Can I retire at age 56 with 1,640,000?

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 $1,640,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.7%
1 years$135,430$134,223$133,046$131,898$130,776$129,303
2 years$67,044$65,796$64,586$63,412$62,274$60,791
3 years$44,252$42,998$41,791$40,629$39,509$38,062
4 years$32,858$31,608$30,413$29,271$28,178$26,779
5 years$26,024$24,781$23,602$22,483$21,421$20,072
6 years$21,469$20,236$19,074$17,980$16,950$15,654
7 years$18,217$16,994$15,850$14,782$13,784$12,543
8 years$15,779$14,567$13,442$12,400$11,436$10,247
9 years$13,884$12,683$11,578$10,562$9,630$8,495
10 years$12,368$11,180$10,094$9,105$8,206$7,123
11 years$11,129$9,953$8,887$7,924$7,057$6,026
12 years$10,098$8,933$7,887$6,950$6,116$5,134
13 years$9,225$8,073$7,046$6,136$5,333$4,401
14 years$8,478$7,338$6,331$5,447$4,675$3,790
15 years$7,831$6,703$5,716$4,858$4,116$3,278
16 years$7,266$6,150$5,182$4,350$3,638$2,845
17 years$6,767$5,664$4,716$3,908$3,225$2,476
18 years$6,325$5,234$4,305$3,522$2,868$2,160
19 years$5,929$4,851$3,941$3,182$2,556$1,889
20 years$5,574$4,507$3,617$2,882$2,283$1,654
21 years$5,253$4,199$3,327$2,616$2,043$1,451
22 years$4,961$3,919$3,066$2,378$1,832$1,275
23 years$4,695$3,666$2,831$2,166$1,644$1,122
24 years$4,452$3,434$2,618$1,976$1,478$988
25 years$4,228$3,223$2,425$1,804$1,330$870
26 years$4,022$3,029$2,249$1,650$1,198$768
27 years$3,832$2,851$2,088$1,510$1,080$678
28 years$3,655$2,686$1,941$1,383$974$599
29 years$3,491$2,534$1,807$1,269$880$529
30 years$3,338$2,393$1,683$1,164$795$468
31 years$3,196$2,262$1,569$1,069$719$414
32 years$3,062$2,141$1,464$983$650$366
33 years$2,937$2,027$1,367$904$588$324
34 years$2,819$1,921$1,277$831$533$287
35 years$2,709$1,822$1,194$765$483$254
36 years$2,605$1,730$1,117$705$437$225
37 years$2,506$1,643$1,045$650$396$199
38 years$2,413$1,561$979$599$359$177
39 years$2,325$1,485$917$552$326$156
40 years$2,242$1,412$860$509$295$139
41 years$2,163$1,345$806$470$268$123
42 years$2,088$1,281$756$434$243$109
43 years$2,017$1,220$710$400$221$97
44 years$1,949$1,163$666$370$200$86
45 years$1,884$1,109$625$341$182$76
46 years$1,822$1,058$587$315$165$67
47 years$1,763$1,010$552$291$150$60
48 years$1,707$964$519$269$136$53
49 years$1,653$920$487$249$124$47
50 years$1,601$879$458$230$112$42

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,640,000, adding $3,581 every year, while hoping to spend $45,745 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: 66/26/8 Blend
55$1,640,000$1,640,000$1,640,000$1,640,000
56$1,810,974$1,724,054$1,698,634$1,927,513
57$1,947,021$1,759,860$1,706,866$2,041,242
58$2,095,411$1,795,888$1,713,840$2,159,699
59$2,257,356$1,832,099$1,719,467$2,287,958
60$2,434,188$1,868,454$1,723,651$2,426,967
61$2,627,375$1,904,907$1,726,292$2,577,775
62$2,838,530$1,941,411$1,727,286$2,741,535
63$3,069,434$1,977,913$1,726,523$2,919,516
64$3,322,042$2,014,357$1,723,888$3,113,118
65$3,598,512$2,050,682$1,719,260$3,323,882
66$3,901,216$2,086,822$1,712,511$3,553,507
67$4,232,770$2,122,706$1,703,510$3,803,863
68$4,596,051$2,158,257$1,692,117$4,077,012
69$4,994,231$2,193,394$1,678,185$4,375,226
70$5,430,801$2,228,029$1,661,562$4,701,007
71$5,909,606$2,262,065$1,642,088$5,057,115
72$6,434,882$2,295,403$1,619,595$5,446,587
73$7,011,295$2,327,933$1,593,906$5,872,775
74$7,643,984$2,359,539$1,564,839$6,339,367
75$8,338,610$2,390,096$1,532,201$6,850,433
76$9,101,409$2,419,471$1,495,789$7,410,454
77$9,939,248$2,447,521$1,455,395$8,024,371
78$10,859,697$2,474,095$1,410,796$8,697,628
79$11,871,091$2,499,030$1,361,762$9,436,225
80$12,982,614$2,522,154$1,308,052$10,246,775
81$14,204,383$2,543,282$1,249,415$11,136,565
82$15,547,545$2,562,218$1,185,585$12,113,628
83$17,024,380$2,578,753$1,116,288$13,186,816
84$18,648,419$2,592,664$1,041,236$14,365,885
85$20,434,568$2,603,714$960,127$15,661,587
86$22,399,250$2,611,652$872,648$17,085,775
87$24,560,561$2,616,211$778,469$18,651,508
88$26,938,439$2,617,105$677,248$20,373,182
89$29,554,849$2,614,033$568,626$22,266,663
90$32,433,998$2,606,675$452,229$24,349,437
91$35,602,553$2,594,689$327,665$26,640,776
92$39,089,900$2,577,715$194,529$29,161,919
93$42,928,416$2,555,370$52,392$31,936,279
94$47,153,779$2,527,247$0$34,989,654
95$51,805,298$2,492,917$0$38,358,957
96$56,926,291$2,451,921$0$42,072,376
97$62,564,485$2,403,778$0$46,160,018
98$68,772,474$2,347,975$0$50,659,993
99$75,608,210$2,283,969$0$55,614,304
100$83,135,551$2,211,187$0$61,069,239