Can I retire at age 56 with 1,080,000?

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 $1,080,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13%
1 years$89,185$88,391$87,616$86,859$86,121$85,045
2 years$44,151$43,329$42,532$41,759$41,010$39,927
3 years$29,142$28,316$27,521$26,756$26,018$24,962
4 years$21,638$20,815$20,028$19,276$18,557$17,536
5 years$17,138$16,319$15,543$14,806$14,106$13,124
6 years$14,138$13,326$12,561$11,840$11,162$10,218
7 years$11,997$11,191$10,438$9,735$9,078$8,174
8 years$10,391$9,593$8,852$8,166$7,531$6,666
9 years$9,143$8,352$7,625$6,956$6,342$5,517
10 years$8,145$7,362$6,647$5,996$5,404$4,617
11 years$7,329$6,554$5,852$5,218$4,647$3,899
12 years$6,650$5,883$5,194$4,577$4,027$3,316
13 years$6,075$5,316$4,640$4,041$3,512$2,836
14 years$5,583$4,832$4,169$3,587$3,078$2,438
15 years$5,157$4,414$3,764$3,199$2,711$2,104
16 years$4,785$4,050$3,413$2,864$2,396$1,822
17 years$4,457$3,730$3,106$2,574$2,124$1,583
18 years$4,165$3,447$2,835$2,319$1,889$1,378
19 years$3,905$3,194$2,595$2,096$1,683$1,202
20 years$3,671$2,968$2,382$1,898$1,504$1,051
21 years$3,459$2,765$2,191$1,723$1,346$920
22 years$3,267$2,581$2,019$1,566$1,206$806
23 years$3,092$2,414$1,864$1,426$1,083$707
24 years$2,932$2,262$1,724$1,301$973$622
25 years$2,784$2,122$1,597$1,188$876$546
26 years$2,649$1,995$1,481$1,086$789$481
27 years$2,523$1,877$1,375$994$711$423
28 years$2,407$1,769$1,279$911$642$373
29 years$2,299$1,669$1,190$835$579$329
30 years$2,198$1,576$1,108$767$524$290
31 years$2,104$1,490$1,033$704$473$256
32 years$2,017$1,410$964$647$428$226
33 years$1,934$1,335$900$595$387$199
34 years$1,857$1,265$841$548$351$176
35 years$1,784$1,200$786$504$318$156
36 years$1,715$1,139$736$464$288$137
37 years$1,651$1,082$688$428$261$121
38 years$1,589$1,028$645$394$237$107
39 years$1,531$978$604$364$215$95
40 years$1,477$930$566$335$195$84
41 years$1,424$885$531$309$177$74
42 years$1,375$843$498$285$160$66
43 years$1,328$803$467$264$145$58
44 years$1,283$766$439$243$132$51
45 years$1,241$730$412$225$120$45
46 years$1,200$697$387$208$109$40
47 years$1,161$665$363$192$99$36
48 years$1,124$635$341$177$90$31
49 years$1,088$606$321$164$81$28
50 years$1,054$579$302$151$74$25

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,080,000, adding $3,777 every year, while hoping to spend $56,396 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: 45/25/30 Blend
55$1,080,000$1,080,000$1,080,000$1,080,000
56$1,194,056$1,136,816$1,120,076$1,237,276
57$1,255,845$1,132,515$1,097,594$1,264,177
58$1,322,046$1,126,113$1,072,468$1,287,666
59$1,393,050$1,117,448$1,044,551$1,312,081
60$1,469,285$1,106,347$1,013,687$1,337,543
61$1,551,222$1,092,628$979,716$1,364,186
62$1,639,376$1,076,096$942,466$1,392,163
63$1,734,315$1,056,548$901,761$1,421,647
64$1,836,661$1,033,765$857,416$1,452,832
65$1,947,098$1,007,517$809,237$1,485,936
66$2,066,377$977,560$757,022$1,521,206
67$2,195,324$943,637$700,558$1,558,918
68$2,334,846$905,474$639,626$1,599,383
69$2,485,941$862,782$573,993$1,642,947
70$2,649,704$815,256$503,420$1,689,999
71$2,827,343$762,573$427,654$1,740,976
72$3,020,184$704,390$346,431$1,796,363
73$3,229,684$640,347$259,478$1,856,704
74$3,457,448$570,060$166,507$1,922,606
75$3,705,242$493,128$67,220$1,994,746
76$3,975,008$409,122$0$2,073,878
77$4,268,883$317,593$0$2,173,243
78$4,589,218$218,064$0$2,305,146
79$4,938,602$110,033$0$2,449,198
80$5,319,884$0$0$2,606,671
81$5,736,199$0$0$2,780,907
82$6,190,999$0$0$3,004,436
83$6,688,085$0$0$3,248,872
84$7,231,640$0$0$3,516,287
85$7,826,271$0$0$3,808,963
86$8,477,050$0$0$4,129,414
87$9,189,562$0$0$4,480,406
88$9,969,957$0$0$4,864,989
89$10,825,010$0$0$5,286,517
90$11,762,178$0$0$5,748,688
91$12,789,678$0$0$6,255,574
92$13,916,556$0$0$6,811,658
93$15,152,780$0$0$7,421,880
94$16,509,326$0$0$8,091,681
95$17,998,285$0$0$8,827,054
96$19,632,976$0$0$9,634,601
97$21,428,069$0$0$10,521,594
98$23,399,726$0$0$11,496,044
99$25,565,751$0$0$12,566,778
100$27,945,758$0$0$13,743,518