Can I retire at age 56 with 2,340,000?

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 $2,340,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.9%
1 years$193,235$191,514$189,834$188,195$186,595$181,349
2 years$95,661$93,879$92,153$90,479$88,855$83,609
3 years$63,140$61,351$59,629$57,970$56,373$51,293
4 years$46,883$45,100$43,395$41,764$40,206$35,330
5 years$37,132$35,359$33,676$32,079$30,564$25,905
6 years$30,633$28,873$27,215$25,654$24,184$19,747
7 years$25,992$24,247$22,616$21,092$19,668$15,453
8 years$22,514$20,785$19,180$17,693$16,317$12,321
9 years$19,810$18,097$16,520$15,071$13,741$9,961
10 years$17,647$15,951$14,402$12,991$11,708$8,138
11 years$15,880$14,201$12,680$11,306$10,069$6,704
12 years$14,408$12,746$11,253$9,917$8,726$5,559
13 years$13,163$11,518$10,054$8,755$7,609$4,634
14 years$12,097$10,470$9,033$7,772$6,670$3,879
15 years$11,174$9,564$8,156$6,931$5,873$3,259
16 years$10,367$8,775$7,394$6,206$5,190$2,746
17 years$9,656$8,082$6,729$5,576$4,602$2,319
18 years$9,024$7,468$6,142$5,025$4,092$1,962
19 years$8,460$6,921$5,623$4,541$3,647$1,663
20 years$7,953$6,431$5,161$4,112$3,258$1,411
21 years$7,495$5,991$4,747$3,732$2,915$1,199
22 years$7,078$5,592$4,375$3,394$2,613$1,020
23 years$6,699$5,230$4,039$3,091$2,346$869
24 years$6,352$4,900$3,736$2,819$2,108$740
25 years$6,033$4,599$3,460$2,574$1,897$631
26 years$5,739$4,322$3,209$2,354$1,709$538
27 years$5,467$4,067$2,980$2,154$1,541$459
28 years$5,215$3,833$2,770$1,974$1,390$392
29 years$4,981$3,616$2,578$1,810$1,255$335
30 years$4,763$3,415$2,401$1,661$1,134$286
31 years$4,560$3,228$2,239$1,526$1,026$244
32 years$4,369$3,054$2,089$1,402$928$209
33 years$4,191$2,893$1,950$1,289$840$178
34 years$4,023$2,741$1,822$1,186$760$152
35 years$3,865$2,600$1,704$1,092$688$130
36 years$3,716$2,468$1,594$1,006$624$111
37 years$3,576$2,344$1,492$927$565$95
38 years$3,444$2,228$1,397$854$513$81
39 years$3,318$2,118$1,309$788$465$70
40 years$3,199$2,015$1,227$726$422$60
41 years$3,086$1,918$1,150$670$382$51
42 years$2,979$1,827$1,079$619$347$44
43 years$2,877$1,741$1,012$571$315$37
44 years$2,780$1,659$950$527$286$32
45 years$2,688$1,582$892$487$260$27
46 years$2,600$1,510$838$450$236$23
47 years$2,516$1,441$787$416$214$20
48 years$2,435$1,375$740$384$194$17
49 years$2,358$1,313$695$355$177$15
50 years$2,285$1,254$654$328$160$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,340,000, adding $2,022 every year, while hoping to spend $37,875 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: 26/50/24 Blend
55$2,340,000$2,340,000$2,340,000$2,340,000
56$2,580,766$2,456,746$2,420,476$2,628,256
57$2,803,705$2,536,828$2,461,263$2,746,755
58$3,048,115$2,619,564$2,502,147$2,870,395
59$3,316,145$2,705,045$2,543,092$3,002,259
60$3,610,164$2,793,364$2,584,057$3,143,065
61$3,932,779$2,884,618$2,625,002$3,293,602
62$4,286,864$2,978,905$2,665,881$3,454,733
63$4,675,584$3,076,331$2,706,647$3,627,407
64$5,102,423$3,177,002$2,747,250$3,812,669
65$5,571,223$3,281,028$2,787,636$4,011,661
66$6,086,214$3,388,524$2,827,748$4,225,644
67$6,652,056$3,499,610$2,867,525$4,455,999
68$7,273,883$3,614,408$2,906,904$4,704,246
69$7,957,351$3,733,045$2,945,817$4,972,056
70$8,708,690$3,855,654$2,984,192$5,261,265
71$9,534,767$3,982,371$3,021,952$5,573,894
72$10,443,143$4,113,338$3,059,018$5,912,164
73$11,442,153$4,248,700$3,095,304$6,278,517
74$12,540,976$4,388,611$3,130,721$6,675,643
75$13,749,729$4,533,226$3,165,173$7,106,498
76$15,079,556$4,682,709$3,198,561$7,574,337
77$16,542,738$4,837,228$3,230,780$8,082,739
78$18,152,803$4,996,958$3,261,717$8,635,647
79$19,924,660$5,162,081$3,291,256$9,237,397
80$21,874,736$5,332,783$3,319,273$9,892,763
81$24,021,128$5,509,258$3,345,638$10,607,002
82$26,383,780$5,691,709$3,370,214$11,385,898
83$28,984,667$5,880,344$3,392,857$12,235,822
84$31,848,001$6,075,378$3,413,415$13,163,787
85$35,000,462$6,277,037$3,431,730$14,177,516
86$38,471,449$6,485,552$3,447,633$15,285,513
87$42,293,356$6,701,163$3,460,948$16,497,141
88$46,501,879$6,924,121$3,471,490$17,822,713
89$51,136,351$7,154,684$3,479,066$19,273,587
90$56,240,115$7,393,119$3,483,471$20,862,272
91$61,860,930$7,639,706$3,484,490$22,602,544
92$68,051,425$7,894,731$3,481,901$24,509,578
93$74,869,592$8,158,494$3,475,465$26,600,089
94$82,379,334$8,431,304$3,464,938$28,892,487
95$90,651,071$8,713,483$3,450,058$31,407,053
96$99,762,400$9,005,364$3,430,555$34,166,129
97$109,798,830$9,307,291$3,406,144$37,194,324
98$120,854,587$9,619,625$3,376,525$40,518,751
99$133,033,503$9,942,735$3,341,387$44,169,277
100$146,449,999$10,277,008$3,300,403$48,178,808