Can I retire at age 56 with 1,740,000?

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 $1,740,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.2%
1 years$143,688$142,408$141,159$139,940$138,750$137,473
2 years$71,132$69,808$68,524$67,279$66,071$64,785
3 years$46,951$45,620$44,339$43,106$41,918$40,662
4 years$34,862$33,536$32,268$31,056$29,897$28,680
5 years$27,611$26,292$25,041$23,854$22,727$21,554
6 years$22,778$21,470$20,237$19,076$17,983$16,855
7 years$19,328$18,030$16,817$15,683$14,625$13,542
8 years$16,741$15,455$14,262$13,156$12,133$11,096
9 years$14,730$13,457$12,284$11,206$10,218$9,226
10 years$13,122$11,861$10,709$9,660$8,706$7,758
11 years$11,808$10,559$9,428$8,407$7,487$6,584
12 years$10,713$9,478$8,367$7,374$6,488$5,628
13 years$9,788$8,565$7,476$6,510$5,658$4,839
14 years$8,995$7,785$6,717$5,779$4,960$4,182
15 years$8,309$7,112$6,065$5,154$4,367$3,629
16 years$7,709$6,525$5,498$4,615$3,860$3,160
17 years$7,180$6,009$5,003$4,146$3,422$2,760
18 years$6,711$5,553$4,567$3,737$3,043$2,416
19 years$6,291$5,146$4,181$3,376$2,712$2,120
20 years$5,914$4,782$3,837$3,058$2,423$1,864
21 years$5,573$4,455$3,530$2,775$2,168$1,642
22 years$5,263$4,158$3,253$2,523$1,943$1,448
23 years$4,981$3,889$3,004$2,298$1,744$1,278
24 years$4,723$3,644$2,778$2,096$1,568$1,130
25 years$4,486$3,419$2,573$1,914$1,411$1,000
26 years$4,267$3,214$2,386$1,750$1,271$885
27 years$4,065$3,025$2,216$1,602$1,146$785
28 years$3,878$2,850$2,060$1,468$1,034$696
29 years$3,704$2,689$1,917$1,346$934$617
30 years$3,542$2,539$1,786$1,235$843$548
31 years$3,391$2,400$1,665$1,135$763$487
32 years$3,249$2,271$1,553$1,043$690$432
33 years$3,116$2,151$1,450$959$624$384
34 years$2,991$2,039$1,355$882$565$342
35 years$2,874$1,934$1,267$812$512$304
36 years$2,764$1,835$1,185$748$464$270
37 years$2,659$1,743$1,109$689$420$240
38 years$2,561$1,656$1,039$635$381$214
39 years$2,467$1,575$973$586$346$190
40 years$2,379$1,499$912$540$313$170
41 years$2,295$1,427$855$498$284$151
42 years$2,215$1,359$802$460$258$134
43 years$2,139$1,294$753$425$234$120
44 years$2,067$1,234$707$392$213$107
45 years$1,999$1,177$664$362$193$95
46 years$1,933$1,122$623$334$175$85
47 years$1,871$1,071$585$309$159$75
48 years$1,811$1,023$550$286$145$67
49 years$1,754$977$517$264$131$60
50 years$1,699$933$486$244$119$53

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,740,000, adding $5,128 every year, while hoping to spend $36,353 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: 24/47/29 Blend
55$1,740,000$1,740,000$1,740,000$1,740,000
56$1,922,770$1,830,550$1,803,580$1,951,307
57$2,080,213$1,881,567$1,825,320$2,027,133
58$2,252,497$1,933,866$1,846,571$2,104,922
59$2,441,097$1,987,471$1,867,276$2,187,510
60$2,647,638$2,042,406$1,887,379$2,275,320
61$2,873,909$2,098,696$1,906,818$2,368,819
62$3,121,880$2,156,365$1,925,529$2,468,522
63$3,393,722$2,215,437$1,943,444$2,574,994
64$3,691,824$2,275,935$1,960,492$2,688,857
65$4,018,818$2,337,885$1,976,597$2,810,797
66$4,377,605$2,401,308$1,991,680$2,941,568
67$4,771,377$2,466,228$2,005,657$3,082,002
68$5,203,652$2,532,668$2,018,442$3,233,014
69$5,678,305$2,600,650$2,029,941$3,395,612
70$6,199,606$2,670,195$2,040,057$3,570,906
71$6,772,255$2,741,325$2,048,689$3,760,121
72$7,401,435$2,814,059$2,055,729$3,964,604
73$8,092,850$2,888,416$2,061,065$4,185,840
74$8,852,788$2,964,416$2,064,578$4,425,467
75$9,688,176$3,042,076$2,066,145$4,685,286
76$10,606,644$3,121,412$2,065,635$4,967,287
77$11,616,599$3,202,439$2,062,911$5,273,658
78$12,727,305$3,285,171$2,057,831$5,606,813
79$13,948,965$3,369,619$2,050,244$5,969,414
80$15,292,824$3,455,795$2,039,991$6,364,390
81$16,771,270$3,543,708$2,026,909$6,794,974
82$18,397,953$3,633,363$2,010,824$7,264,728
83$20,187,913$3,724,766$1,991,555$7,777,577
84$22,157,719$3,817,918$1,968,911$8,337,847
85$24,325,630$3,912,820$1,942,694$8,950,310
86$26,711,765$4,009,469$1,912,694$9,620,220
87$29,338,291$4,107,859$1,878,695$10,353,374
88$32,229,633$4,207,980$1,840,468$11,156,158
89$35,412,705$4,309,821$1,797,773$12,035,614
90$38,917,163$4,413,364$1,750,361$12,999,501
91$42,775,686$4,518,591$1,697,970$14,056,375
92$47,024,280$4,625,477$1,640,327$15,215,665
93$51,702,624$4,733,992$1,577,145$16,487,764
94$56,854,437$4,844,104$1,508,125$17,884,131
95$62,527,897$4,955,772$1,432,955$19,417,393
96$68,776,091$5,068,953$1,351,307$21,101,473
97$75,657,516$5,183,596$1,262,840$22,951,713
98$83,236,634$5,299,643$1,167,196$24,985,029
99$91,584,477$5,417,032$1,064,003$27,220,062
100$100,779,318$5,535,690$952,871$29,677,364