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

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 $1,000,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.7%
1 years$82,579$81,843$81,126$80,425$79,741$78,517
2 years$40,881$40,119$39,381$38,666$37,972$36,742
3 years$26,983$26,218$25,482$24,774$24,091$22,893
4 years$20,036$19,273$18,545$17,848$17,182$16,025
5 years$15,868$15,111$14,391$13,709$13,061$11,949
6 years$13,091$12,339$11,630$10,963$10,335$9,269
7 years$11,108$10,362$9,665$9,013$8,405$7,385
8 years$9,621$8,882$8,197$7,561$6,973$5,999
9 years$8,466$7,734$7,060$6,440$5,872$4,944
10 years$7,542$6,817$6,155$5,552$5,003$4,120
11 years$6,786$6,069$5,419$4,832$4,303$3,464
12 years$6,157$5,447$4,809$4,238$3,729$2,933
13 years$5,625$4,922$4,296$3,742$3,252$2,497
14 years$5,170$4,474$3,860$3,321$2,850$2,137
15 years$4,775$4,087$3,485$2,962$2,510$1,835
16 years$4,430$3,750$3,160$2,652$2,218$1,582
17 years$4,126$3,454$2,875$2,383$1,967$1,367
18 years$3,857$3,191$2,625$2,148$1,749$1,184
19 years$3,615$2,958$2,403$1,940$1,559$1,028
20 years$3,399$2,748$2,205$1,757$1,392$894
21 years$3,203$2,560$2,029$1,595$1,246$778
22 years$3,025$2,390$1,870$1,450$1,117$678
23 years$2,863$2,235$1,726$1,321$1,002$592
24 years$2,714$2,094$1,596$1,205$901$517
25 years$2,578$1,965$1,479$1,100$811$452
26 years$2,453$1,847$1,371$1,006$730$396
27 years$2,336$1,738$1,273$921$658$347
28 years$2,229$1,638$1,184$844$594$304
29 years$2,129$1,545$1,102$774$537$266
30 years$2,036$1,459$1,026$710$485$233
31 years$1,949$1,380$957$652$438$205
32 years$1,867$1,305$893$599$396$180
33 years$1,791$1,236$833$551$359$158
34 years$1,719$1,172$779$507$325$138
35 years$1,652$1,111$728$467$294$122
36 years$1,588$1,055$681$430$267$107
37 years$1,528$1,002$637$396$242$94
38 years$1,472$952$597$365$219$82
39 years$1,418$905$559$337$199$72
40 years$1,367$861$524$310$180$64
41 years$1,319$820$492$286$163$56
42 years$1,273$781$461$264$148$49
43 years$1,230$744$433$244$135$43
44 years$1,188$709$406$225$122$38
45 years$1,149$676$381$208$111$33
46 years$1,111$645$358$192$101$29
47 years$1,075$616$336$178$91$26
48 years$1,041$588$316$164$83$23
49 years$1,008$561$297$152$75$20
50 years$976$536$279$140$69$18

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,000,000, adding $3,366 every year, while hoping to spend $41,249 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: 61/31/8 Blend
55$1,000,000$1,000,000$1,000,000$1,000,000
56$1,105,472$1,052,472$1,036,972$1,170,833
57$1,174,342$1,060,155$1,027,822$1,222,663
58$1,248,853$1,066,831$1,016,983$1,274,137
59$1,329,539$1,072,409$1,004,355$1,329,259
60$1,416,984$1,076,788$989,832$1,388,383
61$1,511,831$1,079,866$973,306$1,451,897
62$1,614,787$1,081,529$954,662$1,520,231
63$1,726,631$1,081,659$933,778$1,593,859
64$1,848,217$1,080,130$910,529$1,673,306
65$1,980,487$1,076,808$884,784$1,759,149
66$2,124,477$1,071,552$856,405$1,852,029
67$2,281,327$1,064,211$825,247$1,952,649
68$2,452,290$1,054,625$791,161$2,061,789
69$2,638,746$1,042,625$753,988$2,180,309
70$2,842,215$1,028,030$713,563$2,309,157
71$3,064,370$1,010,652$669,716$2,449,383
72$3,307,049$990,288$622,265$2,602,142
73$3,572,281$966,725$571,024$2,768,714
74$3,862,295$939,736$515,795$2,950,506
75$4,179,549$909,083$456,373$3,149,077
76$4,526,746$874,511$392,545$3,366,144
77$4,906,866$835,753$324,087$3,603,603
78$5,323,187$792,526$250,764$3,863,549
79$5,779,321$744,529$172,334$4,148,291
80$6,279,245$691,444$88,541$4,460,379
81$6,827,341$632,938$0$4,802,626
82$7,428,432$568,654$0$5,178,214
83$8,087,832$498,218$0$5,598,563
84$8,811,395$421,235$0$6,059,914
85$9,605,567$337,285$0$6,566,465
86$10,477,450$245,928$0$7,122,845
87$11,434,867$146,695$0$7,734,162
88$12,486,435$39,095$0$8,406,047
89$13,641,647$0$0$9,144,714
90$14,910,961$0$0$9,983,413
91$16,305,898$0$0$10,919,857
92$17,839,150$0$0$11,949,239
93$19,524,700$0$0$13,080,957
94$21,377,954$0$0$14,325,368
95$23,415,885$0$0$15,693,878
96$25,657,192$0$0$17,199,057
97$28,122,478$0$0$18,854,752
98$30,834,443$0$0$20,676,223
99$33,818,099$0$0$22,680,279
100$37,101,001$0$0$24,885,445