Can I retire at age 56 with 2,060,000?

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 $2,060,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.1%
1 years$170,113$168,598$167,119$165,676$164,267$162,823
2 years$84,214$82,646$81,126$79,652$78,223$76,767
3 years$55,585$54,010$52,494$51,034$49,628$48,206
4 years$41,273$39,703$38,202$36,767$35,395$34,018
5 years$32,689$31,128$29,646$28,241$26,907$25,579
6 years$26,967$25,418$23,959$22,584$21,290$20,013
7 years$22,882$21,346$19,910$18,568$17,315$16,089
8 years$19,820$18,298$16,885$15,576$14,364$13,190
9 years$17,439$15,931$14,543$13,267$12,097$10,973
10 years$15,536$14,043$12,679$11,437$10,307$9,234
11 years$13,980$12,501$11,162$9,953$8,864$7,840
12 years$12,684$11,221$9,906$8,730$7,682$6,706
13 years$11,588$10,140$8,851$7,708$6,699$5,770
14 years$10,649$9,217$7,952$6,842$5,872$4,990
15 years$9,837$8,420$7,180$6,102$5,170$4,333
16 years$9,127$7,725$6,510$5,463$4,569$3,775
17 years$8,501$7,115$5,924$4,909$4,052$3,300
18 years$7,945$6,574$5,407$4,424$3,602$2,891
19 years$7,448$6,093$4,950$3,997$3,211$2,539
20 years$7,001$5,662$4,543$3,620$2,868$2,234
21 years$6,598$5,274$4,179$3,286$2,567$1,969
22 years$6,231$4,923$3,851$2,987$2,301$1,737
23 years$5,897$4,604$3,556$2,721$2,065$1,535
24 years$5,592$4,314$3,289$2,481$1,856$1,358
25 years$5,311$4,048$3,046$2,266$1,670$1,203
26 years$5,052$3,805$2,825$2,072$1,505$1,066
27 years$4,813$3,581$2,623$1,897$1,356$945
28 years$4,591$3,374$2,439$1,738$1,224$839
29 years$4,385$3,183$2,269$1,594$1,105$745
30 years$4,193$3,006$2,114$1,462$999$662
31 years$4,014$2,842$1,971$1,343$903$588
32 years$3,846$2,689$1,839$1,234$817$523
33 years$3,689$2,546$1,717$1,135$739$465
34 years$3,542$2,413$1,604$1,044$669$414
35 years$3,403$2,289$1,500$961$606$368
36 years$3,272$2,173$1,403$885$549$328
37 years$3,148$2,064$1,313$816$498$292
38 years$3,032$1,961$1,230$752$451$260
39 years$2,921$1,865$1,152$693$409$232
40 years$2,816$1,774$1,080$640$371$206
41 years$2,717$1,689$1,013$590$337$184
42 years$2,623$1,608$950$545$306$164
43 years$2,533$1,533$891$503$277$146
44 years$2,448$1,461$837$464$252$130
45 years$2,366$1,393$786$429$228$116
46 years$2,289$1,329$738$396$207$103
47 years$2,215$1,268$693$366$188$92
48 years$2,144$1,211$651$338$171$82
49 years$2,076$1,156$612$312$155$73
50 years$2,011$1,104$576$289$141$65

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,060,000, adding $5,355 every year, while hoping to spend $50,053 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: 47/23/30 Blend
55$2,060,000$2,060,000$2,060,000$2,060,000
56$2,275,644$2,166,464$2,134,534$2,362,779
57$2,454,503$2,219,364$2,152,785$2,477,911
58$2,649,929$2,273,180$2,169,969$2,597,558
59$2,863,558$2,327,902$2,185,999$2,726,498
60$3,097,192$2,383,520$2,200,781$2,865,632
61$3,352,815$2,440,022$2,214,217$3,015,955
62$3,632,613$2,497,394$2,226,205$3,178,564
63$3,938,992$2,555,618$2,236,634$3,354,667
64$4,274,600$2,614,675$2,245,393$3,545,596
65$4,642,356$2,674,541$2,252,360$3,752,820
66$5,045,474$2,735,190$2,257,411$3,977,958
67$5,487,491$2,796,594$2,260,414$4,222,796
68$5,972,307$2,858,719$2,261,229$4,489,302
69$6,504,214$2,921,528$2,259,713$4,779,645
70$7,087,942$2,984,981$2,255,711$5,096,219
71$7,728,700$3,049,032$2,249,065$5,441,660
72$8,432,225$3,113,633$2,239,606$5,818,876
73$9,204,839$3,178,727$2,227,160$6,231,075
74$10,053,503$3,244,256$2,211,541$6,681,791
75$10,985,890$3,310,154$2,192,556$7,174,921
76$12,010,448$3,376,348$2,170,004$7,714,762
77$13,136,486$3,442,762$2,143,672$8,306,051
78$14,374,262$3,509,311$2,113,339$8,954,012
79$15,735,072$3,575,904$2,078,772$9,664,403
80$17,231,367$3,642,440$2,039,728$10,443,571
81$18,876,860$3,708,814$1,995,953$11,298,516
82$20,686,662$3,774,908$1,947,179$12,236,954
83$22,677,421$3,840,598$1,893,130$13,267,391
84$24,867,481$3,905,750$1,833,512$14,399,205
85$27,277,051$3,970,218$1,768,021$15,642,735
86$29,928,399$4,033,848$1,696,339$17,009,378
87$32,846,061$4,096,472$1,618,132$18,511,699
88$36,057,071$4,157,910$1,533,051$20,163,548
89$39,591,216$4,217,972$1,440,732$21,980,194
90$43,481,318$4,276,451$1,340,795$23,978,471
91$47,763,542$4,333,127$1,232,841$26,176,933
92$52,477,738$4,387,765$1,116,456$28,596,034
93$57,667,815$4,440,113$991,205$31,258,322
94$63,382,156$4,489,902$856,634$34,188,652
95$69,674,075$4,536,846$712,270$37,414,421
96$76,602,318$4,580,639$557,619$40,965,829
97$84,231,619$4,620,955$392,163$44,876,166
98$92,633,308$4,657,446$215,365$49,182,126
99$101,885,986$4,689,741$26,660$53,924,157
100$112,076,267$4,717,448$0$59,146,842