Can I retire at age 56 with 1,170,000?

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 $1,170,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.7%
1 years$96,618$95,757$94,917$94,098$93,297$92,246
2 years$47,830$46,940$46,076$45,239$44,427$43,369
3 years$31,570$30,676$29,814$28,985$28,187$27,154
4 years$23,442$22,550$21,697$20,882$20,103$19,104
5 years$18,566$17,679$16,838$16,040$15,282$14,320
6 years$15,316$14,436$13,608$12,827$12,092$11,168
7 years$12,996$12,124$11,308$10,546$9,834$8,948
8 years$11,257$10,392$9,590$8,847$8,158$7,311
9 years$9,905$9,048$8,260$7,535$6,870$6,061
10 years$8,824$7,976$7,201$6,496$5,854$5,081
11 years$7,940$7,100$6,340$5,653$5,035$4,299
12 years$7,204$6,373$5,626$4,958$4,363$3,663
13 years$6,581$5,759$5,027$4,378$3,805$3,139
14 years$6,048$5,235$4,517$3,886$3,335$2,704
15 years$5,587$4,782$4,078$3,466$2,936$2,338
16 years$5,184$4,388$3,697$3,103$2,595$2,029
17 years$4,828$4,041$3,364$2,788$2,301$1,766
18 years$4,512$3,734$3,071$2,513$2,046$1,541
19 years$4,230$3,461$2,812$2,270$1,824$1,347
20 years$3,976$3,216$2,580$2,056$1,629$1,180
21 years$3,747$2,995$2,373$1,866$1,458$1,035
22 years$3,539$2,796$2,187$1,697$1,307$910
23 years$3,350$2,615$2,020$1,545$1,173$800
24 years$3,176$2,450$1,868$1,409$1,054$705
25 years$3,016$2,299$1,730$1,287$949$621
26 years$2,869$2,161$1,605$1,177$855$548
27 years$2,734$2,034$1,490$1,077$770$483
28 years$2,608$1,916$1,385$987$695$427
29 years$2,491$1,808$1,289$905$628$377
30 years$2,382$1,707$1,201$831$567$334
31 years$2,280$1,614$1,119$763$513$295
32 years$2,185$1,527$1,044$701$464$261
33 years$2,095$1,446$975$645$420$231
34 years$2,011$1,371$911$593$380$205
35 years$1,933$1,300$852$546$344$181
36 years$1,858$1,234$797$503$312$160
37 years$1,788$1,172$746$463$283$142
38 years$1,722$1,114$698$427$256$126
39 years$1,659$1,059$654$394$232$112
40 years$1,600$1,008$613$363$211$99
41 years$1,543$959$575$335$191$88
42 years$1,490$914$539$309$174$78
43 years$1,439$870$506$286$157$69
44 years$1,390$830$475$264$143$61
45 years$1,344$791$446$243$130$54
46 years$1,300$755$419$225$118$48
47 years$1,258$720$394$208$107$43
48 years$1,218$688$370$192$97$38
49 years$1,179$657$348$177$88$34
50 years$1,142$627$327$164$80$30

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,170,000, adding $6,901 every year, while hoping to spend $56,057 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: 52/19/29 Blend
55$1,170,000$1,170,000$1,170,000$1,170,000
56$1,296,458$1,234,448$1,216,313$1,352,995
57$1,369,053$1,235,292$1,197,416$1,393,910
58$1,447,173$1,234,298$1,176,006$1,432,197
59$1,531,324$1,231,318$1,151,941$1,472,751
60$1,622,059$1,226,193$1,125,071$1,515,815
61$1,719,987$1,218,754$1,095,239$1,561,657
62$1,825,777$1,208,824$1,062,281$1,610,575
63$1,940,163$1,196,214$1,026,024$1,662,901
64$2,063,954$1,180,722$986,290$1,719,004
65$2,198,037$1,162,137$942,891$1,779,296
66$2,343,389$1,140,234$895,629$1,844,231
67$2,501,082$1,114,774$844,301$1,914,317
68$2,672,299$1,085,504$788,691$1,990,114
69$2,858,337$1,052,157$728,576$2,072,248
70$3,060,625$1,014,450$663,721$2,161,410
71$3,280,735$972,084$593,882$2,258,369
72$3,520,395$924,742$518,802$2,363,975
73$3,781,509$872,088$438,216$2,479,172
74$4,066,171$813,768$351,844$2,605,006
75$4,376,685$749,408$259,396$2,742,637
76$4,715,589$678,610$160,567$2,893,347
77$5,085,673$600,956$55,040$3,058,560
78$5,490,013$516,004$0$3,239,848
79$5,931,992$423,286$0$3,456,770
80$6,415,335$322,307$0$3,712,773
81$6,944,146$212,547$0$3,993,054
82$7,522,940$93,453$0$4,300,089
83$8,156,691$0$0$4,636,612
84$8,850,878$0$0$5,013,073
85$9,611,530$0$0$5,447,104
86$10,445,292$0$0$5,922,972
87$11,359,479$0$0$6,444,866
88$12,362,150$0$0$7,017,402
89$13,462,179$0$0$7,645,665
90$14,669,342$0$0$8,335,253
91$15,994,408$0$0$9,092,337
92$17,449,237$0$0$9,923,709
93$19,046,896$0$0$10,836,857
94$20,801,778$0$0$11,840,024
95$22,729,739$0$0$12,942,296
96$24,848,247$0$0$14,153,679
97$27,176,545$0$0$15,485,198
98$29,735,833$0$0$16,948,999
99$32,549,468$0$0$18,558,464
100$35,643,182$0$0$20,328,335