Can I retire at age 56 with 1,710,000?

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 $1,710,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.3%
1 years$141,210$139,952$138,725$137,527$136,358$131,782
2 years$69,906$68,604$67,342$66,119$64,932$60,367
3 years$46,141$44,834$43,575$42,363$41,196$36,785
4 years$34,261$32,957$31,711$30,520$29,381$25,158
5 years$27,135$25,839$24,609$23,442$22,335$18,312
6 years$22,385$21,099$19,888$18,747$17,673$13,852
7 years$18,994$17,719$16,527$15,413$14,373$10,754
8 years$16,452$15,189$14,016$12,930$11,924$8,504
9 years$14,476$13,225$12,072$11,013$10,041$6,816
10 years$12,896$11,657$10,525$9,493$8,556$5,521
11 years$11,604$10,377$9,266$8,262$7,358$4,507
12 years$10,529$9,314$8,223$7,247$6,377$3,703
13 years$9,619$8,417$7,347$6,398$5,560$3,057
14 years$8,840$7,651$6,601$5,679$4,874$2,535
15 years$8,166$6,989$5,960$5,065$4,292$2,108
16 years$7,576$6,413$5,404$4,535$3,793$1,758
17 years$7,056$5,906$4,917$4,075$3,363$1,470
18 years$6,595$5,457$4,489$3,672$2,990$1,231
19 years$6,182$5,058$4,109$3,318$2,665$1,032
20 years$5,812$4,700$3,771$3,005$2,381$867
21 years$5,477$4,378$3,469$2,727$2,131$729
22 years$5,173$4,086$3,197$2,480$1,910$613
23 years$4,895$3,822$2,952$2,258$1,714$516
24 years$4,642$3,581$2,730$2,060$1,541$435
25 years$4,409$3,361$2,529$1,881$1,386$367
26 years$4,194$3,158$2,345$1,720$1,249$309
27 years$3,995$2,972$2,178$1,574$1,126$261
28 years$3,811$2,801$2,024$1,443$1,016$220
29 years$3,640$2,642$1,884$1,323$917$186
30 years$3,481$2,495$1,755$1,214$829$157
31 years$3,332$2,359$1,636$1,115$749$132
32 years$3,193$2,232$1,526$1,025$678$112
33 years$3,062$2,114$1,425$942$614$95
34 years$2,940$2,003$1,332$867$555$80
35 years$2,825$1,900$1,245$798$503$67
36 years$2,716$1,804$1,165$735$456$57
37 years$2,613$1,713$1,090$677$413$48
38 years$2,516$1,628$1,021$624$375$41
39 years$2,425$1,548$956$576$340$34
40 years$2,338$1,473$896$531$308$29
41 years$2,255$1,402$841$490$280$25
42 years$2,177$1,335$788$452$254$21
43 years$2,103$1,272$740$417$230$18
44 years$2,032$1,213$694$385$209$15
45 years$1,964$1,156$652$356$190$13
46 years$1,900$1,103$612$329$172$11
47 years$1,838$1,053$575$304$156$9
48 years$1,780$1,005$541$281$142$8
49 years$1,723$960$508$259$129$6
50 years$1,670$917$478$240$117$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,710,000, adding $6,976 every year, while hoping to spend $31,399 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: 65/15/20 Blend
55$1,710,000$1,710,000$1,710,000$1,710,000
56$1,891,616$1,800,986$1,774,481$2,004,556
57$2,051,152$1,855,826$1,800,518$2,136,106
58$2,225,909$1,912,301$1,826,374$2,275,600
59$2,417,406$1,970,457$1,852,012$2,427,306
60$2,627,315$2,030,344$1,877,388$2,592,423
61$2,857,481$2,092,010$1,902,460$2,772,268
62$3,109,931$2,155,506$1,927,180$2,968,295
63$3,386,903$2,220,885$1,951,499$3,182,103
64$3,690,859$2,288,199$1,975,366$3,415,454
65$4,024,510$2,357,505$1,998,725$3,670,287
66$4,390,845$2,428,858$2,021,517$3,948,739
67$4,793,155$2,502,316$2,043,682$4,253,166
68$5,235,066$2,577,938$2,065,154$4,586,159
69$5,720,571$2,655,786$2,085,865$4,950,576
70$6,254,072$2,735,921$2,105,743$5,349,563
71$6,840,414$2,818,408$2,124,713$5,786,587
72$7,484,938$2,903,312$2,142,693$6,265,466
73$8,193,528$2,990,701$2,159,600$6,790,410
74$8,972,666$3,080,643$2,175,344$7,366,052
75$9,829,493$3,173,210$2,189,833$7,997,501
76$10,771,878$3,268,473$2,202,969$8,690,383
77$11,808,488$3,366,507$2,214,647$9,450,899
78$12,948,876$3,467,388$2,224,760$10,285,880
79$14,203,565$3,571,194$2,233,193$11,202,853
80$15,584,151$3,678,004$2,239,827$12,210,111
81$17,103,408$3,787,901$2,244,535$13,316,793
82$18,775,414$3,900,966$2,247,186$14,532,968
83$20,615,680$4,017,287$2,247,640$15,869,731
84$22,641,296$4,136,951$2,245,753$17,339,309
85$24,871,094$4,260,047$2,241,371$18,955,171
86$27,325,823$4,386,667$2,234,334$20,732,164
87$30,028,348$4,516,904$2,224,475$22,686,646
88$33,003,861$4,650,855$2,211,617$24,836,640
89$36,280,125$4,788,617$2,195,576$27,202,010
90$39,887,729$4,930,290$2,176,159$29,804,643
91$43,860,379$5,075,976$2,153,163$32,668,659
92$48,235,220$5,225,781$2,126,375$35,820,634
93$53,053,178$5,379,810$2,095,574$39,289,858
94$58,359,353$5,538,172$2,060,528$43,108,604
95$64,203,443$5,700,978$2,020,991$47,312,437
96$70,640,211$5,868,343$1,976,711$51,940,551
97$77,730,001$6,040,381$1,927,420$57,036,133
98$85,539,312$6,217,209$1,872,839$62,646,776
99$94,141,419$6,398,950$1,812,676$68,824,928
100$103,617,069$6,585,724$1,746,626$75,628,384