Can I retire at age 56 with 1,340,000?

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 $1,340,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11%
1 years$110,656$109,670$108,709$107,770$106,853$106,403
2 years$54,780$53,760$52,771$51,813$50,883$50,428
3 years$36,157$35,133$34,146$33,197$32,282$31,837
4 years$26,848$25,826$24,850$23,916$23,024$22,592
5 years$21,263$20,248$19,285$18,370$17,502$17,085
6 years$17,542$16,534$15,585$14,691$13,849$13,447
7 years$14,885$13,885$12,951$12,078$11,263$10,876
8 years$12,893$11,902$10,983$10,132$9,344$8,972
9 years$11,344$10,363$9,460$8,630$7,869$7,512
10 years$10,106$9,135$8,248$7,439$6,705$6,363
11 years$9,093$8,132$7,261$6,474$5,766$5,439
12 years$8,250$7,299$6,444$5,679$4,997$4,685
13 years$7,538$6,596$5,757$5,014$4,357$4,059
14 years$6,927$5,996$5,173$4,451$3,820$3,536
15 years$6,399$5,477$4,670$3,969$3,363$3,093
16 years$5,937$5,025$4,234$3,554$2,972$2,715
17 years$5,529$4,628$3,853$3,193$2,635$2,391
18 years$5,168$4,276$3,517$2,878$2,343$2,111
19 years$4,845$3,963$3,220$2,600$2,089$1,869
20 years$4,554$3,683$2,955$2,355$1,866$1,657
21 years$4,292$3,430$2,718$2,137$1,670$1,472
22 years$4,053$3,202$2,505$1,943$1,496$1,310
23 years$3,836$2,995$2,313$1,770$1,343$1,167
24 years$3,637$2,806$2,139$1,614$1,207$1,041
25 years$3,455$2,633$1,981$1,474$1,086$930
26 years$3,286$2,475$1,838$1,348$979$831
27 years$3,131$2,329$1,706$1,234$882$744
28 years$2,987$2,195$1,586$1,130$796$666
29 years$2,853$2,071$1,476$1,037$719$596
30 years$2,728$1,955$1,375$951$650$535
31 years$2,611$1,849$1,282$874$587$479
32 years$2,502$1,749$1,196$803$531$430
33 years$2,400$1,656$1,117$738$481$386
34 years$2,304$1,570$1,043$679$435$347
35 years$2,213$1,489$976$625$394$311
36 years$2,128$1,413$913$576$357$280
37 years$2,048$1,342$854$531$324$252
38 years$1,972$1,276$800$489$294$226
39 years$1,900$1,213$749$451$266$203
40 years$1,832$1,154$702$416$241$183
41 years$1,767$1,099$659$384$219$165
42 years$1,706$1,046$618$354$199$148
43 years$1,648$997$580$327$180$133
44 years$1,592$950$544$302$164$120
45 years$1,539$906$511$279$149$108
46 years$1,489$864$480$258$135$97
47 years$1,441$825$451$238$123$87
48 years$1,394$788$424$220$111$79
49 years$1,350$752$398$203$101$71
50 years$1,308$718$374$188$92$64

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,340,000, adding $4,564 every year, while hoping to spend $46,759 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: 57/28/15 Blend
55$1,340,000$1,340,000$1,340,000$1,340,000
56$1,481,388$1,410,368$1,389,598$1,559,833
57$1,582,738$1,429,725$1,386,398$1,632,871
58$1,692,859$1,448,463$1,381,524$1,706,911
59$1,812,596$1,466,502$1,374,870$1,786,514
60$1,942,878$1,483,759$1,366,326$1,872,222
61$2,084,729$1,500,141$1,355,776$1,964,633
62$2,239,275$1,515,551$1,343,098$2,064,406
63$2,407,755$1,529,886$1,328,165$2,172,272
64$2,591,532$1,543,037$1,310,844$2,289,032
65$2,792,107$1,554,884$1,290,996$2,415,573
66$3,011,132$1,565,304$1,268,475$2,552,875
67$3,250,425$1,574,162$1,243,127$2,702,017
68$3,511,990$1,581,317$1,214,793$2,864,190
69$3,798,030$1,586,619$1,183,306$3,040,708
70$4,110,973$1,589,907$1,148,490$3,233,023
71$4,453,490$1,591,010$1,110,162$3,442,734
72$4,828,524$1,589,748$1,068,131$3,671,608
73$5,239,317$1,585,929$1,022,197$3,921,592
74$5,689,437$1,579,348$972,149$4,194,837
75$6,182,813$1,569,790$917,770$4,493,713
76$6,723,775$1,557,025$858,831$4,820,837
77$7,317,090$1,540,810$795,092$5,179,095
78$7,968,009$1,520,885$726,303$5,571,672
79$8,682,317$1,496,979$652,205$6,002,079
80$9,466,382$1,468,801$572,523$6,474,191
81$10,327,225$1,436,043$486,974$6,992,283
82$11,272,574$1,398,382$395,260$7,561,068
83$12,310,946$1,355,472$297,071$8,185,748
84$13,451,722$1,306,950$192,082$8,872,057
85$14,705,237$1,252,429$79,956$9,626,322
86$16,082,875$1,191,502$0$10,455,520
87$17,597,181$1,123,738$0$11,373,700
88$19,261,971$1,048,679$0$12,397,065
89$21,092,472$965,844$0$13,522,225
90$23,105,455$874,722$0$14,759,566
91$25,319,402$774,774$0$16,120,537
92$27,754,673$665,429$0$17,617,760
93$30,433,701$546,087$0$19,265,149
94$33,381,204$416,111$0$21,078,042
95$36,624,415$274,828$0$23,073,350
96$40,193,341$121,530$0$25,269,710
97$44,121,044$0$0$27,687,671
98$48,443,954$0$0$30,363,604
99$53,202,212$0$0$33,350,378
100$58,440,047$0$0$36,638,328