Can I retire at age 56 with 2,390,000?

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 $2,390,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.4%
1 years$197,364$195,606$193,891$192,217$190,582$187,117
2 years$97,705$95,885$94,122$92,412$90,753$87,275
3 years$64,490$62,662$60,903$59,209$57,578$54,194
4 years$47,885$46,063$44,322$42,657$41,065$37,802
5 years$37,925$36,114$34,396$32,765$31,217$28,084
6 years$31,287$29,490$27,797$26,202$24,701$21,702
7 years$26,548$24,766$23,099$21,542$20,088$17,224
8 years$22,995$21,229$19,590$18,071$16,665$13,935
9 years$20,233$18,483$16,873$15,393$14,035$11,436
10 years$18,025$16,292$14,710$13,269$11,958$9,490
11 years$16,219$14,504$12,951$11,548$10,284$7,943
12 years$14,715$13,018$11,493$10,129$8,912$6,695
13 years$13,444$11,764$10,268$8,942$7,772$5,675
14 years$12,355$10,694$9,226$7,938$6,813$4,832
15 years$11,413$9,769$8,330$7,079$5,998$4,131
16 years$10,589$8,963$7,552$6,339$5,301$3,542
17 years$9,862$8,254$6,872$5,695$4,701$3,046
18 years$9,217$7,627$6,274$5,133$4,180$2,625
19 years$8,641$7,069$5,743$4,638$3,725$2,267
20 years$8,123$6,569$5,271$4,200$3,327$1,961
21 years$7,655$6,119$4,848$3,812$2,978$1,699
22 years$7,230$5,711$4,468$3,466$2,669$1,473
23 years$6,842$5,342$4,126$3,157$2,396$1,279
24 years$6,488$5,005$3,816$2,879$2,154$1,111
25 years$6,162$4,697$3,534$2,629$1,938$966
26 years$5,862$4,414$3,278$2,404$1,746$841
27 years$5,584$4,154$3,044$2,201$1,574$732
28 years$5,327$3,915$2,829$2,016$1,420$638
29 years$5,088$3,693$2,633$1,849$1,282$556
30 years$4,865$3,488$2,453$1,697$1,159$485
31 years$4,657$3,297$2,286$1,558$1,047$423
32 years$4,463$3,120$2,133$1,432$948$369
33 years$4,280$2,954$1,992$1,317$858$322
34 years$4,109$2,800$1,861$1,212$776$281
35 years$3,948$2,656$1,740$1,115$703$245
36 years$3,796$2,521$1,628$1,027$637$214
37 years$3,653$2,394$1,523$947$577$187
38 years$3,517$2,275$1,427$872$524$163
39 years$3,389$2,164$1,337$804$475$143
40 years$3,268$2,058$1,253$742$431$125
41 years$3,152$1,959$1,175$685$391$109
42 years$3,043$1,866$1,102$632$354$95
43 years$2,939$1,778$1,034$583$322$83
44 years$2,840$1,695$971$538$292$73
45 years$2,745$1,616$911$497$265$63
46 years$2,655$1,542$856$459$241$55
47 years$2,569$1,471$804$424$219$48
48 years$2,487$1,405$756$392$198$42
49 years$2,409$1,341$710$362$180$37
50 years$2,333$1,281$668$335$164$32

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,390,000, adding $4,876 every year, while hoping to spend $46,271 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: 34/45/21 Blend
55$2,390,000$2,390,000$2,390,000$2,390,000
56$2,638,810$2,512,140$2,475,095$2,711,426
57$2,858,736$2,586,002$2,508,778$2,839,466
58$3,099,544$2,661,934$2,542,040$2,972,853
59$3,363,316$2,739,986$2,574,815$3,115,743
60$3,652,341$2,820,213$2,607,039$3,269,005
61$3,969,146$2,902,669$2,638,641$3,433,596
62$4,316,508$2,987,409$2,669,545$3,610,566
63$4,697,491$3,074,491$2,699,673$3,801,075
64$5,115,466$3,163,972$2,728,943$4,006,393
65$5,574,148$3,255,911$2,757,267$4,227,921
66$6,077,627$3,350,367$2,784,552$4,467,202
67$6,630,412$3,447,402$2,810,701$4,725,930
68$7,237,465$3,547,076$2,835,611$5,005,973
69$7,904,257$3,649,453$2,859,175$5,309,387
70$8,636,812$3,754,597$2,881,277$5,638,434
71$9,441,766$3,862,572$2,901,800$5,995,606
72$10,326,432$3,973,443$2,920,615$6,383,646
73$11,298,864$4,087,278$2,937,592$6,805,574
74$12,367,937$4,204,143$2,952,590$7,264,719
75$13,543,428$4,324,108$2,965,463$7,764,742
76$14,836,108$4,447,240$2,976,058$8,309,681
77$16,257,847$4,573,610$2,984,211$8,903,978
78$17,821,719$4,703,289$2,989,754$9,552,532
79$19,542,132$4,836,348$2,992,508$10,260,734
80$21,434,959$4,972,858$2,992,287$11,034,525
81$23,517,689$5,112,893$2,988,893$11,880,451
82$25,809,593$5,256,524$2,982,120$12,805,722
83$28,331,904$5,403,826$2,971,754$13,818,280
84$31,108,018$5,554,873$2,957,567$14,926,878
85$34,163,712$5,709,738$2,939,321$16,141,158
86$37,527,391$5,868,496$2,916,769$17,471,744
87$41,230,353$6,031,221$2,889,650$18,930,341
88$45,307,085$6,197,987$2,857,689$20,529,848
89$49,795,588$6,368,868$2,820,602$22,284,474
90$54,737,735$6,543,939$2,778,088$24,209,879
91$60,179,664$6,723,273$2,729,835$26,323,319
92$66,172,219$6,906,942$2,675,514$28,643,805
93$72,771,423$7,095,020$2,614,781$31,192,288
94$80,039,009$7,287,577$2,547,277$33,991,855
95$88,043,004$7,484,684$2,472,626$37,067,946
96$96,858,366$7,686,409$2,390,435$40,448,593
97$106,567,697$7,892,821$2,300,292$44,164,689
98$117,262,018$8,103,985$2,201,768$48,250,276
99$129,041,628$8,319,965$2,094,412$52,742,866
100$142,017,054$8,540,823$1,977,754$57,683,800