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

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 $2,220,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.1%
1 years$183,326$181,693$180,099$178,544$177,026$171,222
2 years$90,755$89,065$87,427$85,839$84,298$78,506
3 years$59,902$58,205$56,571$54,998$53,482$47,884
4 years$44,479$42,787$41,169$39,623$38,144$32,783
5 years$35,228$33,545$31,949$30,434$28,996$23,886
6 years$29,062$27,392$25,820$24,338$22,944$18,089
7 years$24,659$23,004$21,456$20,010$18,660$14,059
8 years$21,359$19,719$18,197$16,786$15,480$11,130
9 years$18,794$17,169$15,673$14,298$13,036$8,933
10 years$16,742$15,133$13,664$12,325$11,108$7,244
11 years$15,065$13,472$12,029$10,726$9,553$5,921
12 years$13,669$12,092$10,676$9,408$8,278$4,871
13 years$12,488$10,928$9,538$8,306$7,219$4,028
14 years$11,477$9,933$8,570$7,373$6,328$3,344
15 years$10,601$9,074$7,738$6,576$5,572$2,785
16 years$9,835$8,325$7,015$5,888$4,924$2,326
17 years$9,161$7,667$6,384$5,290$4,366$1,947
18 years$8,562$7,085$5,827$4,768$3,882$1,633
19 years$8,026$6,566$5,335$4,308$3,460$1,372
20 years$7,545$6,102$4,896$3,902$3,091$1,154
21 years$7,110$5,683$4,503$3,541$2,766$971
22 years$6,715$5,305$4,150$3,220$2,479$819
23 years$6,356$4,962$3,832$2,932$2,226$690
24 years$6,026$4,649$3,544$2,674$2,000$583
25 years$5,724$4,363$3,283$2,442$1,800$492
26 years$5,445$4,100$3,044$2,233$1,621$415
27 years$5,187$3,859$2,827$2,044$1,462$351
28 years$4,948$3,636$2,628$1,873$1,319$297
29 years$4,726$3,430$2,446$1,717$1,191$251
30 years$4,519$3,240$2,278$1,576$1,076$212
31 years$4,326$3,062$2,124$1,448$973$179
32 years$4,145$2,898$1,982$1,330$880$152
33 years$3,976$2,744$1,850$1,223$797$128
34 years$3,817$2,601$1,729$1,126$721$109
35 years$3,667$2,467$1,616$1,036$653$92
36 years$3,526$2,341$1,512$954$592$78
37 years$3,393$2,224$1,415$879$536$66
38 years$3,267$2,113$1,325$810$486$56
39 years$3,148$2,010$1,242$747$441$47
40 years$3,035$1,912$1,164$689$400$40
41 years$2,928$1,820$1,091$636$363$34
42 years$2,826$1,733$1,024$587$329$29
43 years$2,730$1,652$960$542$299$24
44 years$2,638$1,574$902$500$271$21
45 years$2,550$1,501$847$462$246$17
46 years$2,466$1,432$795$427$224$15
47 years$2,387$1,367$747$394$203$12
48 years$2,310$1,305$702$364$184$11
49 years$2,237$1,246$660$337$167$9
50 years$2,167$1,190$620$311$152$8

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 $4,720 every year, while hoping to spend $50,762 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: 32/49/19 Blend
55$2,220,000$2,220,000$2,220,000$2,220,000
56$2,451,309$2,333,649$2,299,239$2,515,131
57$2,647,332$2,393,987$2,322,253$2,623,501
58$2,861,648$2,455,581$2,344,337$2,735,181
59$3,096,069$2,518,438$2,365,405$2,854,404
60$3,352,592$2,582,564$2,385,369$2,981,860
61$3,633,412$2,647,966$2,404,135$3,118,308
62$3,940,950$2,714,646$2,421,604$3,264,584
63$4,277,870$2,782,607$2,437,671$3,421,609
64$4,647,107$2,851,849$2,452,227$3,590,395
65$5,051,892$2,922,369$2,465,156$3,772,058
66$5,495,784$2,994,165$2,476,339$3,967,830
67$5,982,705$3,067,230$2,485,647$4,179,063
68$6,516,971$3,141,555$2,492,946$4,407,250
69$7,103,340$3,217,128$2,498,098$4,654,035
70$7,747,050$3,293,937$2,500,953$4,921,229
71$8,453,872$3,371,963$2,501,358$5,210,829
72$9,230,163$3,451,185$2,499,150$5,525,034
73$10,082,927$3,531,581$2,494,159$5,866,267
74$11,019,879$3,613,121$2,486,206$6,237,201
75$12,049,517$3,695,775$2,475,105$6,640,779
76$13,181,205$3,779,505$2,460,658$7,080,246
77$14,425,259$3,864,271$2,442,661$7,559,179
78$15,793,042$3,950,027$2,420,897$8,081,519
79$17,297,076$4,036,722$2,395,140$8,651,612
80$18,951,155$4,124,299$2,365,155$9,274,246
81$20,770,479$4,212,696$2,330,693$9,954,701
82$22,771,792$4,301,842$2,291,496$10,698,794
83$24,973,545$4,391,663$2,247,291$11,512,942
84$27,396,066$4,482,074$2,197,795$12,404,212
85$30,061,754$4,572,984$2,142,710$13,380,401
86$32,995,287$4,664,295$2,081,726$14,450,097
87$36,223,859$4,755,898$2,014,516$15,622,771
88$39,777,431$4,847,676$1,940,741$16,908,862
89$43,689,018$4,939,501$1,860,045$18,319,878
90$47,994,997$5,031,235$1,772,055$19,868,502
91$52,735,451$5,122,730$1,676,383$21,568,717
92$57,954,548$5,213,825$1,572,623$23,435,935
93$63,700,956$5,304,346$1,460,350$25,487,148
94$70,028,300$5,394,106$1,339,119$27,741,083
95$76,995,674$5,482,905$1,208,467$30,218,383
96$84,668,192$5,570,526$1,067,909$32,941,806
97$93,117,604$5,656,738$916,940$35,936,434
98$102,422,973$5,741,292$755,031$39,229,919
99$112,671,422$5,823,921$581,631$42,852,737
100$123,958,954$5,904,340$396,162$46,838,483