Can I retire at age 56 with 7,000,000?

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 $7,000,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.6%
1 years$578,053$572,904$567,881$562,978$558,190$538,814
2 years$286,165$280,836$275,670$270,662$265,805$246,484
3 years$188,882$183,529$178,377$173,416$168,637$149,979
4 years$140,249$134,913$129,813$124,936$120,274$102,420
5 years$111,078$105,774$100,740$95,963$91,430$74,429
6 years$91,636$86,372$81,413$76,743$72,346$56,209
7 years$77,755$72,535$67,655$63,094$58,836$43,562
8 years$67,349$62,176$57,376$52,928$48,810$34,386
9 years$59,259$54,135$49,418$45,083$41,105$27,513
10 years$52,792$47,718$43,084$38,862$35,024$22,241
11 years$47,503$42,480$37,930$33,822$30,122$18,122
12 years$43,099$38,128$33,662$29,666$26,103$14,859
13 years$39,376$34,457$30,075$26,191$22,762$12,244
14 years$36,187$31,320$27,023$23,249$19,953$10,129
15 years$33,426$28,611$24,398$20,734$17,568$8,407
16 years$31,013$26,250$22,120$18,565$15,527$6,997
17 years$28,885$24,176$20,128$16,681$13,767$5,836
18 years$26,996$22,339$18,375$15,033$12,241$4,876
19 years$25,308$20,704$16,821$13,583$10,911$4,080
20 years$23,791$19,239$15,438$12,302$9,746$3,418
21 years$22,420$17,921$14,200$11,165$8,721$2,867
22 years$21,175$16,728$13,087$10,152$7,817$2,407
23 years$20,040$15,645$12,084$9,245$7,017$2,022
24 years$19,001$14,659$11,175$8,432$6,307$1,699
25 years$18,047$13,757$10,351$7,701$5,676$1,429
26 years$17,168$12,929$9,600$7,041$5,112$1,202
27 years$16,355$12,168$8,914$6,445$4,609$1,012
28 years$15,601$11,466$8,287$5,905$4,159$852
29 years$14,901$10,816$7,712$5,415$3,756$717
30 years$14,249$10,215$7,183$4,970$3,393$604
31 years$13,640$9,657$6,697$4,564$3,068$509
32 years$13,070$9,137$6,248$4,195$2,775$429
33 years$12,536$8,653$5,834$3,857$2,512$361
34 years$12,034$8,201$5,451$3,549$2,274$304
35 years$11,562$7,779$5,096$3,267$2,060$257
36 years$11,118$7,383$4,767$3,009$1,866$216
37 years$10,698$7,012$4,462$2,772$1,691$182
38 years$10,301$6,664$4,179$2,555$1,533$154
39 years$9,926$6,337$3,915$2,356$1,390$129
40 years$9,570$6,029$3,669$2,173$1,261$109
41 years$9,233$5,739$3,441$2,005$1,144$92
42 years$8,912$5,466$3,228$1,850$1,038$78
43 years$8,607$5,208$3,029$1,708$942$65
44 years$8,317$4,964$2,843$1,577$855$55
45 years$8,041$4,734$2,669$1,457$776$46
46 years$7,777$4,516$2,507$1,345$705$39
47 years$7,525$4,309$2,355$1,243$640$33
48 years$7,285$4,114$2,213$1,149$581$28
49 years$7,055$3,928$2,080$1,062$528$23
50 years$6,834$3,753$1,956$981$480$20

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $7,000,000, adding $4,015 every year, while hoping to spend $24,857 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: 66/8/26 Blend
55$7,000,000$7,000,000$7,000,000$7,000,000
56$7,718,141$7,347,141$7,238,641$8,174,895
57$8,478,944$7,680,704$7,454,688$8,816,734
58$9,316,516$8,029,777$7,677,140$9,515,052
59$10,238,660$8,395,096$7,906,184$10,278,019
60$11,253,977$8,777,430$8,142,014$11,112,006
61$12,371,942$9,177,583$8,384,831$12,024,025
62$13,602,996$9,596,400$8,634,839$13,021,798
63$14,958,645$10,034,767$8,892,249$14,113,822
64$16,451,566$10,493,611$9,157,279$15,309,457
65$18,095,731$10,973,902$9,430,153$16,619,003
66$19,906,532$11,476,660$9,711,100$18,053,805
67$21,900,934$12,002,952$10,000,357$19,626,354
68$24,097,629$12,553,896$10,298,168$21,350,405
69$26,517,214$13,130,665$10,604,785$23,241,105
70$29,182,389$13,734,486$10,920,464$25,315,136
71$32,118,165$14,366,648$11,245,472$27,590,868
72$35,352,104$15,028,500$11,580,081$30,088,535
73$38,914,578$15,721,456$11,924,573$32,830,421
74$42,839,056$16,446,999$12,279,238$35,841,071
75$47,162,420$17,206,681$12,644,372$39,147,520
76$51,925,310$18,002,132$13,020,282$42,779,547
77$57,172,514$18,835,059$13,407,283$46,769,953
78$62,953,383$19,707,249$13,805,700$51,154,872
79$69,322,303$20,620,579$14,215,866$55,974,105
80$76,339,204$21,577,014$14,638,124$61,271,498
81$84,070,129$22,578,614$15,072,827$67,095,354
82$92,587,855$23,627,539$15,520,340$73,498,884
83$101,972,580$24,726,053$15,981,035$80,540,707
84$112,312,681$25,876,527$16,455,298$88,285,406
85$123,705,548$27,081,450$16,943,523$96,804,128
86$136,258,502$28,343,429$17,446,119$106,175,258
87$150,089,809$29,665,197$17,963,504$116,485,158
88$165,329,797$31,049,619$18,496,109$127,828,972
89$182,122,085$32,499,699$19,044,377$140,311,529
90$200,624,938$34,018,585$19,608,765$154,048,325
91$221,012,765$35,609,578$20,189,741$169,166,615
92$243,477,758$37,276,139$20,787,789$185,806,604
93$268,231,714$39,021,894$21,403,404$204,122,774
94$295,508,029$40,850,647$22,037,098$224,285,336
95$325,563,903$42,766,384$22,689,396$246,481,832
96$358,682,770$44,773,286$23,360,839$270,918,905
97$395,176,968$46,875,732$24,051,983$297,824,243
98$435,390,694$49,078,318$24,763,400$327,448,726
99$479,703,249$51,385,860$25,495,678$360,068,791
100$528,532,619$53,803,406$26,249,422$395,989,033