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%19.6%
1 years$166,810$165,324$163,874$162,459$161,078$154,870
2 years$82,579$81,041$79,551$78,105$76,704$70,524
3 years$54,506$52,961$51,474$50,043$48,664$42,706
4 years$40,472$38,932$37,460$36,053$34,708$29,017
5 years$32,054$30,523$29,071$27,692$26,384$20,976
6 years$26,444$24,925$23,493$22,146$20,877$15,754
7 years$22,438$20,932$19,523$18,207$16,978$12,140
8 years$19,435$17,942$16,557$15,274$14,085$9,526
9 years$17,101$15,622$14,261$13,010$11,862$7,575
10 years$15,234$13,770$12,433$11,214$10,107$6,085
11 years$13,708$12,259$10,946$9,760$8,692$4,926
12 years$12,437$11,003$9,714$8,561$7,533$4,012
13 years$11,363$9,943$8,679$7,558$6,569$3,283
14 years$10,443$9,038$7,798$6,709$5,758$2,698
15 years$9,646$8,256$7,040$5,983$5,070$2,223
16 years$8,949$7,575$6,383$5,357$4,481$1,837
17 years$8,335$6,976$5,808$4,814$3,973$1,521
18 years$7,790$6,447$5,302$4,338$3,532$1,261
19 years$7,303$5,975$4,854$3,920$3,149$1,047
20 years$6,865$5,552$4,455$3,550$2,812$871
21 years$6,470$5,171$4,098$3,222$2,517$725
22 years$6,110$4,827$3,777$2,929$2,256$604
23 years$5,783$4,515$3,487$2,668$2,025$503
24 years$5,483$4,230$3,225$2,433$1,820$419
25 years$5,208$3,970$2,987$2,222$1,638$350
26 years$4,954$3,731$2,770$2,032$1,475$292
27 years$4,720$3,511$2,572$1,860$1,330$244
28 years$4,502$3,309$2,391$1,704$1,200$204
29 years$4,300$3,121$2,225$1,563$1,084$170
30 years$4,112$2,948$2,073$1,434$979$142
31 years$3,936$2,787$1,932$1,317$885$119
32 years$3,772$2,637$1,803$1,210$801$99
33 years$3,618$2,497$1,683$1,113$725$83
34 years$3,473$2,367$1,573$1,024$656$69
35 years$3,337$2,245$1,471$943$594$58
36 years$3,208$2,131$1,376$868$538$48
37 years$3,087$2,023$1,288$800$488$40
38 years$2,973$1,923$1,206$737$442$34
39 years$2,864$1,829$1,130$680$401$28
40 years$2,762$1,740$1,059$627$364$24
41 years$2,664$1,656$993$579$330$20
42 years$2,572$1,577$931$534$300$17
43 years$2,484$1,503$874$493$272$14
44 years$2,400$1,432$820$455$247$12
45 years$2,320$1,366$770$420$224$10
46 years$2,244$1,303$723$388$203$8
47 years$2,172$1,244$680$359$185$7
48 years$2,102$1,187$639$331$168$6
49 years$2,036$1,134$600$306$152$5
50 years$1,972$1,083$564$283$138$4

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 $2,194 every year, while hoping to spend $54,831 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: 66/22/12 Blend
55$2,020,000$2,020,000$2,020,000$2,020,000
56$2,228,303$2,121,243$2,089,933$2,369,238
57$2,397,250$2,166,844$2,101,606$2,509,064
58$2,581,592$2,212,842$2,111,832$2,655,175
59$2,782,842$2,259,198$2,120,506$2,813,477
60$3,002,663$2,305,871$2,127,514$2,985,158
61$3,242,890$2,352,813$2,132,741$3,171,527
62$3,505,539$2,399,975$2,136,062$3,374,024
63$3,792,832$2,447,303$2,137,348$3,594,236
64$4,107,216$2,494,735$2,136,464$3,833,912
65$4,451,383$2,542,209$2,133,268$4,094,979
66$4,828,301$2,589,653$2,127,608$4,379,559
67$5,241,234$2,636,993$2,119,330$4,689,992
68$5,693,781$2,684,147$2,108,269$5,028,854
69$6,189,903$2,731,026$2,094,252$5,398,986
70$6,733,963$2,777,536$2,077,099$5,803,517
71$7,330,767$2,823,575$2,056,622$6,245,896
72$7,985,608$2,869,033$2,032,621$6,729,922
73$8,704,316$2,913,792$2,004,890$7,259,784
74$9,493,314$2,957,726$1,973,212$7,840,096
75$10,359,677$3,000,699$1,937,359$8,475,945
76$11,311,197$3,042,566$1,897,094$9,172,937
77$12,356,459$3,083,172$1,852,166$9,937,248
78$13,504,921$3,122,350$1,802,317$10,775,687
79$14,767,001$3,159,924$1,747,273$11,695,757
80$16,154,177$3,195,702$1,686,749$12,705,728
81$17,679,095$3,229,484$1,620,447$13,814,713
82$19,355,687$3,261,052$1,548,056$15,032,756
83$21,199,300$3,290,177$1,469,249$16,370,929
84$23,226,846$3,316,613$1,383,686$17,841,431
85$25,456,956$3,340,099$1,291,011$19,457,710
86$27,910,158$3,360,356$1,190,853$21,234,585
87$30,609,069$3,377,089$1,082,821$23,188,392
88$33,578,610$3,389,982$966,511$25,337,131
89$36,846,237$3,398,700$841,498$27,700,644
90$40,442,204$3,402,887$707,339$30,300,798
91$44,399,846$3,402,166$563,572$33,161,694
92$48,755,892$3,396,134$409,714$36,309,893
93$53,550,814$3,384,365$245,260$39,774,671
94$58,829,205$3,366,407$69,685$43,588,292
95$64,640,203$3,341,780$0$47,786,317
96$71,037,950$3,309,974$0$52,423,004
97$78,082,108$3,270,450$0$57,536,982
98$85,838,417$3,222,635$0$63,166,999
99$94,379,314$3,165,923$0$69,365,602
100$103,784,622$3,099,671$0$76,190,698