Can I retire at age 56 with 2,410,000?

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 $2,410,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.6%
1 years$199,016$197,243$195,513$193,825$192,177$185,506
2 years$98,523$96,688$94,909$93,185$91,513$84,861
3 years$65,029$63,186$61,413$59,705$58,059$51,636
4 years$48,286$46,449$44,693$43,014$41,408$35,262
5 years$38,243$36,416$34,683$33,039$31,478$25,625
6 years$31,549$29,737$28,029$26,421$24,908$19,352
7 years$26,770$24,973$23,292$21,722$20,256$14,998
8 years$23,187$21,406$19,754$18,222$16,805$11,839
9 years$20,402$18,638$17,014$15,521$14,152$9,472
10 years$18,175$16,429$14,833$13,380$12,058$7,657
11 years$16,355$14,625$13,059$11,644$10,370$6,239
12 years$14,839$13,127$11,589$10,214$8,987$5,116
13 years$13,557$11,863$10,354$9,017$7,837$4,215
14 years$12,459$10,783$9,303$8,004$6,870$3,487
15 years$11,508$9,851$8,400$7,138$6,049$2,895
16 years$10,677$9,038$7,616$6,392$5,346$2,409
17 years$9,945$8,323$6,930$5,743$4,740$2,009
18 years$9,294$7,691$6,326$5,176$4,214$1,679
19 years$8,713$7,128$5,791$4,677$3,756$1,405
20 years$8,191$6,624$5,315$4,236$3,355$1,177
21 years$7,719$6,170$4,889$3,844$3,003$987
22 years$7,290$5,759$4,506$3,495$2,691$829
23 years$6,899$5,387$4,160$3,183$2,416$696
24 years$6,542$5,047$3,848$2,903$2,172$585
25 years$6,213$4,736$3,564$2,651$1,954$492
26 years$5,911$4,451$3,305$2,424$1,760$414
27 years$5,631$4,189$3,069$2,219$1,587$348
28 years$5,371$3,947$2,853$2,033$1,432$293
29 years$5,130$3,724$2,655$1,864$1,293$247
30 years$4,906$3,517$2,473$1,711$1,168$208
31 years$4,696$3,325$2,306$1,571$1,056$175
32 years$4,500$3,146$2,151$1,444$955$148
33 years$4,316$2,979$2,008$1,328$865$124
34 years$4,143$2,823$1,877$1,222$783$105
35 years$3,981$2,678$1,755$1,125$709$88
36 years$3,828$2,542$1,641$1,036$642$74
37 years$3,683$2,414$1,536$954$582$63
38 years$3,547$2,294$1,439$880$528$53
39 years$3,417$2,182$1,348$811$479$45
40 years$3,295$2,076$1,263$748$434$38
41 years$3,179$1,976$1,185$690$394$32
42 years$3,068$1,882$1,111$637$357$27
43 years$2,963$1,793$1,043$588$324$23
44 years$2,863$1,709$979$543$294$19
45 years$2,768$1,630$919$501$267$16
46 years$2,677$1,555$863$463$243$13
47 years$2,591$1,484$811$428$220$11
48 years$2,508$1,416$762$395$200$10
49 years$2,429$1,353$716$365$182$8
50 years$2,353$1,292$673$338$165$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,410,000, adding $6,957 every year, while hoping to spend $39,349 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: 76/7/17 Blend
55$2,410,000$2,410,000$2,410,000$2,410,000
56$2,662,996$2,535,266$2,497,911$2,854,726
57$2,892,755$2,617,627$2,539,724$3,064,797
58$3,144,630$2,702,705$2,581,619$3,289,469
59$3,420,836$2,790,591$2,623,557$3,534,737
60$3,723,812$2,881,381$2,665,497$3,802,642
61$4,056,244$2,975,172$2,707,394$4,095,434
62$4,421,091$3,072,065$2,749,202$4,415,591
63$4,821,612$3,172,167$2,790,871$4,765,840
64$5,261,398$3,275,585$2,832,346$5,149,189
65$5,744,404$3,382,431$2,873,573$5,568,947
66$6,274,986$3,492,823$2,914,491$6,028,761
67$6,857,944$3,606,881$2,955,035$6,532,650
68$7,498,565$3,724,729$2,995,140$7,085,039
69$8,202,675$3,846,497$3,034,733$7,690,803
70$8,976,691$3,972,318$3,073,740$8,355,315
71$9,827,682$4,102,331$3,112,079$9,084,491
72$10,763,439$4,236,678$3,149,666$9,884,851
73$11,792,542$4,375,508$3,186,413$10,763,579
74$12,924,449$4,518,975$3,222,225$11,728,587
75$14,169,575$4,667,237$3,257,002$12,788,596
76$15,539,399$4,820,459$3,290,639$13,953,212
77$17,046,568$4,978,812$3,323,026$15,233,020
78$18,705,016$5,142,472$3,354,045$16,639,684
79$20,530,096$5,311,622$3,383,575$18,186,053
80$22,538,726$5,486,451$3,411,484$19,886,287
81$24,749,544$5,667,155$3,437,636$21,755,989
82$27,183,089$5,853,937$3,461,889$23,812,348
83$29,861,992$6,047,008$3,484,090$26,074,309
84$32,811,190$6,246,586$3,504,082$28,562,745
85$36,058,158$6,452,896$3,521,696$31,300,654
86$39,633,175$6,666,173$3,536,758$34,313,382
87$43,569,602$6,886,658$3,549,082$37,628,854
88$47,904,200$7,114,603$3,558,475$41,277,845
89$52,677,479$7,350,269$3,564,734$45,294,265
90$57,934,073$7,593,923$3,567,644$49,715,479
91$63,723,170$7,845,847$3,566,982$54,582,664
92$70,098,970$8,106,330$3,562,512$59,941,193
93$77,121,196$8,375,671$3,553,987$65,841,066
94$84,855,661$8,654,183$3,541,149$72,337,380
95$93,374,887$8,942,186$3,523,726$79,490,849
96$102,758,789$9,240,016$3,501,434$87,368,379
97$113,095,428$9,548,019$3,473,974$96,043,696
98$124,481,844$9,866,555$3,441,035$105,598,045
99$137,024,971$10,195,995$3,402,289$116,120,956
100$150,842,645$10,536,726$3,357,393$127,711,086