Can I retire at age 56 with 2,120,000?

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 $2,120,000?

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 years$175,068$173,508$171,987$170,502$169,052$167,635
2 years$86,667$85,053$83,489$81,972$80,501$79,073
3 years$57,204$55,583$54,023$52,520$51,073$49,679
4 years$42,476$40,859$39,315$37,838$36,426$35,075
5 years$33,641$32,034$30,510$29,063$27,690$26,387
6 years$27,753$26,158$24,656$23,242$21,910$20,657
7 years$23,549$21,968$20,490$19,109$17,819$16,616
8 years$20,397$18,830$17,377$16,030$14,783$13,629
9 years$17,947$16,395$14,967$13,654$12,449$11,345
10 years$15,988$14,452$13,048$11,770$10,607$9,553
11 years$14,387$12,865$11,488$10,243$9,123$8,116
12 years$13,053$11,547$10,195$8,985$7,905$6,946
13 years$11,925$10,435$9,108$7,932$6,894$5,981
14 years$10,960$9,486$8,184$7,041$6,043$5,175
15 years$10,123$8,665$7,389$6,280$5,321$4,497
16 years$9,392$7,950$6,699$5,623$4,702$3,921
17 years$8,748$7,322$6,096$5,052$4,170$3,429
18 years$8,176$6,766$5,565$4,553$3,707$3,007
19 years$7,665$6,270$5,094$4,114$3,304$2,642
20 years$7,205$5,827$4,675$3,726$2,952$2,327
21 years$6,790$5,427$4,300$3,381$2,641$2,052
22 years$6,413$5,066$3,964$3,075$2,368$1,812
23 years$6,069$4,738$3,660$2,800$2,125$1,603
24 years$5,755$4,440$3,385$2,554$1,910$1,419
25 years$5,466$4,166$3,135$2,332$1,719$1,257
26 years$5,199$3,916$2,907$2,132$1,548$1,115
27 years$4,953$3,685$2,700$1,952$1,396$990
28 years$4,725$3,472$2,510$1,788$1,260$879
29 years$4,513$3,276$2,336$1,640$1,137$781
30 years$4,315$3,094$2,175$1,505$1,028$695
31 years$4,131$2,925$2,028$1,382$929$618
32 years$3,958$2,767$1,892$1,270$840$550
33 years$3,797$2,621$1,767$1,168$761$490
34 years$3,645$2,484$1,651$1,075$689$436
35 years$3,502$2,356$1,543$989$624$388
36 years$3,367$2,236$1,444$911$565$346
37 years$3,240$2,124$1,351$840$512$308
38 years$3,120$2,018$1,266$774$464$275
39 years$3,006$1,919$1,186$714$421$245
40 years$2,898$1,826$1,111$658$382$219
41 years$2,796$1,738$1,042$607$347$195
42 years$2,699$1,655$977$560$314$174
43 years$2,607$1,577$917$517$285$155
44 years$2,519$1,503$861$478$259$138
45 years$2,435$1,434$808$441$235$123
46 years$2,355$1,368$759$407$214$110
47 years$2,279$1,305$713$376$194$98
48 years$2,206$1,246$670$348$176$88
49 years$2,137$1,190$630$321$160$78
50 years$2,070$1,137$592$297$145$70

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,120,000, adding $6,575 every year, while hoping to spend $39,089 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: 67/15/18 Blend
55$2,120,000$2,120,000$2,120,000$2,120,000
56$2,343,022$2,230,662$2,197,802$2,489,245
57$2,540,420$2,298,374$2,229,838$2,655,558
58$2,756,642$2,368,094$2,261,637$2,832,197
59$2,993,568$2,439,879$2,293,150$3,024,397
60$3,253,266$2,513,787$2,324,325$3,233,685
61$3,538,016$2,589,879$2,355,106$3,461,744
62$3,850,326$2,668,216$2,385,435$3,710,425
63$4,192,963$2,748,862$2,415,251$3,981,769
64$4,568,971$2,831,882$2,444,487$4,278,021
65$4,981,703$2,917,342$2,473,075$4,601,657
66$5,434,856$3,005,310$2,500,942$4,955,400
67$5,932,498$3,095,857$2,528,010$5,342,254
68$6,479,112$3,189,054$2,554,198$5,765,524
69$7,079,639$3,284,975$2,579,421$6,228,853
70$7,739,519$3,383,695$2,603,589$6,736,253
71$8,464,746$3,485,292$2,626,605$7,292,145
72$9,261,924$3,589,845$2,648,370$7,901,399
73$10,138,327$3,697,435$2,668,777$8,569,379
74$11,101,972$3,808,145$2,687,717$9,301,996
75$12,161,690$3,922,060$2,705,072$10,105,762
76$13,327,208$4,039,267$2,720,718$10,987,852
77$14,609,248$4,159,856$2,734,527$11,956,170
78$16,019,620$4,283,918$2,746,362$13,019,425
79$17,571,337$4,411,546$2,756,081$14,187,216
80$19,278,738$4,542,835$2,763,533$15,470,114
81$21,157,619$4,677,885$2,768,562$16,879,772
82$23,225,389$4,816,793$2,771,001$18,429,025
83$25,501,226$4,959,664$2,770,678$20,132,020
84$28,006,265$5,106,601$2,767,409$22,004,343
85$30,763,791$5,257,711$2,761,004$24,063,167
86$33,799,462$5,413,104$2,751,262$26,327,419
87$37,141,552$5,572,890$2,737,974$28,817,951
88$40,821,212$5,737,184$2,720,919$31,557,742
89$44,872,772$5,906,102$2,699,865$34,572,113
90$49,334,056$6,079,763$2,674,572$37,888,967
91$54,246,746$6,258,287$2,644,786$41,539,049
92$59,656,769$6,441,798$2,610,242$45,556,242
93$65,614,735$6,630,423$2,570,661$49,977,881
94$72,176,413$6,824,288$2,525,753$54,845,108
95$79,403,255$7,023,526$2,475,213$60,203,260
96$87,362,977$7,228,269$2,418,723$66,102,296
97$96,130,200$7,438,653$2,355,949$72,597,273
98$105,787,149$7,654,816$2,286,543$79,748,856
99$116,424,435$7,876,899$2,210,139$87,623,903
100$128,141,905$8,105,044$2,126,355$96,296,086