Can I retire at age 56 with 2,020,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $2,020,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.2%
1 years$166,810$165,324$163,874$162,459$161,078$158,279
2 years$82,579$81,041$79,551$78,105$76,704$73,893
3 years$54,506$52,961$51,474$50,043$48,664$45,929
4 years$40,472$38,932$37,460$36,053$34,708$32,069
5 years$32,054$30,523$29,071$27,692$26,384$23,850
6 years$26,444$24,925$23,493$22,146$20,877$18,450
7 years$22,438$20,932$19,523$18,207$16,978$14,660
8 years$19,435$17,942$16,557$15,274$14,085$11,874
9 years$17,101$15,622$14,261$13,010$11,862$9,756
10 years$15,234$13,770$12,433$11,214$10,107$8,106
11 years$13,708$12,259$10,946$9,760$8,692$6,793
12 years$12,437$11,003$9,714$8,561$7,533$5,733
13 years$11,363$9,943$8,679$7,558$6,569$4,866
14 years$10,443$9,038$7,798$6,709$5,758$4,149
15 years$9,646$8,256$7,040$5,983$5,070$3,552
16 years$8,949$7,575$6,383$5,357$4,481$3,050
17 years$8,335$6,976$5,808$4,814$3,973$2,627
18 years$7,790$6,447$5,302$4,338$3,532$2,267
19 years$7,303$5,975$4,854$3,920$3,149$1,961
20 years$6,865$5,552$4,455$3,550$2,812$1,698
21 years$6,470$5,171$4,098$3,222$2,517$1,473
22 years$6,110$4,827$3,777$2,929$2,256$1,280
23 years$5,783$4,515$3,487$2,668$2,025$1,113
24 years$5,483$4,230$3,225$2,433$1,820$968
25 years$5,208$3,970$2,987$2,222$1,638$843
26 years$4,954$3,731$2,770$2,032$1,475$735
27 years$4,720$3,511$2,572$1,860$1,330$641
28 years$4,502$3,309$2,391$1,704$1,200$559
29 years$4,300$3,121$2,225$1,563$1,084$488
30 years$4,112$2,948$2,073$1,434$979$426
31 years$3,936$2,787$1,932$1,317$885$373
32 years$3,772$2,637$1,803$1,210$801$326
33 years$3,618$2,497$1,683$1,113$725$285
34 years$3,473$2,367$1,573$1,024$656$249
35 years$3,337$2,245$1,471$943$594$218
36 years$3,208$2,131$1,376$868$538$190
37 years$3,087$2,023$1,288$800$488$166
38 years$2,973$1,923$1,206$737$442$146
39 years$2,864$1,829$1,130$680$401$127
40 years$2,762$1,740$1,059$627$364$111
41 years$2,664$1,656$993$579$330$98
42 years$2,572$1,577$931$534$300$85
43 years$2,484$1,503$874$493$272$75
44 years$2,400$1,432$820$455$247$65
45 years$2,320$1,366$770$420$224$57
46 years$2,244$1,303$723$388$203$50
47 years$2,172$1,244$680$359$185$44
48 years$2,102$1,187$639$331$168$38
49 years$2,036$1,134$600$306$152$34
50 years$1,972$1,083$564$283$138$29

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,020,000, adding $5,111 every year, while hoping to spend $32,294 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: 70/18/12 Blend
55$2,020,000$2,020,000$2,020,000$2,020,000
56$2,231,312$2,124,252$2,092,942$2,381,458
57$2,424,545$2,193,980$2,128,695$2,551,457
58$2,636,406$2,266,042$2,164,563$2,733,032
59$2,868,760$2,340,519$2,200,517$2,930,886
60$3,123,662$2,417,493$2,236,523$3,146,615
61$3,403,377$2,497,051$2,272,548$3,381,977
62$3,710,397$2,579,283$2,308,554$3,638,908
63$4,047,470$2,664,279$2,344,502$3,919,539
64$4,417,620$2,752,137$2,380,351$4,226,218
65$4,824,181$2,842,955$2,416,056$4,561,529
66$5,270,823$2,936,836$2,451,571$4,928,317
67$5,761,592$3,033,886$2,486,844$5,329,716
68$6,300,944$3,134,216$2,521,822$5,769,179
69$6,893,788$3,237,940$2,556,450$6,250,506
70$7,545,531$3,345,176$2,590,668$6,777,885
71$8,262,132$3,456,046$2,624,412$7,355,927
72$9,050,155$3,570,678$2,657,616$7,989,712
73$9,916,833$3,689,204$2,690,209$8,684,835
74$10,870,135$3,811,760$2,722,115$9,447,459
75$11,918,840$3,938,487$2,753,257$10,284,376
76$13,072,621$4,069,532$2,783,551$11,203,062
77$14,342,136$4,205,047$2,812,908$12,211,760
78$15,739,130$4,345,190$2,841,236$13,319,545
79$17,276,541$4,490,124$2,868,437$14,536,419
80$18,968,626$4,640,019$2,894,408$15,873,398
81$20,831,095$4,795,049$2,919,040$17,342,621
82$22,881,258$4,955,397$2,942,219$18,957,460
83$25,138,187$5,121,253$2,963,824$20,732,649
84$27,622,899$5,292,811$2,983,729$22,684,422
85$30,358,551$5,470,275$3,001,799$24,830,664
86$33,370,660$5,653,855$3,017,896$27,191,082
87$36,687,343$5,843,770$3,031,872$29,787,389
88$40,339,584$6,040,246$3,043,572$32,643,508
89$44,361,522$6,243,519$3,052,832$35,785,801
90$48,790,778$6,453,832$3,059,483$39,243,311
91$53,668,806$6,671,439$3,063,344$43,048,043
92$59,041,286$6,896,601$3,064,228$47,235,261
93$64,958,555$7,129,592$3,061,937$51,843,821
94$71,476,079$7,370,693$3,056,263$56,916,538
95$78,654,981$7,620,199$3,046,990$62,500,592
96$86,562,613$7,878,413$3,033,888$68,647,967
97$95,273,196$8,145,652$3,016,720$75,415,947
98$104,868,516$8,422,243$2,995,234$82,867,654
99$115,438,699$8,708,527$2,969,169$91,072,641
100$127,083,058$9,004,857$2,938,248$100,107,553