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%11.9%
1 years$578,053$572,904$567,881$562,978$558,190$553,744
2 years$286,165$280,836$275,670$270,662$265,805$261,323
3 years$188,882$183,529$178,377$173,416$168,637$164,259
4 years$140,249$134,913$129,813$124,936$120,274$116,032
5 years$111,078$105,774$100,740$95,963$91,430$87,338
6 years$91,636$86,372$81,413$76,743$72,346$68,408
7 years$77,755$72,535$67,655$63,094$58,836$55,055
8 years$67,349$62,176$57,376$52,928$48,810$45,186
9 years$59,259$54,135$49,418$45,083$41,105$37,636
10 years$52,792$47,718$43,084$38,862$35,024$31,708
11 years$47,503$42,480$37,930$33,822$30,122$26,956
12 years$43,099$38,128$33,662$29,666$26,103$23,085
13 years$39,376$34,457$30,075$26,191$22,762$19,889
14 years$36,187$31,320$27,023$23,249$19,953$17,221
15 years$33,426$28,611$24,398$20,734$17,568$14,974
16 years$31,013$26,250$22,120$18,565$15,527$13,066
17 years$28,885$24,176$20,128$16,681$13,767$11,435
18 years$26,996$22,339$18,375$15,033$12,241$10,034
19 years$25,308$20,704$16,821$13,583$10,911$8,824
20 years$23,791$19,239$15,438$12,302$9,746$7,775
21 years$22,420$17,921$14,200$11,165$8,721$6,862
22 years$21,175$16,728$13,087$10,152$7,817$6,065
23 years$20,040$15,645$12,084$9,245$7,017$5,368
24 years$19,001$14,659$11,175$8,432$6,307$4,756
25 years$18,047$13,757$10,351$7,701$5,676$4,217
26 years$17,168$12,929$9,600$7,041$5,112$3,743
27 years$16,355$12,168$8,914$6,445$4,609$3,325
28 years$15,601$11,466$8,287$5,905$4,159$2,956
29 years$14,901$10,816$7,712$5,415$3,756$2,629
30 years$14,249$10,215$7,183$4,970$3,393$2,339
31 years$13,640$9,657$6,697$4,564$3,068$2,083
32 years$13,070$9,137$6,248$4,195$2,775$1,855
33 years$12,536$8,653$5,834$3,857$2,512$1,653
34 years$12,034$8,201$5,451$3,549$2,274$1,473
35 years$11,562$7,779$5,096$3,267$2,060$1,313
36 years$11,118$7,383$4,767$3,009$1,866$1,171
37 years$10,698$7,012$4,462$2,772$1,691$1,045
38 years$10,301$6,664$4,179$2,555$1,533$932
39 years$9,926$6,337$3,915$2,356$1,390$832
40 years$9,570$6,029$3,669$2,173$1,261$742
41 years$9,233$5,739$3,441$2,005$1,144$662
42 years$8,912$5,466$3,228$1,850$1,038$591
43 years$8,607$5,208$3,029$1,708$942$528
44 years$8,317$4,964$2,843$1,577$855$471
45 years$8,041$4,734$2,669$1,457$776$421
46 years$7,777$4,516$2,507$1,345$705$376
47 years$7,525$4,309$2,355$1,243$640$336
48 years$7,285$4,114$2,213$1,149$581$300
49 years$7,055$3,928$2,080$1,062$528$268
50 years$6,834$3,753$1,956$981$480$239

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 $5,875 every year, while hoping to spend $57,445 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: 58/22/20 Blend
55$7,000,000$7,000,000$7,000,000$7,000,000
56$7,720,060$7,349,060$7,240,560$8,126,529
57$8,446,385$7,648,043$7,421,998$8,702,418
58$9,244,870$7,959,751$7,607,588$9,323,223
59$10,122,815$8,284,746$7,797,410$9,998,761
60$11,088,261$8,623,618$7,991,543$10,734,324
61$12,150,070$8,976,981$8,190,065$11,535,736
62$13,318,003$9,345,480$8,393,059$12,409,400
63$14,602,818$9,729,787$8,600,605$13,362,365
64$16,016,364$10,130,605$8,812,784$14,402,383
65$17,571,700$10,548,672$9,029,680$15,537,989
66$19,283,213$10,984,757$9,251,374$16,778,572
67$21,166,756$11,439,664$9,477,949$18,134,469
68$23,239,794$11,914,237$9,709,489$19,617,054
69$25,521,573$12,409,355$9,946,078$21,238,850
70$28,033,301$12,925,941$10,187,799$23,013,642
71$30,798,344$13,464,958$10,434,736$24,956,604
72$33,842,449$14,027,415$10,686,974$27,084,443
73$37,193,987$14,614,366$10,944,596$29,415,554
74$40,884,220$15,226,916$11,207,685$31,970,191
75$44,947,594$15,866,219$11,476,327$34,770,653
76$49,422,068$16,533,483$11,750,603$37,841,500
77$54,349,467$17,229,972$12,030,596$41,209,773
78$59,775,881$17,957,009$12,316,390$44,905,253
79$65,752,097$18,715,978$12,608,065$48,960,738
80$72,334,077$19,508,327$12,905,701$53,412,349
81$79,583,490$20,335,573$13,209,380$58,299,867
82$87,568,291$21,199,301$13,519,178$63,667,109
83$96,363,361$22,101,170$13,835,175$69,562,336
84$106,051,215$23,042,919$14,157,445$76,038,706
85$116,722,783$24,026,366$14,486,063$83,154,771
86$128,478,262$25,053,414$14,821,102$90,975,029
87$141,428,068$26,126,054$15,162,632$99,570,528
88$155,693,872$27,246,372$15,510,721$109,019,530
89$171,409,752$28,416,549$15,865,436$119,408,251
90$188,723,458$29,638,871$16,226,839$130,831,668
91$207,797,805$30,915,730$16,594,992$143,394,408
92$228,812,208$32,249,627$16,969,951$157,211,738
93$251,964,379$33,643,186$17,351,771$172,410,645
94$277,472,192$35,099,148$17,740,501$189,131,026
95$305,575,736$36,620,387$18,136,188$207,527,013
96$336,539,585$38,209,910$18,538,875$227,768,411
97$370,655,294$39,870,866$18,948,598$250,042,307
98$408,244,147$41,606,552$19,365,389$274,554,822
99$449,660,197$43,420,420$19,789,277$301,533,053
100$495,293,602$45,316,085$20,220,282$331,227,213