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

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 $1,740,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.5%
1 years$143,688$142,408$141,159$139,940$138,750$136,171
2 years$71,132$69,808$68,524$67,279$66,071$63,483
3 years$46,951$45,620$44,339$43,106$41,918$39,401
4 years$34,862$33,536$32,268$31,056$29,897$27,470
5 years$27,611$26,292$25,041$23,854$22,727$20,397
6 years$22,778$21,470$20,237$19,076$17,983$15,753
7 years$19,328$18,030$16,817$15,683$14,625$12,496
8 years$16,741$15,455$14,262$13,156$12,133$10,104
9 years$14,730$13,457$12,284$11,206$10,218$8,287
10 years$13,122$11,861$10,709$9,660$8,706$6,872
11 years$11,808$10,559$9,428$8,407$7,487$5,749
12 years$10,713$9,478$8,367$7,374$6,488$4,842
13 years$9,788$8,565$7,476$6,510$5,658$4,102
14 years$8,995$7,785$6,717$5,779$4,960$3,490
15 years$8,309$7,112$6,065$5,154$4,367$2,982
16 years$7,709$6,525$5,498$4,615$3,860$2,555
17 years$7,180$6,009$5,003$4,146$3,422$2,196
18 years$6,711$5,553$4,567$3,737$3,043$1,891
19 years$6,291$5,146$4,181$3,376$2,712$1,632
20 years$5,914$4,782$3,837$3,058$2,423$1,410
21 years$5,573$4,455$3,530$2,775$2,168$1,221
22 years$5,263$4,158$3,253$2,523$1,943$1,058
23 years$4,981$3,889$3,004$2,298$1,744$918
24 years$4,723$3,644$2,778$2,096$1,568$797
25 years$4,486$3,419$2,573$1,914$1,411$692
26 years$4,267$3,214$2,386$1,750$1,271$602
27 years$4,065$3,025$2,216$1,602$1,146$524
28 years$3,878$2,850$2,060$1,468$1,034$456
29 years$3,704$2,689$1,917$1,346$934$397
30 years$3,542$2,539$1,786$1,235$843$346
31 years$3,391$2,400$1,665$1,135$763$301
32 years$3,249$2,271$1,553$1,043$690$263
33 years$3,116$2,151$1,450$959$624$229
34 years$2,991$2,039$1,355$882$565$200
35 years$2,874$1,934$1,267$812$512$174
36 years$2,764$1,835$1,185$748$464$152
37 years$2,659$1,743$1,109$689$420$133
38 years$2,561$1,656$1,039$635$381$116
39 years$2,467$1,575$973$586$346$101
40 years$2,379$1,499$912$540$313$88
41 years$2,295$1,427$855$498$284$77
42 years$2,215$1,359$802$460$258$67
43 years$2,139$1,294$753$425$234$59
44 years$2,067$1,234$707$392$213$51
45 years$1,999$1,177$664$362$193$45
46 years$1,933$1,122$623$334$175$39
47 years$1,871$1,071$585$309$159$34
48 years$1,811$1,023$550$286$145$30
49 years$1,754$977$517$264$131$26
50 years$1,699$933$486$244$119$23

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 $6,362 every year, while hoping to spend $56,045 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: 27/49/24 Blend
55$1,740,000$1,740,000$1,740,000$1,740,000
56$1,924,042$1,831,822$1,804,852$1,961,339
57$2,060,663$1,861,950$1,805,684$2,021,626
58$2,209,341$1,891,676$1,804,664$2,081,002
59$2,371,246$1,920,921$1,801,673$2,143,581
60$2,547,668$1,949,600$1,796,583$2,209,671
61$2,740,022$1,977,623$1,789,261$2,279,615
62$2,949,870$2,004,892$1,779,567$2,353,792
63$3,178,930$2,031,304$1,767,355$2,432,625
64$3,429,091$2,056,748$1,752,472$2,516,579
65$3,702,434$2,081,105$1,734,755$2,606,174
66$4,001,251$2,104,248$1,714,038$2,701,984
67$4,328,064$2,126,042$1,690,144$2,804,648
68$4,685,651$2,146,342$1,662,888$2,914,871
69$5,077,069$2,164,995$1,632,077$3,033,436
70$5,505,687$2,181,836$1,597,508$3,161,212
71$5,975,213$2,196,692$1,558,971$3,299,159
72$6,489,730$2,209,375$1,516,242$3,448,342
73$7,053,737$2,219,690$1,469,091$3,609,942
74$7,672,188$2,227,424$1,417,275$3,785,262
75$8,350,538$2,232,355$1,360,541$3,975,751
76$9,094,798$2,234,245$1,298,623$4,183,006
77$9,911,585$2,232,841$1,231,245$4,408,801
78$10,808,193$2,227,876$1,158,118$4,655,095
79$11,792,651$2,219,064$1,078,937$4,924,056
80$12,873,808$2,206,105$993,388$5,218,084
81$14,061,409$2,188,677$901,140$5,539,832
82$15,366,192$2,166,441$801,847$5,892,235
83$16,799,984$2,139,037$695,149$6,278,537
84$18,375,815$2,106,083$580,670$6,702,327
85$20,108,042$2,067,175$458,016$7,167,570
86$22,012,480$2,021,883$326,776$7,678,650
87$24,106,552$1,969,756$186,523$8,240,413
88$26,409,458$1,910,311$36,809$8,858,213
89$28,942,347$1,843,040$0$9,537,966
90$31,728,523$1,767,406$0$10,317,697
91$34,793,661$1,682,838$0$11,185,244
92$38,166,052$1,588,734$0$12,139,279
93$41,876,865$1,484,458$0$13,188,748
94$45,960,445$1,369,335$0$14,343,520
95$50,454,631$1,242,654$0$15,614,490
96$55,401,121$1,103,661$0$17,013,674
97$60,845,856$951,562$0$18,554,334
98$66,839,459$785,514$0$20,251,097
99$73,437,711$604,632$0$22,120,103
100$80,702,075$407,975$0$24,179,156