Can I retire at age 56 with 2,180,000?

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 $2,180,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.1%
1 years$180,022$178,419$176,854$175,327$173,836$168,137
2 years$89,120$87,460$85,852$84,292$82,779$77,092
3 years$58,823$57,156$55,552$54,007$52,519$47,021
4 years$43,678$42,016$40,427$38,909$37,457$32,192
5 years$34,593$32,941$31,373$29,886$28,474$23,456
6 years$28,538$26,899$25,354$23,900$22,530$17,763
7 years$24,215$22,590$21,070$19,649$18,323$13,805
8 years$20,974$19,363$17,869$16,483$15,201$10,930
9 years$18,455$16,859$15,390$14,040$12,801$8,772
10 years$16,441$14,861$13,418$12,103$10,907$7,113
11 years$14,794$13,230$11,813$10,533$9,381$5,815
12 years$13,422$11,874$10,483$9,239$8,129$4,783
13 years$12,263$10,731$9,366$8,157$7,089$3,955
14 years$11,270$9,754$8,416$7,240$6,214$3,284
15 years$10,410$8,910$7,598$6,457$5,471$2,735
16 years$9,658$8,175$6,889$5,782$4,836$2,284
17 years$8,996$7,529$6,269$5,195$4,288$1,912
18 years$8,407$6,957$5,722$4,682$3,812$1,604
19 years$7,882$6,448$5,239$4,230$3,398$1,347
20 years$7,409$5,992$4,808$3,831$3,035$1,133
21 years$6,982$5,581$4,422$3,477$2,716$954
22 years$6,594$5,210$4,076$3,162$2,435$804
23 years$6,241$4,872$3,763$2,879$2,185$678
24 years$5,918$4,565$3,480$2,626$1,964$572
25 years$5,620$4,284$3,223$2,398$1,768$483
26 years$5,347$4,026$2,990$2,193$1,592$408
27 years$5,093$3,789$2,776$2,007$1,435$345
28 years$4,859$3,571$2,581$1,839$1,295$291
29 years$4,641$3,369$2,402$1,686$1,170$246
30 years$4,438$3,181$2,237$1,548$1,057$208
31 years$4,248$3,007$2,086$1,421$955$176
32 years$4,070$2,846$1,946$1,306$864$149
33 years$3,904$2,695$1,817$1,201$782$126
34 years$3,748$2,554$1,698$1,105$708$107
35 years$3,601$2,422$1,587$1,017$641$90
36 years$3,462$2,299$1,485$937$581$76
37 years$3,332$2,184$1,390$863$527$65
38 years$3,208$2,075$1,301$796$478$55
39 years$3,091$1,973$1,219$734$433$46
40 years$2,980$1,878$1,143$677$393$39
41 years$2,875$1,787$1,072$624$356$33
42 years$2,775$1,702$1,005$576$323$28
43 years$2,681$1,622$943$532$293$24
44 years$2,590$1,546$885$491$266$20
45 years$2,504$1,474$831$454$242$17
46 years$2,422$1,406$781$419$220$14
47 years$2,344$1,342$734$387$199$12
48 years$2,269$1,281$689$358$181$10
49 years$2,197$1,223$648$331$164$9
50 years$2,128$1,169$609$306$149$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,180,000, adding $3,073 every year, while hoping to spend $42,409 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: 39/47/14 Blend
55$2,180,000$2,180,000$2,180,000$2,180,000
56$2,405,530$2,289,990$2,256,200$2,489,118
57$2,605,771$2,357,076$2,286,660$2,615,920
58$2,825,015$2,426,029$2,316,719$2,748,588
59$3,065,157$2,496,894$2,346,318$2,891,116
60$3,328,280$2,569,719$2,375,397$3,044,416
61$3,616,682$2,644,553$2,403,890$3,209,488
62$3,932,892$2,721,444$2,431,729$3,387,435
63$4,279,695$2,800,443$2,458,840$3,579,468
64$4,660,160$2,881,601$2,485,148$3,786,920
65$5,077,667$2,964,970$2,510,571$4,011,257
66$5,535,938$3,050,603$2,535,024$4,254,093
67$6,039,073$3,138,552$2,558,417$4,517,204
68$6,591,590$3,228,872$2,580,655$4,802,544
69$7,198,465$3,321,619$2,601,639$5,112,264
70$7,865,178$3,416,849$2,621,264$5,448,734
71$8,597,769$3,514,617$2,639,419$5,814,560
72$9,402,890$3,614,982$2,655,989$6,212,614
73$10,287,870$3,718,002$2,670,850$6,646,055
74$11,260,784$3,823,734$2,683,874$7,118,365
75$12,330,526$3,932,240$2,694,926$7,633,378
76$13,506,898$4,043,578$2,703,865$8,195,313
77$14,800,698$4,157,810$2,710,540$8,808,821
78$16,223,823$4,274,996$2,714,797$9,479,022
79$17,789,380$4,395,198$2,716,470$10,211,556
80$19,511,812$4,518,477$2,715,386$11,012,636
81$21,407,031$4,644,897$2,711,366$11,889,106
82$23,492,570$4,774,519$2,704,219$12,848,505
83$25,787,749$4,907,407$2,693,746$13,899,137
84$28,313,851$5,043,622$2,679,739$15,050,152
85$31,094,333$5,183,228$2,661,979$16,311,630
86$34,155,036$5,326,288$2,640,237$17,694,674
87$37,524,437$5,472,864$2,614,273$19,211,521
88$41,233,914$5,623,017$2,583,834$20,875,649
89$45,318,039$5,776,811$2,548,659$22,701,910
90$49,814,910$5,934,306$2,508,470$24,706,670
91$54,766,507$6,095,563$2,462,980$26,907,956
92$60,219,087$6,260,642$2,411,886$29,325,637
93$66,223,621$6,429,601$2,354,871$31,981,602
94$72,836,276$6,602,498$2,291,606$34,899,972
95$80,118,945$6,779,388$2,221,743$38,107,324
96$88,139,827$6,960,328$2,144,921$41,632,943
97$96,974,075$7,145,369$2,060,761$45,509,102
98$106,704,501$7,334,563$1,968,867$49,771,358
99$117,422,362$7,527,958$1,868,826$54,458,897
100$129,228,215$7,725,601$1,760,204$59,614,897