Can I retire at age 56 with 1,670,000?

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 $1,670,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.9%
1 years$137,907$136,679$135,480$134,310$133,168$130,479
2 years$68,271$66,999$65,767$64,572$63,413$60,716
3 years$45,062$43,785$42,556$41,372$40,232$37,611
4 years$33,460$32,186$30,970$29,806$28,694$26,169
5 years$26,500$25,235$24,034$22,894$21,813$19,390
6 years$21,862$20,606$19,423$18,309$17,260$14,943
7 years$18,550$17,305$16,140$15,052$14,037$11,827
8 years$16,068$14,833$13,688$12,627$11,645$9,540
9 years$14,138$12,915$11,790$10,756$9,807$7,806
10 years$12,595$11,384$10,279$9,271$8,356$6,458
11 years$11,333$10,135$9,049$8,069$7,186$5,388
12 years$10,282$9,096$8,031$7,077$6,227$4,527
13 years$9,394$8,220$7,175$6,248$5,430$3,824
14 years$8,633$7,472$6,447$5,547$4,760$3,246
15 years$7,975$6,826$5,821$4,947$4,191$2,765
16 years$7,399$6,263$5,277$4,429$3,704$2,363
17 years$6,891$5,768$4,802$3,980$3,284$2,024
18 years$6,441$5,330$4,384$3,586$2,920$1,738
19 years$6,038$4,939$4,013$3,241$2,603$1,496
20 years$5,676$4,590$3,683$2,935$2,325$1,289
21 years$5,349$4,275$3,388$2,664$2,081$1,112
22 years$5,052$3,991$3,122$2,422$1,865$961
23 years$4,781$3,733$2,883$2,206$1,674$831
24 years$4,533$3,497$2,666$2,012$1,505$719
25 years$4,306$3,282$2,469$1,837$1,354$623
26 years$4,096$3,084$2,290$1,680$1,220$540
27 years$3,902$2,903$2,127$1,538$1,100$468
28 years$3,722$2,735$1,977$1,409$992$406
29 years$3,555$2,580$1,840$1,292$896$353
30 years$3,399$2,437$1,714$1,186$810$306
31 years$3,254$2,304$1,598$1,089$732$266
32 years$3,118$2,180$1,491$1,001$662$231
33 years$2,991$2,064$1,392$920$599$201
34 years$2,871$1,957$1,300$847$542$174
35 years$2,758$1,856$1,216$779$491$152
36 years$2,652$1,761$1,137$718$445$132
37 years$2,552$1,673$1,065$661$403$115
38 years$2,458$1,590$997$610$366$100
39 years$2,368$1,512$934$562$332$87
40 years$2,283$1,438$875$518$301$75
41 years$2,203$1,369$821$478$273$66
42 years$2,126$1,304$770$441$248$57
43 years$2,053$1,242$723$408$225$50
44 years$1,984$1,184$678$376$204$43
45 years$1,918$1,129$637$347$185$38
46 years$1,855$1,077$598$321$168$33
47 years$1,795$1,028$562$297$153$28
48 years$1,738$981$528$274$139$25
49 years$1,683$937$496$253$126$22
50 years$1,631$895$467$234$114$19

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,670,000, adding $6,986 every year, while hoping to spend $54,656 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: 74/6/20 Blend
55$1,670,000$1,670,000$1,670,000$1,670,000
56$1,847,546$1,759,036$1,733,151$1,974,980
57$1,977,842$1,787,075$1,733,058$2,088,542
58$2,119,597$1,814,657$1,731,130$2,205,634
59$2,273,921$1,841,700$1,727,248$2,332,542
60$2,442,037$1,868,119$1,721,287$2,470,234
61$2,625,290$1,893,822$1,713,115$2,619,773
62$2,825,161$1,918,712$1,702,597$2,782,333
63$3,043,280$1,942,681$1,689,586$2,959,206
64$3,281,441$1,965,619$1,673,934$3,151,818
65$3,541,618$1,987,404$1,655,480$3,361,738
66$3,825,986$2,007,909$1,634,062$3,590,697
67$4,136,937$2,026,998$1,609,503$3,840,603
68$4,477,107$2,044,523$1,581,625$4,113,558
69$4,849,399$2,060,331$1,550,235$4,411,880
70$5,257,006$2,074,256$1,515,137$4,738,124
71$5,703,448$2,086,122$1,476,121$5,095,104
72$6,192,598$2,095,741$1,432,970$5,485,923
73$6,728,726$2,102,915$1,385,457$5,914,003
74$7,316,529$2,107,431$1,333,343$6,383,114
75$7,961,185$2,109,065$1,276,380$6,897,410
76$8,668,394$2,107,577$1,214,307$7,461,474
77$9,444,437$2,102,715$1,146,853$8,080,353
78$10,296,230$2,094,208$1,073,733$8,759,614
79$11,231,392$2,081,771$994,649$9,505,389
80$12,258,316$2,065,100$909,293$10,324,442
81$13,386,248$2,043,874$817,338$11,224,223
82$14,625,374$2,017,752$718,447$12,212,948
83$15,986,912$1,986,372$612,265$13,299,672
84$17,483,225$1,949,352$498,424$14,494,373
85$19,127,929$1,906,286$376,536$15,808,052
86$20,936,028$1,856,744$246,200$17,252,833
87$22,924,050$1,800,271$106,995$18,842,080
88$25,110,205$1,736,387$0$20,590,523
89$27,514,558$1,664,581$0$22,523,266
90$30,159,212$1,584,315$0$24,674,276
91$33,068,523$1,495,018$0$27,040,520
92$36,269,326$1,396,087$0$29,643,845
93$39,791,187$1,286,885$0$32,508,319
94$43,666,682$1,166,737$0$35,660,466
95$47,931,708$1,034,931$0$39,129,512
96$52,625,813$890,714$0$42,947,660
97$57,792,577$733,290$0$47,150,398
98$63,480,017$561,818$0$51,776,829
99$69,741,042$375,411$0$56,870,043
100$76,633,953$173,131$0$62,477,523