Can I retire at age 56 with 7,000,000?

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 $7,000,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.8%
1 years$578,053$572,904$567,881$562,978$558,190$549,395
2 years$286,165$280,836$275,670$270,662$265,805$256,967
3 years$188,882$183,529$178,377$173,416$168,637$160,031
4 years$140,249$134,913$129,813$124,936$120,274$111,966
5 years$111,078$105,774$100,740$95,963$91,430$83,445
6 years$91,636$86,372$81,413$76,743$72,346$64,692
7 years$77,755$72,535$67,655$63,094$58,836$51,516
8 years$67,349$62,176$57,376$52,928$48,810$41,823
9 years$59,259$54,135$49,418$45,083$41,105$34,447
10 years$52,792$47,718$43,084$38,862$35,024$28,689
11 years$47,503$42,480$37,930$33,822$30,122$24,104
12 years$43,099$38,128$33,662$29,666$26,103$20,395
13 years$39,376$34,457$30,075$26,191$22,762$17,355
14 years$36,187$31,320$27,023$23,249$19,953$14,839
15 years$33,426$28,611$24,398$20,734$17,568$12,737
16 years$31,013$26,250$22,120$18,565$15,527$10,969
17 years$28,885$24,176$20,128$16,681$13,767$9,473
18 years$26,996$22,339$18,375$15,033$12,241$8,200
19 years$25,308$20,704$16,821$13,583$10,911$7,112
20 years$23,791$19,239$15,438$12,302$9,746$6,179
21 years$22,420$17,921$14,200$11,165$8,721$5,377
22 years$21,175$16,728$13,087$10,152$7,817$4,685
23 years$20,040$15,645$12,084$9,245$7,017$4,086
24 years$19,001$14,659$11,175$8,432$6,307$3,567
25 years$18,047$13,757$10,351$7,701$5,676$3,117
26 years$17,168$12,929$9,600$7,041$5,112$2,725
27 years$16,355$12,168$8,914$6,445$4,609$2,384
28 years$15,601$11,466$8,287$5,905$4,159$2,087
29 years$14,901$10,816$7,712$5,415$3,756$1,828
30 years$14,249$10,215$7,183$4,970$3,393$1,602
31 years$13,640$9,657$6,697$4,564$3,068$1,404
32 years$13,070$9,137$6,248$4,195$2,775$1,231
33 years$12,536$8,653$5,834$3,857$2,512$1,079
34 years$12,034$8,201$5,451$3,549$2,274$947
35 years$11,562$7,779$5,096$3,267$2,060$831
36 years$11,118$7,383$4,767$3,009$1,866$729
37 years$10,698$7,012$4,462$2,772$1,691$640
38 years$10,301$6,664$4,179$2,555$1,533$562
39 years$9,926$6,337$3,915$2,356$1,390$493
40 years$9,570$6,029$3,669$2,173$1,261$433
41 years$9,233$5,739$3,441$2,005$1,144$380
42 years$8,912$5,466$3,228$1,850$1,038$334
43 years$8,607$5,208$3,029$1,708$942$293
44 years$8,317$4,964$2,843$1,577$855$258
45 years$8,041$4,734$2,669$1,457$776$226
46 years$7,777$4,516$2,507$1,345$705$199
47 years$7,525$4,309$2,355$1,243$640$175
48 years$7,285$4,114$2,213$1,149$581$153
49 years$7,055$3,928$2,080$1,062$528$135
50 years$6,834$3,753$1,956$981$480$118

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $7,000,000, adding $3,161 every year, while hoping to spend $52,675 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: 32/48/20 Blend
55$7,000,000$7,000,000$7,000,000$7,000,000
56$7,717,261$7,346,261$7,237,761$7,916,244
57$8,448,375$7,650,182$7,424,180$8,369,355
58$9,252,298$7,967,229$7,615,079$8,852,061
59$10,136,401$8,297,991$7,810,551$9,370,894
60$11,108,803$8,643,082$8,010,694$9,929,050
61$12,178,452$9,003,145$8,215,604$10,530,027
62$13,355,208$9,378,852$8,425,380$11,177,660
63$14,649,930$9,770,907$8,640,122$11,876,155
64$16,074,588$10,180,047$8,859,931$12,630,125
65$17,642,368$10,607,040$9,084,910$13,444,627
66$19,367,798$11,052,694$9,315,163$14,325,214
67$21,266,888$11,517,851$9,550,796$15,277,978
68$23,357,279$12,003,394$9,791,916$16,309,604
69$25,658,405$12,510,244$10,038,629$17,427,434
70$28,191,686$13,039,369$10,291,046$18,639,531
71$30,980,719$13,591,779$10,549,277$19,954,747
72$34,051,507$14,168,532$10,813,433$21,382,809
73$37,432,705$14,770,734$11,083,628$22,934,402
74$41,155,886$15,399,545$11,359,974$24,621,266
75$45,255,840$16,056,176$11,642,586$26,456,304
76$49,770,903$16,741,897$11,931,581$28,453,700
77$54,743,321$17,458,035$12,227,075$30,629,042
78$60,219,643$18,205,982$12,529,185$32,999,470
79$66,251,163$18,987,192$12,838,029$35,583,832
80$72,894,405$19,803,188$13,153,727$38,402,849
81$80,211,656$20,655,565$13,476,398$41,479,316
82$88,271,549$21,545,993$13,806,162$44,838,301
83$97,149,719$22,476,217$14,143,139$48,507,380
84$106,929,507$23,448,069$14,487,452$52,516,889
85$117,702,755$24,463,463$14,839,220$56,900,205
86$129,570,668$25,524,404$15,198,565$61,694,052
87$142,644,767$26,632,991$15,565,608$66,938,839
88$157,047,949$27,791,423$15,940,471$72,679,036
89$172,915,637$29,002,000$16,323,275$78,963,583
90$190,397,067$30,267,133$16,714,139$85,846,345
91$209,656,690$31,589,345$17,113,185$93,386,610
92$230,875,726$32,971,277$17,520,531$101,649,639
93$254,253,877$34,415,696$17,936,296$110,707,271
94$280,011,208$35,925,500$18,360,596$120,638,595
95$308,390,224$37,503,723$18,793,550$131,530,679
96$339,658,163$39,153,542$19,235,270$143,479,386
97$374,109,515$40,878,284$19,685,870$156,590,263
98$412,068,800$42,681,434$20,145,461$170,979,529
99$453,893,635$44,566,642$20,614,152$186,775,153
100$499,978,109$46,537,731$21,092,049$204,118,054