Can I retire at age 56 with 2,070,000?

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 $2,070,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.6%
1 years$170,939$169,416$167,930$166,481$165,065$163,956
2 years$84,623$83,047$81,520$80,039$78,602$77,484
3 years$55,855$54,272$52,749$51,282$49,868$48,775
4 years$41,474$39,896$38,387$36,945$35,567$34,507
5 years$32,847$31,279$29,790$28,378$27,037$26,014
6 years$27,098$25,541$24,075$22,694$21,394$20,409
7 years$22,993$21,450$20,006$18,658$17,399$16,452
8 years$19,916$18,386$16,967$15,652$14,434$13,526
9 years$17,524$16,009$14,614$13,332$12,155$11,286
10 years$15,611$14,111$12,741$11,492$10,357$9,525
11 years$14,047$12,562$11,217$10,002$8,907$8,113
12 years$12,745$11,275$9,954$8,773$7,719$6,961
13 years$11,644$10,189$8,894$7,745$6,731$6,009
14 years$10,701$9,262$7,991$6,875$5,900$5,213
15 years$9,885$8,461$7,215$6,131$5,195$4,542
16 years$9,171$7,763$6,541$5,490$4,592$3,971
17 years$8,542$7,149$5,952$4,933$4,071$3,483
18 years$7,983$6,606$5,434$4,445$3,620$3,062
19 years$7,484$6,122$4,974$4,017$3,226$2,699
20 years$7,035$5,689$4,565$3,638$2,882$2,383
21 years$6,630$5,299$4,199$3,302$2,579$2,108
22 years$6,262$4,947$3,870$3,002$2,312$1,867
23 years$5,926$4,627$3,573$2,734$2,075$1,656
24 years$5,619$4,335$3,305$2,494$1,865$1,471
25 years$5,337$4,068$3,061$2,277$1,678$1,308
26 years$5,077$3,823$2,839$2,082$1,512$1,163
27 years$4,836$3,598$2,636$1,906$1,363$1,036
28 years$4,614$3,391$2,451$1,746$1,230$923
29 years$4,407$3,199$2,280$1,601$1,111$823
30 years$4,214$3,021$2,124$1,470$1,003$734
31 years$4,034$2,856$1,980$1,350$907$655
32 years$3,865$2,702$1,848$1,240$821$585
33 years$3,707$2,559$1,725$1,141$743$522
34 years$3,559$2,425$1,612$1,050$672$467
35 years$3,419$2,300$1,507$966$609$417
36 years$3,288$2,183$1,410$890$552$373
37 years$3,164$2,074$1,320$820$500$334
38 years$3,046$1,971$1,236$756$453$298
39 years$2,935$1,874$1,158$697$411$267
40 years$2,830$1,783$1,085$643$373$239
41 years$2,730$1,697$1,017$593$338$214
42 years$2,635$1,616$954$547$307$191
43 years$2,545$1,540$896$505$279$171
44 years$2,459$1,468$841$466$253$153
45 years$2,378$1,400$789$431$230$137
46 years$2,300$1,335$741$398$208$123
47 years$2,225$1,274$697$368$189$110
48 years$2,154$1,217$655$340$172$99
49 years$2,086$1,162$615$314$156$88
50 years$2,021$1,110$578$290$142$79

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,070,000, adding $2,858 every year, while hoping to spend $24,732 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: 43/40/17 Blend
55$2,070,000$2,070,000$2,070,000$2,070,000
56$2,284,088$2,174,378$2,142,293$2,370,893
57$2,490,750$2,254,608$2,187,745$2,512,496
58$2,717,663$2,337,940$2,233,891$2,663,152
59$2,966,866$2,424,501$2,280,728$2,825,848
60$3,240,606$2,514,421$2,328,252$3,001,704
61$3,541,358$2,607,837$2,376,458$3,191,948
62$3,871,848$2,704,892$2,425,340$3,397,932
63$4,235,079$2,805,735$2,474,893$3,621,140
64$4,634,362$2,910,521$2,525,107$3,863,203
65$5,073,342$3,019,412$2,575,973$4,125,917
66$5,556,036$3,132,576$2,627,480$4,411,253
67$6,086,869$3,250,189$2,679,618$4,721,380
68$6,670,716$3,372,435$2,732,372$5,058,683
69$7,312,949$3,499,505$2,785,727$5,425,785
70$8,019,488$3,631,598$2,839,667$5,825,572
71$8,796,854$3,768,924$2,894,173$6,261,219
72$9,652,231$3,911,699$2,949,226$6,736,217
73$10,593,536$4,060,150$3,004,803$7,254,410
74$11,629,493$4,214,514$3,060,880$7,820,026
75$12,769,713$4,375,038$3,117,432$8,437,720
76$14,024,788$4,541,978$3,174,429$9,112,612
77$15,406,385$4,715,604$3,231,842$9,850,339
78$16,927,364$4,896,196$3,289,636$10,657,108
79$18,601,894$5,084,048$3,347,777$11,539,748
80$20,445,585$5,279,464$3,406,225$12,505,779
81$22,475,641$5,482,765$3,464,940$13,563,479
82$24,711,018$5,694,282$3,523,878$14,721,963
83$27,172,603$5,914,363$3,582,989$15,991,266
84$29,883,414$6,143,372$3,642,224$17,382,438
85$32,868,812$6,381,687$3,701,529$18,907,648
86$36,156,746$6,629,705$3,760,845$20,580,295
87$39,778,011$6,887,837$3,820,110$22,415,133
88$43,766,543$7,156,517$3,879,259$24,428,415
89$48,159,738$7,436,194$3,938,222$26,638,036
90$52,998,803$7,727,338$3,996,924$29,063,707
91$58,329,145$8,030,442$4,055,285$31,727,139
92$64,200,803$8,346,019$4,113,222$34,652,243
93$70,668,915$8,674,605$4,170,646$37,865,356
94$77,794,244$9,016,759$4,227,461$41,395,489
95$85,643,744$9,373,068$4,283,569$45,274,599
96$94,291,200$9,744,143$4,338,863$49,537,887
97$103,817,918$10,130,621$4,393,230$54,224,128
98$114,313,496$10,533,171$4,446,553$59,376,039
99$125,876,665$10,952,490$4,498,706$65,040,676
100$138,616,229$11,389,306$4,549,556$71,269,879