Can I retire at age 56 with 1,010,000?

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 $1,010,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.7%
1 years$83,405$82,662$81,937$81,230$80,539$77,712
2 years$41,290$40,521$39,775$39,053$38,352$35,534
3 years$27,253$26,481$25,737$25,021$24,332$21,611
4 years$20,236$19,466$18,730$18,027$17,354$14,751
5 years$16,027$15,262$14,535$13,846$13,192$10,714
6 years$13,222$12,462$11,747$11,073$10,438$8,087
7 years$11,219$10,466$9,762$9,104$8,489$6,264
8 years$9,717$8,971$8,279$7,637$7,043$4,941
9 years$8,550$7,811$7,130$6,505$5,931$3,951
10 years$7,617$6,885$6,216$5,607$5,053$3,192
11 years$6,854$6,129$5,473$4,880$4,346$2,599
12 years$6,219$5,501$4,857$4,280$3,766$2,130
13 years$5,681$4,972$4,339$3,779$3,284$1,754
14 years$5,221$4,519$3,899$3,355$2,879$1,450
15 years$4,823$4,128$3,520$2,992$2,535$1,203
16 years$4,475$3,788$3,192$2,679$2,240$1,000
17 years$4,168$3,488$2,904$2,407$1,986$833
18 years$3,895$3,223$2,651$2,169$1,766$696
19 years$3,652$2,987$2,427$1,960$1,574$582
20 years$3,433$2,776$2,227$1,775$1,406$487
21 years$3,235$2,586$2,049$1,611$1,258$408
22 years$3,055$2,414$1,888$1,465$1,128$342
23 years$2,891$2,257$1,743$1,334$1,013$287
24 years$2,742$2,115$1,612$1,217$910$241
25 years$2,604$1,985$1,493$1,111$819$203
26 years$2,477$1,865$1,385$1,016$738$170
27 years$2,360$1,756$1,286$930$665$143
28 years$2,251$1,654$1,196$852$600$121
29 years$2,150$1,561$1,113$781$542$101
30 years$2,056$1,474$1,036$717$490$85
31 years$1,968$1,393$966$659$443$72
32 years$1,886$1,318$901$605$400$60
33 years$1,809$1,248$842$557$362$51
34 years$1,736$1,183$786$512$328$43
35 years$1,668$1,122$735$471$297$36
36 years$1,604$1,065$688$434$269$30
37 years$1,544$1,012$644$400$244$26
38 years$1,486$962$603$369$221$22
39 years$1,432$914$565$340$201$18
40 years$1,381$870$529$314$182$15
41 years$1,332$828$496$289$165$13
42 years$1,286$789$466$267$150$11
43 years$1,242$751$437$246$136$9
44 years$1,200$716$410$228$123$8
45 years$1,160$683$385$210$112$6
46 years$1,122$652$362$194$102$5
47 years$1,086$622$340$179$92$5
48 years$1,051$594$319$166$84$4
49 years$1,018$567$300$153$76$3
50 years$986$541$282$142$69$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,010,000, adding $4,241 every year, while hoping to spend $26,181 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: 44/27/29 Blend
55$1,010,000$1,010,000$1,010,000$1,010,000
56$1,117,395$1,063,865$1,048,210$1,156,988
57$1,203,512$1,088,138$1,055,468$1,209,981
58$1,297,537$1,112,722$1,062,093$1,264,580
59$1,400,247$1,137,607$1,068,034$1,323,272
60$1,512,499$1,162,777$1,073,240$1,386,454
61$1,635,238$1,188,217$1,077,658$1,454,562
62$1,769,504$1,213,911$1,081,231$1,528,080
63$1,916,440$1,239,839$1,083,898$1,607,539
64$2,077,306$1,265,981$1,085,598$1,693,525
65$2,253,490$1,292,313$1,086,265$1,786,685
66$2,446,521$1,318,811$1,085,829$1,887,733
67$2,658,080$1,345,447$1,084,219$1,997,454
68$2,890,023$1,372,192$1,081,359$2,116,717
69$3,144,389$1,399,013$1,077,168$2,246,478
70$3,423,427$1,425,875$1,071,564$2,387,793
71$3,729,614$1,452,741$1,064,459$2,541,826
72$4,065,678$1,479,568$1,055,761$2,709,860
73$4,434,622$1,506,312$1,045,374$2,893,310
74$4,839,758$1,532,926$1,033,199$3,093,739
75$5,284,731$1,559,357$1,019,129$3,312,867
76$5,773,558$1,585,550$1,003,054$3,552,594
77$6,310,663$1,611,444$984,859$3,815,014
78$6,900,922$1,636,976$964,422$4,102,435
79$7,549,704$1,662,076$941,618$4,417,405
80$8,262,925$1,686,669$916,314$4,762,731
81$9,047,105$1,710,677$888,372$5,141,511
82$9,909,423$1,734,014$857,646$5,557,158
83$10,857,793$1,756,589$823,986$6,013,438
84$11,900,931$1,778,305$787,232$6,514,503
85$13,048,442$1,799,058$747,221$7,064,932
86$14,310,908$1,818,737$703,778$7,669,771
87$15,699,989$1,837,223$656,722$8,334,587
88$17,228,531$1,854,390$605,865$9,065,517
89$18,910,689$1,870,104$551,010$9,869,327
90$20,762,060$1,884,219$491,950$10,753,477
91$22,799,829$1,896,585$428,469$11,726,193
92$25,042,932$1,907,038$360,343$12,796,541
93$27,512,233$1,915,405$287,336$13,974,521
94$30,230,723$1,921,502$209,204$15,271,153
95$33,223,734$1,925,133$125,690$16,698,590
96$36,519,181$1,926,091$36,527$18,270,228
97$40,147,823$1,924,154$0$20,000,834
98$44,143,552$1,919,089$0$21,924,831
99$48,543,715$1,910,646$0$24,055,265
100$53,389,468$1,898,561$0$26,400,702