Can I retire at age 56 with 6,700,000?

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 $6,700,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.6%
1 years$553,280$548,351$543,543$538,850$534,267$524,123
2 years$273,901$268,800$263,856$259,063$254,413$244,233
3 years$180,787$175,664$170,732$165,984$161,410$151,511
4 years$134,239$129,131$124,249$119,582$115,119$105,577
5 years$106,317$101,241$96,423$91,850$87,512$78,354
6 years$87,709$82,671$77,924$73,454$69,245$60,482
7 years$74,423$69,427$64,755$60,390$56,315$47,948
8 years$64,463$59,511$54,917$50,660$46,718$38,747
9 years$56,720$51,815$47,300$43,151$39,344$31,761
10 years$50,529$45,673$41,238$37,197$33,523$26,323
11 years$45,467$40,660$36,305$32,372$28,831$22,005
12 years$41,252$36,494$32,220$28,395$24,984$18,523
13 years$37,689$32,980$28,786$25,068$21,787$15,680
14 years$34,636$29,978$25,864$22,253$19,098$13,334
15 years$31,994$27,385$23,352$19,846$16,815$11,383
16 years$29,684$25,125$21,172$17,770$14,862$9,748
17 years$27,647$23,140$19,266$15,966$13,177$8,370
18 years$25,839$21,382$17,587$14,388$11,717$7,203
19 years$24,224$19,817$16,100$13,001$10,443$6,211
20 years$22,771$18,415$14,776$11,775$9,328$5,364
21 years$21,459$17,152$13,591$10,687$8,348$4,640
22 years$20,267$16,011$12,526$9,717$7,482$4,017
23 years$19,181$14,975$11,566$8,849$6,717$3,482
24 years$18,187$14,031$10,696$8,071$6,037$3,021
25 years$17,274$13,167$9,907$7,371$5,432$2,623
26 years$16,432$12,375$9,188$6,739$4,893$2,279
27 years$15,654$11,646$8,532$6,169$4,412$1,981
28 years$14,933$10,974$7,932$5,652$3,981$1,723
29 years$14,263$10,353$7,381$5,183$3,595$1,499
30 years$13,638$9,777$6,875$4,757$3,248$1,305
31 years$13,055$9,243$6,410$4,369$2,936$1,136
32 years$12,510$8,745$5,980$4,015$2,656$990
33 years$11,999$8,282$5,584$3,692$2,404$862
34 years$11,519$7,850$5,217$3,397$2,176$751
35 years$11,067$7,445$4,878$3,127$1,971$655
36 years$10,641$7,067$4,563$2,880$1,786$571
37 years$10,239$6,712$4,271$2,654$1,619$497
38 years$9,860$6,378$3,999$2,446$1,468$434
39 years$9,500$6,065$3,747$2,255$1,331$378
40 years$9,160$5,771$3,512$2,080$1,207$330
41 years$8,837$5,493$3,293$1,919$1,095$288
42 years$8,530$5,231$3,089$1,771$994$251
43 years$8,238$4,984$2,899$1,635$902$219
44 years$7,961$4,751$2,721$1,510$819$191
45 years$7,696$4,531$2,555$1,394$743$167
46 years$7,444$4,322$2,400$1,288$675$145
47 years$7,203$4,125$2,254$1,190$613$127
48 years$6,972$3,938$2,119$1,099$556$111
49 years$6,752$3,760$1,991$1,016$505$96
50 years$6,542$3,592$1,872$939$459$84

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $6,700,000, adding $5,058 every year, while hoping to spend $34,440 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: 26/48/26 Blend
55$6,700,000$6,700,000$6,700,000$6,700,000
56$7,388,617$7,033,517$6,929,667$7,520,268
57$8,105,612$7,341,516$7,125,167$7,935,777
58$8,894,587$7,663,452$7,326,062$8,377,985
59$9,762,846$7,999,972$7,532,496$8,851,744
60$10,718,439$8,351,754$7,744,618$9,359,741
61$11,770,236$8,719,506$7,962,579$9,904,915
62$12,928,010$9,103,971$8,186,535$10,490,483
63$14,202,528$9,505,927$8,416,645$11,119,963
64$15,605,657$9,926,189$8,653,074$11,797,210
65$17,150,471$10,365,609$8,895,989$12,526,445
66$18,851,377$10,825,082$9,145,563$13,312,292
67$20,724,249$11,305,543$9,401,971$14,159,818
68$22,786,580$11,807,972$9,665,394$15,074,577
69$25,057,646$12,333,397$9,936,019$16,062,660
70$27,558,685$12,882,893$10,214,036$17,130,744
71$30,313,103$13,457,587$10,499,638$18,286,155
72$33,346,690$14,058,658$10,793,026$19,536,931
73$36,687,864$14,687,345$11,094,404$20,891,892
74$40,367,942$15,344,941$11,403,983$22,360,719
75$44,421,433$16,032,803$11,721,977$23,954,041
76$48,886,362$16,752,354$12,048,606$25,683,528
77$53,804,634$17,505,082$12,384,097$27,561,996
78$59,222,423$18,292,547$12,728,680$29,603,525
79$65,190,612$19,116,384$13,082,593$31,823,579
80$71,765,273$19,978,305$13,446,079$34,239,152
81$79,008,194$20,880,105$13,819,385$36,868,917
82$86,987,462$21,823,664$14,202,768$39,733,399
83$95,778,110$22,810,950$14,596,487$42,855,158
84$105,462,819$23,844,028$15,000,811$46,258,994
85$116,132,701$24,925,060$15,416,013$49,972,175
86$127,888,161$26,056,312$15,842,374$54,024,686
87$140,839,840$27,240,158$16,280,180$58,449,501
88$155,109,663$28,479,085$16,729,725$63,282,885
89$170,831,990$29,775,701$17,191,312$68,564,728
90$188,154,879$31,132,737$17,665,248$74,338,912
91$207,241,492$32,553,056$18,151,848$80,653,710
92$228,271,625$34,039,657$18,651,436$87,562,236
93$251,443,414$35,595,684$19,164,343$95,122,931
94$276,975,201$37,224,430$19,690,907$103,400,105
95$305,107,593$38,929,349$20,231,474$112,464,529
96$336,105,738$40,714,058$20,786,399$122,394,088
97$370,261,825$42,582,349$21,356,045$133,274,509
98$407,897,842$44,538,194$21,940,783$145,200,147
99$449,368,616$46,585,760$22,540,993$158,274,868
100$495,065,162$48,729,410$23,157,064$172,613,007