Can I retire at age 56 with 2,220,000?

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 $2,220,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.3%
1 years$183,326$181,693$180,099$178,544$177,026$171,085
2 years$90,755$89,065$87,427$85,839$84,298$78,372
3 years$59,902$58,205$56,571$54,998$53,482$47,756
4 years$44,479$42,787$41,169$39,623$38,144$32,662
5 years$35,228$33,545$31,949$30,434$28,996$23,773
6 years$29,062$27,392$25,820$24,338$22,944$17,983
7 years$24,659$23,004$21,456$20,010$18,660$13,961
8 years$21,359$19,719$18,197$16,786$15,480$11,040
9 years$18,794$17,169$15,673$14,298$13,036$8,849
10 years$16,742$15,133$13,664$12,325$11,108$7,167
11 years$15,065$13,472$12,029$10,726$9,553$5,851
12 years$13,669$12,092$10,676$9,408$8,278$4,807
13 years$12,488$10,928$9,538$8,306$7,219$3,969
14 years$11,477$9,933$8,570$7,373$6,328$3,291
15 years$10,601$9,074$7,738$6,576$5,572$2,737
16 years$9,835$8,325$7,015$5,888$4,924$2,283
17 years$9,161$7,667$6,384$5,290$4,366$1,908
18 years$8,562$7,085$5,827$4,768$3,882$1,598
19 years$8,026$6,566$5,335$4,308$3,460$1,340
20 years$7,545$6,102$4,896$3,902$3,091$1,125
21 years$7,110$5,683$4,503$3,541$2,766$946
22 years$6,715$5,305$4,150$3,220$2,479$796
23 years$6,356$4,962$3,832$2,932$2,226$670
24 years$6,026$4,649$3,544$2,674$2,000$565
25 years$5,724$4,363$3,283$2,442$1,800$476
26 years$5,445$4,100$3,044$2,233$1,621$401
27 years$5,187$3,859$2,827$2,044$1,462$339
28 years$4,948$3,636$2,628$1,873$1,319$286
29 years$4,726$3,430$2,446$1,717$1,191$241
30 years$4,519$3,240$2,278$1,576$1,076$204
31 years$4,326$3,062$2,124$1,448$973$172
32 years$4,145$2,898$1,982$1,330$880$145
33 years$3,976$2,744$1,850$1,223$797$123
34 years$3,817$2,601$1,729$1,126$721$104
35 years$3,667$2,467$1,616$1,036$653$88
36 years$3,526$2,341$1,512$954$592$74
37 years$3,393$2,224$1,415$879$536$63
38 years$3,267$2,113$1,325$810$486$53
39 years$3,148$2,010$1,242$747$441$45
40 years$3,035$1,912$1,164$689$400$38
41 years$2,928$1,820$1,091$636$363$32
42 years$2,826$1,733$1,024$587$329$27
43 years$2,730$1,652$960$542$299$23
44 years$2,638$1,574$902$500$271$19
45 years$2,550$1,501$847$462$246$16
46 years$2,466$1,432$795$427$224$14
47 years$2,387$1,367$747$394$203$12
48 years$2,310$1,305$702$364$184$10
49 years$2,237$1,246$660$337$167$8
50 years$2,167$1,190$620$311$152$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,220,000, adding $4,872 every year, while hoping to spend $27,083 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: 73/7/20 Blend
55$2,220,000$2,220,000$2,220,000$2,220,000
56$2,451,465$2,333,805$2,299,395$2,618,337
57$2,672,699$2,419,346$2,347,609$2,815,420
58$2,915,590$2,508,170$2,396,530$3,027,528
59$3,182,320$2,600,410$2,446,154$3,259,211
60$3,475,291$2,696,204$2,496,474$3,512,411
61$3,797,149$2,795,696$2,547,484$3,789,267
62$4,150,808$2,899,036$2,599,175$4,092,131
63$4,539,481$3,006,379$2,651,538$4,423,598
64$4,966,705$3,117,888$2,704,561$4,786,523
65$5,436,378$3,233,734$2,758,233$5,184,053
66$5,952,795$3,354,093$2,812,540$5,619,650
67$6,520,685$3,479,149$2,867,466$6,097,134
68$7,145,263$3,609,096$2,922,994$6,620,706
69$7,832,272$3,744,133$2,979,105$7,194,999
70$8,588,038$3,884,470$3,035,780$7,825,113
71$9,419,534$4,030,325$3,092,994$8,516,670
72$10,334,441$4,181,925$3,150,724$9,275,859
73$11,341,223$4,339,509$3,208,943$10,109,503
74$12,449,206$4,503,323$3,267,621$11,025,114
75$13,668,666$4,673,626$3,326,727$12,030,973
76$15,010,924$4,850,688$3,386,226$13,136,201
77$16,488,456$5,034,790$3,446,083$14,350,846
78$18,115,008$5,226,225$3,506,257$15,685,980
79$19,905,728$5,425,299$3,566,705$17,153,802
80$21,877,306$5,632,331$3,627,383$18,767,754
81$24,048,132$5,847,656$3,688,241$20,542,644
82$26,438,471$6,071,622$3,749,227$22,494,790
83$29,070,654$6,304,590$3,810,285$24,642,170
84$31,969,287$6,546,941$3,871,356$27,004,595
85$35,161,483$6,799,070$3,932,375$29,603,893
86$38,677,120$7,061,390$3,993,276$32,464,116
87$42,549,121$7,334,333$4,053,985$35,611,765
88$46,813,764$7,618,348$4,114,426$39,076,043
89$51,511,027$7,913,906$4,174,519$42,889,128
90$56,684,962$8,221,498$4,234,175$47,086,476
91$62,384,112$8,541,635$4,293,304$51,707,158
92$68,661,970$8,874,854$4,351,808$56,794,225
93$75,577,482$9,221,713$4,409,585$62,395,117
94$83,195,604$9,582,795$4,466,524$68,562,110
95$91,587,914$9,958,711$4,522,512$75,352,806
96$100,833,291$10,350,097$4,577,425$82,830,681
97$111,018,653$10,757,619$4,631,136$91,065,682
98$122,239,784$11,181,970$4,683,507$100,134,883
99$134,602,233$11,623,878$4,734,396$110,123,221
100$148,222,313$12,084,099$4,783,650$121,124,287