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

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 $1,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.4%
1 years$160,203$158,776$157,384$156,025$154,698$150,047
2 years$79,309$77,832$76,400$75,012$73,666$69,019
3 years$52,347$50,864$49,436$48,061$46,737$42,240
4 years$38,869$37,390$35,977$34,625$33,333$29,021
5 years$30,784$29,314$27,919$26,596$25,339$21,223
6 years$25,396$23,937$22,563$21,269$20,050$16,134
7 years$21,549$20,103$18,750$17,486$16,306$12,589
8 years$18,665$17,232$15,901$14,669$13,527$10,008
9 years$16,423$15,003$13,696$12,494$11,392$8,067
10 years$14,631$13,225$11,940$10,770$9,707$6,570
11 years$13,165$11,773$10,512$9,373$8,348$5,395
12 years$11,945$10,567$9,329$8,222$7,234$4,459
13 years$10,913$9,549$8,335$7,259$6,308$3,704
14 years$10,029$8,680$7,489$6,443$5,530$3,090
15 years$9,264$7,929$6,762$5,746$4,869$2,587
16 years$8,595$7,275$6,130$5,145$4,303$2,172
17 years$8,005$6,700$5,578$4,623$3,816$1,827
18 years$7,482$6,191$5,092$4,166$3,393$1,540
19 years$7,014$5,738$4,662$3,765$3,024$1,301
20 years$6,593$5,332$4,278$3,409$2,701$1,100
21 years$6,213$4,967$3,935$3,094$2,417$931
22 years$5,868$4,636$3,627$2,813$2,167$789
23 years$5,554$4,336$3,349$2,562$1,945$669
24 years$5,266$4,063$3,097$2,337$1,748$568
25 years$5,002$3,813$2,869$2,134$1,573$482
26 years$4,758$3,583$2,660$1,951$1,417$409
27 years$4,533$3,372$2,470$1,786$1,277$348
28 years$4,324$3,178$2,297$1,637$1,153$296
29 years$4,130$2,998$2,137$1,501$1,041$252
30 years$3,949$2,831$1,991$1,377$940$214
31 years$3,780$2,676$1,856$1,265$850$182
32 years$3,622$2,532$1,732$1,163$769$155
33 years$3,474$2,398$1,617$1,069$696$132
34 years$3,335$2,273$1,511$984$630$112
35 years$3,204$2,156$1,412$905$571$95
36 years$3,081$2,046$1,321$834$517$81
37 years$2,965$1,943$1,237$768$469$69
38 years$2,855$1,847$1,158$708$425$59
39 years$2,751$1,756$1,085$653$385$50
40 years$2,652$1,671$1,017$602$350$43
41 years$2,559$1,591$954$556$317$36
42 years$2,470$1,515$894$513$288$31
43 years$2,385$1,443$839$473$261$26
44 years$2,305$1,376$788$437$237$22
45 years$2,228$1,312$740$404$215$19
46 years$2,155$1,251$695$373$195$16
47 years$2,086$1,194$653$345$177$14
48 years$2,019$1,140$613$318$161$12
49 years$1,955$1,089$577$294$146$10
50 years$1,894$1,040$542$272$133$9

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 $3,107 every year, while hoping to spend $35,586 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: 48/46/6 Blend
55$1,940,000$1,940,000$1,940,000$1,940,000
56$2,141,085$2,038,265$2,008,195$2,240,385
57$2,321,612$2,100,277$2,037,606$2,370,643
58$2,519,361$2,164,134$2,066,810$2,507,956
59$2,736,049$2,229,891$2,095,762$2,656,192
60$2,973,571$2,297,600$2,124,415$2,816,374
61$3,234,011$2,367,318$2,152,719$2,989,629
62$3,519,666$2,439,103$2,180,620$3,177,198
63$3,833,065$2,513,011$2,208,064$3,380,441
64$4,176,994$2,589,105$2,234,990$3,600,859
65$4,554,521$2,667,446$2,261,337$3,840,102
66$4,969,028$2,748,096$2,287,037$4,099,982
67$5,424,238$2,831,122$2,312,022$4,382,499
68$5,924,253$2,916,590$2,336,218$4,689,848
69$6,473,592$3,004,568$2,359,546$5,024,449
70$7,077,233$3,095,126$2,381,925$5,388,964
71$7,740,661$3,188,337$2,403,269$5,786,324
72$8,469,917$3,284,274$2,423,488$6,219,753
73$9,271,658$3,383,013$2,442,484$6,692,805
74$10,153,217$3,484,631$2,460,157$7,209,389
75$11,122,675$3,589,207$2,476,402$7,773,812
76$12,188,933$3,696,824$2,491,107$8,390,814
77$13,361,799$3,807,563$2,504,154$9,065,617
78$14,652,080$3,921,511$2,515,421$9,803,970
79$16,071,682$4,038,755$2,524,777$10,612,206
80$17,633,724$4,159,384$2,532,087$11,497,299
81$19,352,660$4,283,490$2,537,208$12,466,930
82$21,244,417$4,411,167$2,539,990$13,529,559
83$23,326,543$4,542,510$2,540,276$14,694,507
84$25,618,375$4,677,617$2,537,899$15,972,038
85$28,141,218$4,816,589$2,532,688$17,373,460
86$30,918,549$4,959,529$2,524,460$18,911,230
87$33,976,235$5,106,540$2,513,024$20,599,069
88$37,342,782$5,257,732$2,498,181$22,452,096
89$41,049,597$5,413,212$2,479,721$24,486,963
90$45,131,290$5,573,093$2,457,425$26,722,017
91$49,625,996$5,737,489$2,431,064$29,177,474
92$54,575,738$5,906,516$2,400,395$31,875,603
93$60,026,823$6,080,295$2,365,168$34,840,939
94$66,030,276$6,258,947$2,325,118$38,100,516
95$72,642,323$6,442,594$2,279,969$41,684,118
96$79,924,924$6,631,365$2,229,431$45,624,563
97$87,946,352$6,825,388$2,173,203$49,958,009
98$96,781,842$7,024,794$2,110,967$54,724,295
99$106,514,298$7,229,717$2,042,393$59,967,319
100$117,235,077$7,440,293$1,967,133$65,735,449