Can I retire at age 56 with 1,970,000?

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 $1,970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.1%
1 years$162,681$161,232$159,818$158,438$157,091$156,363
2 years$80,535$79,035$77,582$76,172$74,805$74,071
3 years$53,157$51,650$50,200$48,804$47,459$46,741
4 years$39,470$37,968$36,533$35,161$33,848$33,151
5 years$31,260$29,768$28,351$27,007$25,731$25,057
6 years$25,789$24,308$22,912$21,598$20,360$19,711
7 years$21,883$20,413$19,040$17,757$16,558$15,934
8 years$18,954$17,498$16,147$14,896$13,737$13,137
9 years$16,677$15,235$13,908$12,688$11,568$10,993
10 years$14,857$13,429$12,125$10,937$9,857$9,306
11 years$13,369$11,955$10,675$9,518$8,477$7,950
12 years$12,129$10,730$9,474$8,349$7,346$6,843
13 years$11,082$9,697$8,464$7,371$6,406$5,926
14 years$10,184$8,814$7,605$6,543$5,615$5,158
15 years$9,407$8,052$6,866$5,835$4,944$4,509
16 years$8,728$7,388$6,225$5,225$4,370$3,955
17 years$8,129$6,804$5,665$4,694$3,875$3,481
18 years$7,598$6,287$5,171$4,231$3,445$3,072
19 years$7,122$5,827$4,734$3,823$3,071$2,717
20 years$6,695$5,414$4,345$3,462$2,743$2,408
21 years$6,310$5,043$3,996$3,142$2,454$2,137
22 years$5,959$4,708$3,683$2,857$2,200$1,901
23 years$5,640$4,403$3,401$2,602$1,975$1,692
24 years$5,347$4,125$3,145$2,373$1,775$1,508
25 years$5,079$3,871$2,913$2,167$1,597$1,346
26 years$4,831$3,639$2,702$1,982$1,439$1,202
27 years$4,603$3,424$2,509$1,814$1,297$1,075
28 years$4,391$3,227$2,332$1,662$1,170$961
29 years$4,194$3,044$2,170$1,524$1,057$861
30 years$4,010$2,875$2,022$1,399$955$771
31 years$3,839$2,718$1,885$1,285$863$691
32 years$3,678$2,571$1,758$1,180$781$619
33 years$3,528$2,435$1,642$1,086$707$555
34 years$3,387$2,308$1,534$999$640$498
35 years$3,254$2,189$1,434$919$580$447
36 years$3,129$2,078$1,342$847$525$401
37 years$3,011$1,973$1,256$780$476$361
38 years$2,899$1,875$1,176$719$432$324
39 years$2,793$1,783$1,102$663$391$291
40 years$2,693$1,697$1,033$612$355$261
41 years$2,598$1,615$968$564$322$235
42 years$2,508$1,538$908$521$292$211
43 years$2,422$1,466$852$481$265$190
44 years$2,341$1,397$800$444$241$171
45 years$2,263$1,332$751$410$219$154
46 years$2,189$1,271$706$379$198$138
47 years$2,118$1,213$663$350$180$124
48 years$2,050$1,158$623$323$164$112
49 years$1,985$1,106$586$299$149$100
50 years$1,923$1,056$550$276$135$90

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,970,000, adding $5,108 every year, while hoping to spend $59,083 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: 43/29/28 Blend
55$1,970,000$1,970,000$1,970,000$1,970,000
56$2,176,209$2,071,799$2,041,264$2,251,826
57$2,335,318$2,110,453$2,046,782$2,345,173
58$2,508,677$2,149,021$2,050,506$2,440,264
59$2,697,675$2,187,437$2,052,311$2,542,170
60$2,903,844$2,225,628$2,052,070$2,651,555
61$3,128,870$2,263,516$2,049,647$2,769,158
62$3,374,606$2,301,020$2,044,902$2,895,789
63$3,643,095$2,338,049$2,037,685$3,032,347
64$3,936,584$2,374,507$2,027,841$3,179,823
65$4,257,549$2,410,292$2,015,207$3,339,312
66$4,608,715$2,445,291$1,999,612$3,512,021
67$4,993,081$2,479,388$1,980,877$3,699,284
68$5,413,953$2,512,456$1,958,814$3,902,576
69$5,874,968$2,544,359$1,933,226$4,123,521
70$6,380,134$2,574,951$1,903,909$4,363,915
71$6,933,864$2,604,080$1,870,645$4,625,741
72$7,541,017$2,631,578$1,833,211$4,911,185
73$8,206,946$2,657,271$1,791,369$5,222,663
74$8,937,547$2,680,971$1,744,873$5,562,839
75$9,739,315$2,702,476$1,693,464$5,934,657
76$10,619,403$2,721,575$1,636,872$6,341,362
77$11,585,690$2,738,040$1,574,815$6,786,539
78$12,646,856$2,751,630$1,506,997$7,274,140
79$13,812,463$2,762,087$1,433,109$7,808,530
80$15,093,044$2,769,139$1,352,828$8,394,524
81$16,500,203$2,772,496$1,265,817$9,037,435
82$18,046,724$2,771,848$1,171,722$9,743,124
83$19,746,690$2,766,869$1,070,175$10,518,060
84$21,615,618$2,757,211$960,791$11,369,378
85$23,670,601$2,742,505$843,168$12,304,949
86$25,930,474$2,722,359$716,886$13,333,459
87$28,415,986$2,696,358$581,505$14,464,486
88$31,150,000$2,664,063$436,569$15,708,598
89$34,157,704$2,625,006$281,597$17,077,450
90$37,466,851$2,578,692$116,092$18,583,900
91$41,108,020$2,524,599$0$20,242,128
92$45,114,905$2,462,171$0$22,085,857
93$49,524,629$2,390,821$0$24,152,442
94$54,378,097$2,309,927$0$26,426,356
95$59,720,380$2,218,830$0$28,928,753
96$65,601,141$2,116,835$0$31,682,954
97$72,075,102$2,003,205$0$34,714,665
98$79,202,560$1,877,160$0$38,052,219
99$87,049,957$1,737,876$0$41,726,847
100$95,690,503$1,584,483$0$45,772,976