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

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 $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%16.9%
1 years$166,810$165,324$163,874$162,459$161,078$156,549
2 years$82,579$81,041$79,551$78,105$76,704$72,176
3 years$54,506$52,961$51,474$50,043$48,664$44,278
4 years$40,472$38,932$37,460$36,053$34,708$30,498
5 years$32,054$30,523$29,071$27,692$26,384$22,362
6 years$26,444$24,925$23,493$22,146$20,877$17,046
7 years$22,438$20,932$19,523$18,207$16,978$13,340
8 years$19,435$17,942$16,557$15,274$14,085$10,636
9 years$17,101$15,622$14,261$13,010$11,862$8,599
10 years$15,234$13,770$12,433$11,214$10,107$7,025
11 years$13,708$12,259$10,946$9,760$8,692$5,788
12 years$12,437$11,003$9,714$8,561$7,533$4,799
13 years$11,363$9,943$8,679$7,558$6,569$4,000
14 years$10,443$9,038$7,798$6,709$5,758$3,349
15 years$9,646$8,256$7,040$5,983$5,070$2,813
16 years$8,949$7,575$6,383$5,357$4,481$2,370
17 years$8,335$6,976$5,808$4,814$3,973$2,002
18 years$7,790$6,447$5,302$4,338$3,532$1,694
19 years$7,303$5,975$4,854$3,920$3,149$1,436
20 years$6,865$5,552$4,455$3,550$2,812$1,218
21 years$6,470$5,171$4,098$3,222$2,517$1,035
22 years$6,110$4,827$3,777$2,929$2,256$881
23 years$5,783$4,515$3,487$2,668$2,025$750
24 years$5,483$4,230$3,225$2,433$1,820$639
25 years$5,208$3,970$2,987$2,222$1,638$545
26 years$4,954$3,731$2,770$2,032$1,475$464
27 years$4,720$3,511$2,572$1,860$1,330$396
28 years$4,502$3,309$2,391$1,704$1,200$338
29 years$4,300$3,121$2,225$1,563$1,084$289
30 years$4,112$2,948$2,073$1,434$979$247
31 years$3,936$2,787$1,932$1,317$885$211
32 years$3,772$2,637$1,803$1,210$801$180
33 years$3,618$2,497$1,683$1,113$725$154
34 years$3,473$2,367$1,573$1,024$656$132
35 years$3,337$2,245$1,471$943$594$112
36 years$3,208$2,131$1,376$868$538$96
37 years$3,087$2,023$1,288$800$488$82
38 years$2,973$1,923$1,206$737$442$70
39 years$2,864$1,829$1,130$680$401$60
40 years$2,762$1,740$1,059$627$364$51
41 years$2,664$1,656$993$579$330$44
42 years$2,572$1,577$931$534$300$38
43 years$2,484$1,503$874$493$272$32
44 years$2,400$1,432$820$455$247$27
45 years$2,320$1,366$770$420$224$24
46 years$2,244$1,303$723$388$203$20
47 years$2,172$1,244$680$359$185$17
48 years$2,102$1,187$639$331$168$15
49 years$2,036$1,134$600$306$152$13
50 years$1,972$1,083$564$283$138$11

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 $2,295 every year, while hoping to spend $23,106 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: 40/47/13 Blend
55$2,020,000$2,020,000$2,020,000$2,020,000
56$2,228,407$2,121,347$2,090,037$2,308,815
57$2,431,120$2,200,709$2,135,469$2,445,240
58$2,653,735$2,283,184$2,181,648$2,590,289
59$2,898,259$2,368,903$2,228,576$2,746,696
60$3,166,899$2,457,997$2,276,251$2,915,501
61$3,462,091$2,550,607$2,324,674$3,097,845
62$3,786,516$2,646,878$2,373,842$3,294,982
63$4,143,128$2,746,963$2,423,753$3,508,288
64$4,535,182$2,851,018$2,474,403$3,739,277
65$4,966,262$2,959,211$2,525,788$3,989,609
66$5,440,321$3,071,712$2,577,901$4,261,109
67$5,961,710$3,188,702$2,630,737$4,555,786
68$6,535,224$3,310,368$2,684,287$4,875,843
69$7,166,148$3,436,907$2,738,541$5,223,705
70$7,860,302$3,568,522$2,793,489$5,602,038
71$8,624,101$3,705,428$2,849,120$6,013,772
72$9,464,612$3,847,847$2,905,418$6,462,131
73$10,389,622$3,996,011$2,962,369$6,950,661
74$11,407,711$4,150,163$3,019,956$7,483,260
75$12,528,333$4,310,557$3,078,160$8,064,218
76$13,761,905$4,477,456$3,136,960$8,698,256
77$15,119,905$4,651,137$3,196,335$9,390,565
78$16,614,982$4,831,889$3,256,258$10,146,860
79$18,261,071$5,020,013$3,316,703$10,973,429
80$20,073,529$5,215,822$3,377,642$11,877,192
81$22,069,277$5,419,646$3,439,041$12,865,766
82$24,266,961$5,631,826$3,500,867$13,947,535
83$26,687,128$5,852,722$3,563,083$15,131,726
84$29,352,417$6,082,708$3,625,648$16,428,500
85$32,287,776$6,322,173$3,688,520$17,849,039
86$35,520,697$6,571,527$3,751,653$19,405,657
87$39,081,472$6,831,196$3,814,997$21,111,912
88$43,003,482$7,101,625$3,878,500$22,982,729
89$47,323,512$7,383,279$3,942,104$25,034,546
90$52,082,096$7,676,646$4,005,750$27,285,462
91$57,323,900$7,982,232$4,069,373$29,755,407
92$63,098,146$8,300,569$4,132,905$32,466,332
93$69,459,071$8,632,211$4,196,272$35,442,407
94$76,466,446$8,977,739$4,259,396$38,710,256
95$84,186,133$9,337,758$4,322,196$42,299,198
96$92,690,712$9,712,901$4,384,583$46,241,527
97$102,060,162$10,103,830$4,446,463$50,572,811
98$112,382,618$10,511,238$4,507,740$55,332,230
99$123,755,203$10,935,846$4,568,307$60,562,935
100$136,284,943$11,378,412$4,628,054$66,312,464