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%12.6%
1 years$170,939$169,416$167,930$166,481$165,065$163,273
2 years$84,623$83,047$81,520$80,039$78,602$76,798
3 years$55,855$54,272$52,749$51,282$49,868$48,108
4 years$41,474$39,896$38,387$36,945$35,567$33,863
5 years$32,847$31,279$29,790$28,378$27,037$25,396
6 years$27,098$25,541$24,075$22,694$21,394$19,817
7 years$22,993$21,450$20,006$18,658$17,399$15,887
8 years$19,916$18,386$16,967$15,652$14,434$12,987
9 years$17,524$16,009$14,614$13,332$12,155$10,773
10 years$15,611$14,111$12,741$11,492$10,357$9,038
11 years$14,047$12,562$11,217$10,002$8,907$7,650
12 years$12,745$11,275$9,954$8,773$7,719$6,523
13 years$11,644$10,189$8,894$7,745$6,731$5,594
14 years$10,701$9,262$7,991$6,875$5,900$4,822
15 years$9,885$8,461$7,215$6,131$5,195$4,173
16 years$9,171$7,763$6,541$5,490$4,592$3,623
17 years$8,542$7,149$5,952$4,933$4,071$3,156
18 years$7,983$6,606$5,434$4,445$3,620$2,755
19 years$7,484$6,122$4,974$4,017$3,226$2,411
20 years$7,035$5,689$4,565$3,638$2,882$2,113
21 years$6,630$5,299$4,199$3,302$2,579$1,856
22 years$6,262$4,947$3,870$3,002$2,312$1,631
23 years$5,926$4,627$3,573$2,734$2,075$1,436
24 years$5,619$4,335$3,305$2,494$1,865$1,266
25 years$5,337$4,068$3,061$2,277$1,678$1,116
26 years$5,077$3,823$2,839$2,082$1,512$985
27 years$4,836$3,598$2,636$1,906$1,363$870
28 years$4,614$3,391$2,451$1,746$1,230$769
29 years$4,407$3,199$2,280$1,601$1,111$680
30 years$4,214$3,021$2,124$1,470$1,003$602
31 years$4,034$2,856$1,980$1,350$907$533
32 years$3,865$2,702$1,848$1,240$821$472
33 years$3,707$2,559$1,725$1,141$743$418
34 years$3,559$2,425$1,612$1,050$672$370
35 years$3,419$2,300$1,507$966$609$328
36 years$3,288$2,183$1,410$890$552$291
37 years$3,164$2,074$1,320$820$500$258
38 years$3,046$1,971$1,236$756$453$229
39 years$2,935$1,874$1,158$697$411$203
40 years$2,830$1,783$1,085$643$373$180
41 years$2,730$1,697$1,017$593$338$160
42 years$2,635$1,616$954$547$307$142
43 years$2,545$1,540$896$505$279$126
44 years$2,459$1,468$841$466$253$112
45 years$2,378$1,400$789$431$230$99
46 years$2,300$1,335$741$398$208$88
47 years$2,225$1,274$697$368$189$78
48 years$2,154$1,217$655$340$172$69
49 years$2,086$1,162$615$314$156$62
50 years$2,021$1,110$578$290$142$55

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 $2,424 every year, while hoping to spend $54,369 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: 85/7/8 Blend
55$2,070,000$2,070,000$2,070,000$2,070,000
56$2,283,640$2,173,930$2,141,845$2,475,573
57$2,458,723$2,222,605$2,155,749$2,649,898
58$2,649,843$2,271,842$2,168,296$2,833,742
59$2,858,577$2,321,612$2,179,384$3,034,009
60$3,086,663$2,371,882$2,188,905$3,252,315
61$3,336,014$2,422,616$2,196,744$3,490,441
62$3,608,735$2,473,772$2,202,783$3,750,347
63$3,907,147$2,525,308$2,206,897$4,034,191
64$4,233,801$2,577,173$2,208,954$4,344,351
65$4,591,511$2,629,316$2,208,815$4,683,444
66$4,983,371$2,681,679$2,206,337$5,054,357
67$5,412,792$2,734,198$2,201,366$5,460,264
68$5,883,529$2,786,807$2,193,744$5,904,667
69$6,399,718$2,839,429$2,183,304$6,391,421
70$6,965,915$2,891,987$2,169,870$6,924,771
71$7,587,137$2,944,393$2,153,259$7,509,398
72$8,268,911$2,996,554$2,133,279$8,150,454
73$9,017,323$3,048,369$2,109,728$8,853,619
74$9,839,081$3,099,729$2,082,394$9,625,149
75$10,741,571$3,150,520$2,051,058$10,471,936
76$11,732,930$3,200,614$2,015,488$11,401,575
77$12,822,123$3,249,878$1,975,441$12,422,434
78$14,019,025$3,298,168$1,930,664$13,543,731
79$15,334,517$3,345,329$1,880,892$14,775,624
80$16,780,583$3,391,196$1,825,847$16,129,305
81$18,370,429$3,435,591$1,765,240$17,617,109
82$20,118,604$3,478,326$1,698,767$19,252,622
83$22,041,136$3,519,199$1,626,110$21,050,819
84$24,155,685$3,557,993$1,546,937$23,028,198
85$26,481,708$3,594,477$1,460,903$25,202,941
86$29,040,643$3,628,407$1,367,644$27,595,079
87$31,856,110$3,659,521$1,266,781$30,226,688
88$34,954,134$3,687,538$1,157,919$33,122,092
89$38,363,391$3,712,163$1,040,645$36,308,098
90$42,115,476$3,733,078$914,525$39,814,240
91$46,245,203$3,749,947$779,110$43,673,068
92$50,790,931$3,762,412$633,928$47,920,449
93$55,794,928$3,770,092$478,487$52,595,906
94$61,303,768$3,772,583$312,273$57,742,993
95$67,368,768$3,769,456$134,750$63,409,704
96$74,046,477$3,760,254$0$69,648,929
97$81,399,204$3,744,493$0$76,523,619
98$89,495,609$3,721,659$0$84,105,909
99$98,411,349$3,691,208$0$92,455,112
100$108,229,790$3,652,561$0$101,649,275