Can I retire at age 56 with 1,940,000?

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 $1,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.9%
1 years$160,203$158,776$157,384$156,025$154,698$150,959
2 years$79,309$77,832$76,400$75,012$73,666$69,921
3 years$52,347$50,864$49,436$48,061$46,737$43,103
4 years$38,869$37,390$35,977$34,625$33,333$29,839
5 years$30,784$29,314$27,919$26,596$25,339$21,994
6 years$25,396$23,937$22,563$21,269$20,050$16,858
7 years$21,549$20,103$18,750$17,486$16,306$13,267
8 years$18,665$17,232$15,901$14,669$13,527$10,640
9 years$16,423$15,003$13,696$12,494$11,392$8,654
10 years$14,631$13,225$11,940$10,770$9,707$7,115
11 years$13,165$11,773$10,512$9,373$8,348$5,899
12 years$11,945$10,567$9,329$8,222$7,234$4,924
13 years$10,913$9,549$8,335$7,259$6,308$4,132
14 years$10,029$8,680$7,489$6,443$5,530$3,483
15 years$9,264$7,929$6,762$5,746$4,869$2,946
16 years$8,595$7,275$6,130$5,145$4,303$2,500
17 years$8,005$6,700$5,578$4,623$3,816$2,127
18 years$7,482$6,191$5,092$4,166$3,393$1,813
19 years$7,014$5,738$4,662$3,765$3,024$1,548
20 years$6,593$5,332$4,278$3,409$2,701$1,324
21 years$6,213$4,967$3,935$3,094$2,417$1,134
22 years$5,868$4,636$3,627$2,813$2,167$972
23 years$5,554$4,336$3,349$2,562$1,945$834
24 years$5,266$4,063$3,097$2,337$1,748$716
25 years$5,002$3,813$2,869$2,134$1,573$615
26 years$4,758$3,583$2,660$1,951$1,417$529
27 years$4,533$3,372$2,470$1,786$1,277$455
28 years$4,324$3,178$2,297$1,637$1,153$392
29 years$4,130$2,998$2,137$1,501$1,041$337
30 years$3,949$2,831$1,991$1,377$940$290
31 years$3,780$2,676$1,856$1,265$850$250
32 years$3,622$2,532$1,732$1,163$769$216
33 years$3,474$2,398$1,617$1,069$696$186
34 years$3,335$2,273$1,511$984$630$160
35 years$3,204$2,156$1,412$905$571$138
36 years$3,081$2,046$1,321$834$517$119
37 years$2,965$1,943$1,237$768$469$103
38 years$2,855$1,847$1,158$708$425$88
39 years$2,751$1,756$1,085$653$385$76
40 years$2,652$1,671$1,017$602$350$66
41 years$2,559$1,591$954$556$317$57
42 years$2,470$1,515$894$513$288$49
43 years$2,385$1,443$839$473$261$42
44 years$2,305$1,376$788$437$237$36
45 years$2,228$1,312$740$404$215$31
46 years$2,155$1,251$695$373$195$27
47 years$2,086$1,194$653$345$177$23
48 years$2,019$1,140$613$318$161$20
49 years$1,955$1,089$577$294$146$17
50 years$1,894$1,040$542$272$133$15

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,940,000, adding $6,519 every year, while hoping to spend $30,833 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: 43/49/8 Blend
55$1,940,000$1,940,000$1,940,000$1,940,000
56$2,144,604$2,041,784$2,011,714$2,231,594
57$2,330,548$2,109,026$2,046,301$2,359,916
58$2,534,424$2,178,529$2,081,012$2,495,193
59$2,758,030$2,250,371$2,115,821$2,641,032
60$3,003,344$2,324,634$2,150,696$2,798,410
61$3,272,546$2,401,402$2,185,605$2,968,400
62$3,568,037$2,480,762$2,220,514$3,152,181
63$3,892,461$2,562,804$2,255,385$3,351,051
64$4,248,732$2,647,621$2,290,180$3,566,435
65$4,640,058$2,735,310$2,324,857$3,799,900
66$5,069,975$2,825,971$2,359,371$4,053,168
67$5,542,378$2,919,709$2,393,675$4,328,136
68$6,061,556$3,016,630$2,427,719$4,626,886
69$6,632,237$3,116,848$2,461,450$4,951,714
70$7,259,629$3,220,476$2,494,812$5,305,139
71$7,949,467$3,327,636$2,527,744$5,689,940
72$8,708,074$3,438,451$2,560,185$6,109,168
73$9,542,414$3,553,051$2,592,067$6,566,186
74$10,460,158$3,671,569$2,623,320$7,064,691
75$11,469,762$3,794,144$2,653,868$7,608,756
76$12,580,539$3,920,918$2,683,635$8,202,861
77$13,802,753$4,052,042$2,712,535$8,851,939
78$15,147,711$4,187,669$2,740,482$9,561,420
79$16,627,873$4,327,960$2,767,383$10,337,285
80$18,256,966$4,473,081$2,793,141$11,186,115
81$20,050,119$4,623,203$2,817,653$12,115,158
82$22,023,997$4,778,507$2,840,811$13,132,395
83$24,196,967$4,939,176$2,862,501$14,246,616
84$26,589,266$5,105,404$2,882,603$15,467,499
85$29,223,192$5,277,389$2,900,990$16,805,702
86$32,123,315$5,455,339$2,917,531$18,272,964
87$35,316,711$5,639,468$2,932,086$19,882,213
88$38,833,213$5,830,000$2,944,509$21,647,690
89$42,705,695$6,027,164$2,954,644$23,585,077
90$46,970,382$6,231,202$2,962,332$25,711,652
91$51,667,192$6,442,362$2,967,401$28,046,443
92$56,840,111$6,660,902$2,969,673$30,610,411
93$62,537,607$6,887,091$2,968,962$33,426,647
94$68,813,092$7,121,207$2,965,071$36,520,587
95$75,725,420$7,363,540$2,957,794$39,920,252
96$83,339,448$7,614,388$2,946,915$43,656,511
97$91,726,643$7,874,064$2,932,208$47,763,372
98$100,965,758$8,142,892$2,913,435$52,278,299
99$111,143,578$8,421,206$2,890,348$57,242,569
100$122,355,734$8,709,356$2,862,685$62,701,654