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%17.9%
1 years$578,053$572,904$567,881$562,978$558,190$540,322
2 years$286,165$280,836$275,670$270,662$265,805$247,968
3 years$188,882$183,529$178,377$173,416$168,637$151,391
4 years$140,249$134,913$129,813$124,936$120,274$103,750
5 years$111,078$105,774$100,740$95,963$91,430$75,674
6 years$91,636$86,372$81,413$76,743$72,346$57,370
7 years$77,755$72,535$67,655$63,094$58,836$44,640
8 years$67,349$62,176$57,376$52,928$48,810$35,383
9 years$59,259$54,135$49,418$45,083$41,105$28,432
10 years$52,792$47,718$43,084$38,862$35,024$23,085
11 years$47,503$42,480$37,930$33,822$30,122$18,895
12 years$43,099$38,128$33,662$29,666$26,103$15,565
13 years$39,376$34,457$30,075$26,191$22,762$12,887
14 years$36,187$31,320$27,023$23,249$19,953$10,714
15 years$33,426$28,611$24,398$20,734$17,568$8,937
16 years$31,013$26,250$22,120$18,565$15,527$7,475
17 years$28,885$24,176$20,128$16,681$13,767$6,267
18 years$26,996$22,339$18,375$15,033$12,241$5,263
19 years$25,308$20,704$16,821$13,583$10,911$4,428
20 years$23,791$19,239$15,438$12,302$9,746$3,730
21 years$22,420$17,921$14,200$11,165$8,721$3,145
22 years$21,175$16,728$13,087$10,152$7,817$2,654
23 years$20,040$15,645$12,084$9,245$7,017$2,242
24 years$19,001$14,659$11,175$8,432$6,307$1,895
25 years$18,047$13,757$10,351$7,701$5,676$1,602
26 years$17,168$12,929$9,600$7,041$5,112$1,356
27 years$16,355$12,168$8,914$6,445$4,609$1,148
28 years$15,601$11,466$8,287$5,905$4,159$972
29 years$14,901$10,816$7,712$5,415$3,756$823
30 years$14,249$10,215$7,183$4,970$3,393$697
31 years$13,640$9,657$6,697$4,564$3,068$591
32 years$13,070$9,137$6,248$4,195$2,775$500
33 years$12,536$8,653$5,834$3,857$2,512$424
34 years$12,034$8,201$5,451$3,549$2,274$359
35 years$11,562$7,779$5,096$3,267$2,060$305
36 years$11,118$7,383$4,767$3,009$1,866$258
37 years$10,698$7,012$4,462$2,772$1,691$219
38 years$10,301$6,664$4,179$2,555$1,533$186
39 years$9,926$6,337$3,915$2,356$1,390$157
40 years$9,570$6,029$3,669$2,173$1,261$134
41 years$9,233$5,739$3,441$2,005$1,144$113
42 years$8,912$5,466$3,228$1,850$1,038$96
43 years$8,607$5,208$3,029$1,708$942$81
44 years$8,317$4,964$2,843$1,577$855$69
45 years$8,041$4,734$2,669$1,457$776$59
46 years$7,777$4,516$2,507$1,345$705$50
47 years$7,525$4,309$2,355$1,243$640$42
48 years$7,285$4,114$2,213$1,149$581$36
49 years$7,055$3,928$2,080$1,062$528$30
50 years$6,834$3,753$1,956$981$480$26

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 $4,795 every year, while hoping to spend $52,374 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: 52/26/22 Blend
55$7,000,000$7,000,000$7,000,000$7,000,000
56$7,718,946$7,347,946$7,239,446$8,073,015
57$8,450,553$7,652,270$7,426,242$8,622,166
58$9,255,029$7,969,750$7,617,540$9,213,376
59$10,139,750$8,300,976$7,813,436$9,855,369
60$11,112,845$8,646,565$8,014,027$10,552,992
61$12,183,270$9,007,161$8,219,411$11,311,576
62$13,360,890$9,383,439$8,429,689$12,136,982
63$14,656,578$9,776,105$8,644,961$13,035,655
64$16,082,312$10,185,897$8,865,330$14,014,684
65$17,651,290$10,613,588$9,090,900$15,081,867
66$19,378,054$11,059,986$9,321,777$16,245,782
67$21,278,627$11,525,937$9,558,069$17,515,865
68$23,370,665$12,012,326$9,799,882$18,902,501
69$25,673,622$12,520,079$10,047,327$20,417,114
70$28,208,934$13,050,165$10,300,515$22,072,278
71$31,000,220$13,603,598$10,559,558$23,881,831
72$34,073,508$14,181,440$10,824,568$25,861,002
73$37,457,476$14,784,801$11,095,662$28,026,555
74$41,183,726$15,414,843$11,372,953$30,396,941
75$45,287,079$16,072,784$11,656,560$32,992,475
76$49,805,907$16,759,896$11,946,601$35,835,518
77$54,782,490$17,477,512$12,243,193$38,950,689
78$60,263,422$18,227,027$12,546,457$42,365,097
79$66,300,041$19,009,902$12,856,514$46,108,586
80$72,948,923$19,827,664$13,173,484$50,214,022
81$80,272,408$20,681,915$13,497,491$54,717,591
82$88,339,193$21,574,329$13,828,657$59,659,147
83$97,224,980$22,506,660$14,167,106$65,082,574
84$107,013,185$23,480,743$14,512,961$71,036,203
85$117,795,731$24,498,501$14,866,347$77,573,262
86$129,673,914$25,561,946$15,227,388$84,752,376
87$142,759,357$26,673,185$15,596,209$92,638,112
88$157,175,064$27,834,424$15,972,935$101,301,587
89$173,056,583$29,047,972$16,357,690$110,821,133
90$190,553,280$30,316,249$16,750,598$121,283,033
91$209,829,756$31,641,786$17,151,785$132,782,326
92$231,067,394$33,027,236$17,561,372$145,423,706
93$254,466,073$34,475,376$17,979,483$159,322,497
94$280,246,056$35,989,113$18,406,240$174,605,739
95$308,650,068$37,571,494$18,841,763$191,413,382
96$339,945,584$39,225,707$19,286,171$209,899,597
97$374,427,360$40,955,092$19,739,584$230,234,229
98$412,420,207$42,763,148$20,202,117$252,604,390
99$454,282,065$44,653,539$20,673,884$277,216,217
100$500,407,374$46,630,101$21,154,997$304,296,815