Can I retire at age 56 with 1,030,000?

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 $1,030,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.9%
1 years$85,056$84,299$83,560$82,838$82,134$79,188
2 years$42,107$41,323$40,563$39,826$39,111$36,175
3 years$27,793$27,005$26,247$25,517$24,814$21,980
4 years$20,637$19,852$19,101$18,384$17,697$14,987
5 years$16,344$15,564$14,823$14,120$13,453$10,874
6 years$13,484$12,709$11,979$11,292$10,645$8,199
7 years$11,441$10,673$9,955$9,284$8,657$6,343
8 years$9,910$9,149$8,443$7,788$7,182$4,998
9 years$8,720$7,966$7,272$6,634$6,048$3,992
10 years$7,768$7,021$6,339$5,718$5,154$3,221
11 years$6,990$6,251$5,581$4,977$4,432$2,619
12 years$6,342$5,610$4,953$4,365$3,841$2,143
13 years$5,794$5,070$4,425$3,854$3,349$1,762
14 years$5,325$4,609$3,976$3,421$2,936$1,455
15 years$4,918$4,210$3,590$3,051$2,585$1,205
16 years$4,563$3,863$3,255$2,732$2,285$1,001
17 years$4,250$3,557$2,962$2,454$2,026$833
18 years$3,972$3,287$2,704$2,212$1,801$694
19 years$3,724$3,046$2,475$1,999$1,605$580
20 years$3,501$2,831$2,272$1,810$1,434$485
21 years$3,299$2,637$2,089$1,643$1,283$405
22 years$3,116$2,461$1,926$1,494$1,150$340
23 years$2,949$2,302$1,778$1,360$1,033$285
24 years$2,796$2,157$1,644$1,241$928$239
25 years$2,655$2,024$1,523$1,133$835$200
26 years$2,526$1,902$1,413$1,036$752$168
27 years$2,407$1,790$1,312$948$678$141
28 years$2,296$1,687$1,219$869$612$118
29 years$2,193$1,592$1,135$797$553$99
30 years$2,097$1,503$1,057$731$499$84
31 years$2,007$1,421$985$672$451$70
32 years$1,923$1,344$919$617$408$59
33 years$1,845$1,273$858$568$370$50
34 years$1,771$1,207$802$522$335$42
35 years$1,701$1,145$750$481$303$35
36 years$1,636$1,086$701$443$275$29
37 years$1,574$1,032$657$408$249$25
38 years$1,516$981$615$376$226$21
39 years$1,461$932$576$347$205$18
40 years$1,408$887$540$320$186$15
41 years$1,359$844$506$295$168$12
42 years$1,311$804$475$272$153$10
43 years$1,266$766$446$251$139$9
44 years$1,224$730$418$232$126$7
45 years$1,183$697$393$214$114$6
46 years$1,144$664$369$198$104$5
47 years$1,107$634$347$183$94$4
48 years$1,072$605$326$169$86$4
49 years$1,038$578$306$156$78$3
50 years$1,006$552$288$144$71$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,030,000, adding $2,757 every year, while hoping to spend $48,096 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: 57/17/26 Blend
55$1,030,000$1,030,000$1,030,000$1,030,000
56$1,137,904$1,083,314$1,067,349$1,194,544
57$1,202,796$1,085,222$1,051,931$1,235,564
58$1,272,696$1,085,613$1,034,385$1,274,946
59$1,348,062$1,084,359$1,014,589$1,316,869
60$1,429,401$1,081,329$992,414$1,361,591
61$1,517,267$1,076,381$967,727$1,409,400
62$1,612,271$1,069,366$940,388$1,460,616
63$1,715,082$1,060,125$910,251$1,515,592
64$1,826,439$1,048,490$877,163$1,574,719
65$1,947,151$1,034,281$840,963$1,638,433
66$2,078,110$1,017,311$801,485$1,707,214
67$2,220,296$997,378$758,553$1,781,596
68$2,374,787$974,270$711,985$1,862,169
69$2,542,768$947,762$661,590$1,949,586
70$2,725,545$917,617$607,168$2,044,572
71$2,924,552$883,582$548,510$2,147,926
72$3,141,370$845,391$485,398$2,260,536
73$3,377,736$802,761$417,606$2,383,382
74$3,635,564$755,396$344,894$2,517,548
75$3,916,960$702,978$267,016$2,664,235
76$4,224,240$645,175$183,712$2,824,769
77$4,559,958$581,633$94,711$3,000,618
78$4,926,921$511,980$0$3,193,405
79$5,328,223$435,823$0$3,404,996
80$5,767,268$352,745$0$3,665,346
81$6,247,806$262,306$0$3,950,426
82$6,773,966$164,043$0$4,262,748
83$7,350,294$57,465$0$4,605,079
84$7,981,797$0$0$4,980,472
85$8,673,989$0$0$5,403,131
86$9,432,943$0$0$5,878,432
87$10,265,348$0$0$6,399,825
88$11,178,571$0$0$6,971,937
89$12,180,727$0$0$7,599,864
90$13,280,754$0$0$8,289,217
91$14,488,498$0$0$9,046,182
92$15,814,805$0$0$9,877,567
93$17,271,622$0$0$10,790,877
94$18,872,111$0$0$11,794,378
95$20,630,771$0$0$12,897,174
96$22,563,577$0$0$14,109,299
97$24,688,126$0$0$15,441,804
98$27,023,805$0$0$16,906,865
99$29,591,974$0$0$18,517,897
100$32,416,167$0$0$20,289,680