Can I retire at age 56 with 2,320,000?

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 $2,320,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.9%
1 years$191,583$189,877$188,212$186,587$185,000$182,764
2 years$94,843$93,077$91,365$89,705$88,095$85,845
3 years$62,601$60,827$59,119$57,475$55,891$53,697
4 years$46,483$44,714$43,024$41,408$39,862$37,740
5 years$36,814$35,056$33,388$31,805$30,303$28,259
6 years$30,371$28,626$26,983$25,435$23,977$22,015
7 years$25,770$24,040$22,423$20,911$19,500$17,620
8 years$22,321$20,607$19,016$17,542$16,177$14,379
9 years$19,640$17,942$16,379$14,942$13,624$11,906
10 years$17,497$15,815$14,279$12,880$11,608$9,970
11 years$15,744$14,079$12,571$11,209$9,983$8,424
12 years$14,284$12,637$11,157$9,832$8,651$7,169
13 years$13,050$11,420$9,968$8,680$7,544$6,137
14 years$11,994$10,380$8,956$7,705$6,613$5,278
15 years$11,078$9,483$8,086$6,872$5,823$4,559
16 years$10,278$8,700$7,331$6,153$5,146$3,951
17 years$9,573$8,013$6,671$5,528$4,563$3,433
18 years$8,947$7,404$6,090$4,982$4,057$2,991
19 years$8,388$6,862$5,575$4,502$3,616$2,612
20 years$7,885$6,376$5,116$4,077$3,230$2,284
21 years$7,431$5,939$4,706$3,700$2,891$2,001
22 years$7,018$5,544$4,337$3,365$2,591$1,756
23 years$6,642$5,185$4,005$3,064$2,326$1,542
24 years$6,298$4,858$3,704$2,795$2,090$1,356
25 years$5,981$4,559$3,430$2,552$1,881$1,193
26 years$5,690$4,285$3,182$2,334$1,694$1,050
27 years$5,420$4,033$2,954$2,136$1,528$926
28 years$5,171$3,800$2,746$1,957$1,378$816
29 years$4,939$3,585$2,556$1,795$1,245$720
30 years$4,723$3,386$2,381$1,647$1,125$636
31 years$4,521$3,200$2,219$1,513$1,017$561
32 years$4,332$3,028$2,071$1,390$920$496
33 years$4,155$2,868$1,933$1,278$832$438
34 years$3,989$2,718$1,807$1,176$754$387
35 years$3,832$2,578$1,689$1,083$683$342
36 years$3,685$2,447$1,580$997$618$303
37 years$3,546$2,324$1,479$919$561$268
38 years$3,414$2,209$1,385$847$508$237
39 years$3,290$2,100$1,297$781$461$210
40 years$3,172$1,998$1,216$720$418$185
41 years$3,060$1,902$1,140$665$379$164
42 years$2,954$1,811$1,070$613$344$145
43 years$2,853$1,726$1,004$566$312$129
44 years$2,756$1,645$942$523$283$114
45 years$2,665$1,569$885$483$257$101
46 years$2,577$1,497$831$446$234$89
47 years$2,494$1,428$781$412$212$79
48 years$2,414$1,363$734$381$193$70
49 years$2,338$1,302$690$352$175$62
50 years$2,265$1,244$648$325$159$55

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,320,000, adding $4,945 every year, while hoping to spend $33,583 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: 74/14/12 Blend
55$2,320,000$2,320,000$2,320,000$2,320,000
56$2,561,741$2,438,781$2,402,821$2,744,765
57$2,787,306$2,522,549$2,447,583$2,950,089
58$3,034,754$2,609,296$2,492,720$3,170,312
59$3,306,280$2,699,133$2,538,207$3,410,672
60$3,604,305$2,792,174$2,584,021$3,673,154
61$3,931,492$2,888,539$2,630,134$3,959,947
62$4,290,779$2,988,352$2,676,518$4,273,459
63$4,685,398$3,091,741$2,723,141$4,616,342
64$5,118,913$3,198,841$2,769,970$4,991,518
65$5,595,247$3,309,790$2,816,970$5,402,203
66$6,118,726$3,424,732$2,864,102$5,851,940
67$6,694,111$3,543,820$2,911,324$6,344,629
68$7,326,650$3,667,207$2,958,594$6,884,568
69$8,022,126$3,795,057$3,005,864$7,476,490
70$8,786,907$3,927,539$3,053,085$8,125,607
71$9,628,011$4,064,828$3,100,203$8,837,662
72$10,553,170$4,207,107$3,147,161$9,618,980
73$11,570,903$4,354,565$3,193,901$10,476,528
74$12,690,597$4,507,400$3,240,358$11,417,982
75$13,922,592$4,665,816$3,286,464$12,451,797
76$15,278,283$4,830,028$3,332,147$13,587,288
77$16,770,226$5,000,258$3,377,332$14,834,716
78$18,412,254$5,176,736$3,421,938$16,205,388
79$20,219,610$5,359,702$3,465,879$17,711,757
80$22,209,090$5,549,407$3,509,066$19,367,546
81$24,399,199$5,746,110$3,551,402$21,187,873
82$26,810,331$5,950,082$3,592,787$23,189,395
83$29,464,953$6,161,605$3,633,114$25,390,464
84$32,387,827$6,380,972$3,672,271$27,811,299
85$35,606,233$6,608,488$3,710,140$30,474,178
86$39,150,234$6,844,469$3,746,595$33,403,649
87$43,052,956$7,089,246$3,781,505$36,626,758
88$47,350,902$7,343,164$3,814,730$40,173,305
89$52,084,295$7,606,580$3,846,124$44,076,125
90$57,297,458$7,879,867$3,875,534$48,371,399
91$63,039,230$8,163,412$3,902,796$53,098,993
92$69,363,433$8,457,620$3,927,741$58,302,834
93$76,329,372$8,762,912$3,950,189$64,031,324
94$84,002,398$9,079,726$3,969,951$70,337,799
95$92,454,528$9,408,517$3,986,829$77,281,027
96$101,765,117$9,749,762$4,000,615$84,925,767
97$112,021,613$10,103,954$4,011,090$93,343,377
98$123,320,380$10,471,611$4,018,024$102,612,485
99$135,767,608$10,853,268$4,021,176$112,819,738
100$149,480,311$11,249,486$4,020,294$124,060,610