Can I retire at age 56 with 2,400,000?

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 $2,400,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.3%
1 years$198,190$196,424$194,702$193,021$191,379$187,209
2 years$98,114$96,286$94,516$92,799$91,133$86,953
3 years$64,759$62,924$61,158$59,457$57,819$53,759
4 years$48,086$46,256$44,507$42,835$41,237$37,328
5 years$38,084$36,265$34,539$32,902$31,347$27,602
6 years$31,418$29,613$27,913$26,312$24,804$21,225
7 years$26,659$24,869$23,196$21,632$20,172$16,760
8 years$23,091$21,318$19,672$18,147$16,735$13,489
9 years$20,318$18,561$16,943$15,457$14,093$11,011
10 years$18,100$16,360$14,772$13,324$12,008$9,086
11 years$16,287$14,565$13,005$11,596$10,327$7,562
12 years$14,777$13,072$11,541$10,171$8,950$6,337
13 years$13,500$11,814$10,311$8,980$7,804$5,339
14 years$12,407$10,738$9,265$7,971$6,841$4,519
15 years$11,460$9,810$8,365$7,109$6,023$3,839
16 years$10,633$9,000$7,584$6,365$5,324$3,271
17 years$9,904$8,289$6,901$5,719$4,720$2,795
18 years$9,256$7,659$6,300$5,154$4,197$2,393
19 years$8,677$7,099$5,767$4,657$3,741$2,053
20 years$8,157$6,596$5,293$4,218$3,341$1,764
21 years$7,687$6,144$4,868$3,828$2,990$1,517
22 years$7,260$5,735$4,487$3,481$2,680$1,307
23 years$6,871$5,364$4,143$3,170$2,406$1,126
24 years$6,515$5,026$3,832$2,891$2,163$972
25 years$6,188$4,717$3,549$2,640$1,946$839
26 years$5,886$4,433$3,291$2,414$1,753$725
27 years$5,607$4,172$3,056$2,210$1,580$627
28 years$5,349$3,931$2,841$2,025$1,426$542
29 years$5,109$3,708$2,644$1,857$1,288$469
30 years$4,885$3,502$2,463$1,704$1,163$406
31 years$4,677$3,311$2,296$1,565$1,052$351
32 years$4,481$3,133$2,142$1,438$951$304
33 years$4,298$2,967$2,000$1,323$861$263
34 years$4,126$2,812$1,869$1,217$780$228
35 years$3,964$2,667$1,747$1,120$706$198
36 years$3,812$2,531$1,634$1,032$640$171
37 years$3,668$2,404$1,530$951$580$148
38 years$3,532$2,285$1,433$876$526$129
39 years$3,403$2,173$1,342$808$477$112
40 years$3,281$2,067$1,258$745$432$97
41 years$3,165$1,968$1,180$687$392$84
42 years$3,056$1,874$1,107$634$356$73
43 years$2,951$1,785$1,038$586$323$63
44 years$2,852$1,702$975$541$293$55
45 years$2,757$1,623$915$499$266$47
46 years$2,666$1,548$860$461$242$41
47 years$2,580$1,477$808$426$219$36
48 years$2,498$1,410$759$394$199$31
49 years$2,419$1,347$713$364$181$27
50 years$2,343$1,287$671$336$164$23

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,400,000, adding $6,836 every year, while hoping to spend $25,579 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: 43/48/9 Blend
55$2,400,000$2,400,000$2,400,000$2,400,000
56$2,651,851$2,524,651$2,487,451$2,758,693
57$2,895,124$2,621,143$2,543,565$2,930,187
58$3,162,354$2,721,506$2,600,701$3,112,726
59$3,455,956$2,825,903$2,658,867$3,309,891
60$3,778,594$2,934,502$2,718,070$3,523,029
61$4,133,201$3,047,482$2,778,315$3,753,621
62$4,523,006$3,165,028$2,839,607$4,003,290
63$4,951,570$3,287,332$2,901,952$4,273,821
64$5,422,816$3,414,597$2,965,352$4,567,176
65$5,941,063$3,547,032$3,029,812$4,885,507
66$6,511,073$3,684,858$3,095,332$5,231,182
67$7,138,090$3,828,304$3,161,913$5,606,801
68$7,827,894$3,977,610$3,229,557$6,015,224
69$8,586,853$4,133,026$3,298,260$6,459,594
70$9,421,981$4,294,813$3,368,021$6,943,368
71$10,341,009$4,463,245$3,438,836$7,470,345
72$11,352,455$4,638,607$3,510,700$8,044,704
73$12,465,703$4,821,197$3,583,606$8,671,043
74$13,691,095$5,011,325$3,657,546$9,354,417
75$15,040,023$5,209,317$3,732,511$10,100,388
76$16,525,045$5,415,512$3,808,489$10,915,077
77$18,159,993$5,630,266$3,885,467$11,805,215
78$19,960,111$5,853,948$3,963,429$12,778,211
79$21,942,198$6,086,947$4,042,359$13,842,220
80$24,124,761$6,329,666$4,122,237$15,006,212
81$26,528,196$6,582,529$4,203,042$16,280,065
82$29,174,976$6,845,978$4,284,748$17,674,647
83$32,089,867$7,120,474$4,367,330$19,201,924
84$35,300,157$7,406,500$4,450,759$20,875,067
85$38,835,915$7,704,561$4,535,002$22,708,576
86$42,730,278$8,015,184$4,620,024$24,718,416
87$47,019,758$8,338,920$4,705,787$26,922,162
88$51,744,592$8,676,345$4,792,249$29,339,168
89$56,949,116$9,028,062$4,879,365$31,990,741
90$62,682,189$9,394,701$4,967,087$34,900,347
91$68,997,650$9,776,919$5,055,362$38,093,825
92$75,954,827$10,175,404$5,144,134$41,599,628
93$83,619,098$10,590,877$5,233,340$45,449,095
94$92,062,506$11,024,090$5,322,917$49,676,736
95$101,364,440$11,475,830$5,412,794$54,320,561
96$111,612,387$11,946,919$5,502,896$59,422,432
97$122,902,750$12,438,218$5,593,143$65,028,459
98$135,341,766$12,950,626$5,683,449$71,189,427
99$149,046,504$13,485,084$5,773,722$77,961,277
100$164,145,971$14,042,578$5,863,866$85,405,626