,576$2,762$2,113$1,604$536
24 years$4,343$3,351$2,554$1,927$1,442$454
25 years$4,125$3,144$2,366$1,760$1,297$385
26 years$3,924$2,955$2,194$1,609$1,169$326
27 years$3,738$2,781$2,038$1,473$1,054$277
28 years$3,566$2,621$1,894$1,350$951$235
29 years$3,406$2,472$1,763$1,238$858$199
30 years$3,257$2,335$1,642$1,136$776$169
31 years$3,118$2,207$1,531$1,043$701$144
32 years$2,987$2,088$1,428$959$634$122
33 years$2,865$1,978$1,333$882$574$104
34 years$2,751$1,875$1,246$811$520$88
35 years$2,643$1,778$1,165$747$471$75
36 years$2,541$1,688$1,090$688$427$64
37 years$2,445$1,603$1,020$634$387$54
38 years$2,355$1,523$955$584$350$46
39 years$2,269$1,448$895$539$318$39
40 years$2,187$1,378$839$497$288$33
41 years$2,110$1,312$786$458$262$28
42 years$2,037$1,249$738$423$237$24
43 years$1,967$1,190$692$390$215$20
44 years$1,901$1,135$650$361$195$17
45 years$1,838$1,082$610$333$177$15
46 years$1,778$1,032$573$308$161$13
47 years$1,720$985$538$284$146$11
48 years$1,665$940$506$263$133$9
49 years$1,612$898$476$243$121$8
50 years$1,562$858$447$224$110$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,600,000, adding $2,101 every year, while hoping to spend $58,878 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: 58/19/23 Blend
55$1,600,000$1,600,000$1,600,000$1,600,000
56$1,765,367$1,680,567$1,655,767$1,856,725
57$1,882,789$1,700,269$1,648,590$1,938,934
58$2,010,214$1,718,963$1,639,198$2,022,023
59$2,148,602$1,736,538$1,627,457$2,111,342
60$2,299,005$1,752,874$1,613,222$2,207,506
61$2,462,583$1,767,845$1,596,345$2,311,196
62$2,640,613$1,781,315$1,576,669$2,423,163
63$2,834,497$1,793,142$1,554,029$2,544,237
64$3,045,781$1,803,170$1,528,254$2,675,334
65$3,276,163$1,811,239$1,499,164$2,817,465
66$3,527,516$1,817,173$1,466,569$2,971,747
67$3,801,898$1,820,790$1,430,275$3,139,413
68$4,101,575$1,821,893$1,390,073$3,321,824
69$4,429,045$1,820,275$1,345,749$3,520,482
70$4,787,053$1,815,714$1,297,078$3,737,046
71$5,178,625$1,807,976$1,243,822$3,973,347
72$5,607,091$1,796,813$1,185,736$4,231,405
73$6,076,118$1,781,961$1,122,562$4,513,451
74$6,589,744$1,763,139$1,054,031$4,821,946
75$7,152,417$1,740,052$979,860$5,159,606
76$7,769,035$1,712,386$899,756$5,529,431
77$8,444,989$1,679,806$813,411$5,934,727
78$9,186,222$1,641,960$720,504$6,379,145
79$9,999,276$1,598,475$620,700$6,866,714
80$10,891,357$1,548,956$513,649$7,401,878
81$11,870,404$1,492,982$398,984$7,989,539
82$12,945,159$1,430,112$276,324$8,635,109
83$14,125,254$1,359,877$145,270$9,344,554
84$15,421,299$1,281,780$5,405$10,124,459
85$16,844,982$1,195,298$0$10,982,087
86$18,409,178$1,099,875$0$11,960,752
87$20,128,071$994,926$0$13,037,698
88$22,017,287$879,830$0$14,221,462
89$24,094,043$753,934$0$15,522,915
90$26,377,303$616,545$0$16,954,041
91$28,887,965$466,933$0$18,528,049
92$31,649,050$304,325$0$20,259,500
93$34,685,923$127,907$0$22,164,442
94$38,026,530$0$0$24,260,565
95$41,701,662$0$0$26,580,576
96$45,745,245$0$0$29,162,759
97$50,194,658$0$0$32,004,259
98$55,091,089$0$0$35,131,400
99$60,479,919$0$0$38,573,185
100$66,411,149$0$0$42,361,570