Can I retire at age 56 with 2,080,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $2,080,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.3%
1 years$171,764$170,234$168,742$167,285$165,862$164,267
2 years$85,032$83,448$81,913$80,425$78,982$77,375
3 years$56,125$54,534$53,003$51,529$50,109$48,540
4 years$41,674$40,089$38,573$37,124$35,738$34,220
5 years$33,006$31,430$29,934$28,515$27,168$25,704
6 years$27,229$25,665$24,191$22,803$21,497$20,089
7 years$23,104$21,553$20,103$18,748$17,483$16,132
8 years$20,012$18,475$17,049$15,727$14,504$13,210
9 years$17,609$16,086$14,684$13,396$12,214$10,977
10 years$15,687$14,179$12,802$11,548$10,407$9,226
11 years$14,115$12,623$11,271$10,050$8,950$7,824
12 years$12,807$11,329$10,003$8,815$7,756$6,684
13 years$11,700$10,239$8,937$7,782$6,764$5,743
14 years$10,753$9,307$8,030$6,908$5,929$4,960
15 years$9,932$8,502$7,250$6,161$5,220$4,301
16 years$9,215$7,800$6,573$5,517$4,614$3,743
17 years$8,583$7,184$5,981$4,957$4,091$3,266
18 years$8,022$6,638$5,460$4,467$3,637$2,858
19 years$7,520$6,152$4,998$4,036$3,242$2,506
20 years$7,069$5,717$4,587$3,656$2,896$2,202
21 years$6,662$5,325$4,219$3,318$2,591$1,938
22 years$6,292$4,971$3,889$3,016$2,323$1,707
23 years$5,955$4,649$3,591$2,747$2,085$1,506
24 years$5,646$4,356$3,321$2,506$1,874$1,331
25 years$5,363$4,088$3,076$2,288$1,686$1,176
26 years$5,101$3,842$2,852$2,092$1,519$1,041
27 years$4,860$3,616$2,649$1,915$1,370$922
28 years$4,636$3,407$2,462$1,755$1,236$817
29 years$4,428$3,214$2,291$1,609$1,116$724
30 years$4,234$3,035$2,134$1,477$1,008$642
31 years$4,053$2,869$1,990$1,356$912$570
32 years$3,884$2,715$1,857$1,246$825$506
33 years$3,725$2,571$1,733$1,146$746$449
34 years$3,576$2,437$1,620$1,055$676$399
35 years$3,436$2,311$1,514$971$612$355
36 years$3,304$2,194$1,417$894$554$315
37 years$3,179$2,084$1,326$824$503$280
38 years$3,061$1,980$1,242$759$456$249
39 years$2,949$1,883$1,163$700$413$222
40 years$2,844$1,791$1,090$646$375$197
41 years$2,743$1,705$1,022$596$340$175
42 years$2,648$1,624$959$550$309$156
43 years$2,558$1,547$900$508$280$139
44 years$2,471$1,475$845$469$254$123
45 years$2,389$1,407$793$433$231$110
46 years$2,311$1,342$745$400$209$98
47 years$2,236$1,280$700$369$190$87
48 years$2,165$1,222$658$341$173$77
49 years$2,096$1,167$618$315$157$69
50 years$2,031$1,115$581$292$143$61

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,080,000, adding $4,049 every year, while hoping to spend $38,422 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$2,080,000$2,080,000$2,080,000$2,080,000
56$2,296,337$2,186,097$2,153,857$2,489,197
57$2,489,682$2,252,335$2,185,130$2,681,935
58$2,701,461$2,320,531$2,216,163$2,888,001
59$2,933,514$2,390,740$2,246,908$3,113,185
60$3,187,865$2,463,019$2,277,313$3,359,385
61$3,466,747$2,537,427$2,307,322$3,628,690
62$3,772,617$2,614,023$2,336,880$3,923,402
63$4,108,182$2,692,868$2,365,923$4,246,056
64$4,476,424$2,774,026$2,394,389$4,599,445
65$4,880,626$2,857,560$2,422,208$4,986,644
66$5,324,407$2,943,537$2,449,309$5,411,041
67$5,811,751$3,032,025$2,475,615$5,876,366
68$6,347,048$3,123,092$2,501,046$6,386,732
69$6,935,134$3,216,811$2,525,519$6,946,665
70$7,581,336$3,313,254$2,548,942$7,561,155
71$8,291,524$3,412,495$2,571,223$8,235,696
72$9,072,163$3,514,610$2,592,263$8,976,343
73$9,930,377$3,619,679$2,611,957$9,789,766
74$10,874,014$3,727,782$2,630,195$10,683,312
75$11,911,719$3,838,999$2,646,863$11,665,078
76$13,053,020$3,953,416$2,661,839$12,743,984
77$14,308,413$4,071,117$2,674,995$13,929,856
78$15,689,460$4,192,192$2,686,197$15,233,522
79$17,208,905$4,316,729$2,695,304$16,666,913
80$18,880,786$4,444,821$2,702,169$18,243,174
81$20,720,570$4,576,562$2,706,636$19,976,787
82$22,745,302$4,712,047$2,708,542$21,883,711
83$24,973,760$4,851,374$2,707,715$23,981,529
84$27,426,637$4,994,645$2,703,977$26,289,618
85$30,126,732$5,141,961$2,697,138$28,829,325
86$33,099,167$5,293,426$2,687,001$31,624,174
87$36,371,626$5,449,147$2,673,360$34,700,087
88$39,974,611$5,609,234$2,655,996$38,085,625
89$43,941,732$5,773,797$2,634,682$41,812,261
90$48,310,025$5,942,950$2,609,181$45,914,676
91$53,120,300$6,116,807$2,579,241$50,431,085
92$58,417,527$6,295,487$2,544,602$55,403,597
93$64,251,259$6,479,110$2,504,990$60,878,616
94$70,676,098$6,667,797$2,460,118$66,907,272
95$77,752,213$6,861,673$2,409,685$73,545,913
96$85,545,908$7,060,864$2,353,379$80,856,627
97$94,130,244$7,265,499$2,290,870$88,907,832
98$103,585,729$7,475,708$2,221,814$97,774,925
99$114,001,080$7,691,625$2,145,852$107,540,985
100$125,474,061$7,913,385$2,062,609$118,297,567