Can I retire at age 56 with 2,420,000?

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 $2,420,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.4%
1 years$199,841$198,061$196,325$194,629$192,974$185,685
2 years$98,931$97,089$95,303$93,572$91,892$84,633
3 years$65,299$63,449$61,667$59,952$58,300$51,299
4 years$48,486$46,641$44,878$43,192$41,580$34,891
5 years$38,401$36,567$34,827$33,176$31,609$25,248
6 years$31,680$29,860$28,146$26,531$25,011$18,984
7 years$26,881$25,076$23,389$21,813$20,341$14,646
8 years$23,283$21,495$19,836$18,298$16,874$11,506
9 years$20,487$18,715$17,085$15,586$14,211$9,161
10 years$18,251$16,497$14,895$13,435$12,108$7,368
11 years$16,423$14,686$13,113$11,693$10,413$5,972
12 years$14,900$13,181$11,638$10,256$9,024$4,871
13 years$13,613$11,912$10,397$9,055$7,869$3,992
14 years$12,510$10,828$9,342$8,038$6,898$3,284
15 years$11,556$9,891$8,435$7,168$6,074$2,710
16 years$10,722$9,075$7,647$6,418$5,368$2,243
17 years$9,986$8,358$6,959$5,767$4,760$1,859
18 years$9,333$7,723$6,352$5,197$4,232$1,544
19 years$8,749$7,158$5,815$4,696$3,772$1,284
20 years$8,225$6,651$5,337$4,253$3,369$1,070
21 years$7,751$6,195$4,909$3,860$3,015$891
22 years$7,320$5,783$4,524$3,510$2,703$744
23 years$6,928$5,409$4,177$3,196$2,426$621
24 years$6,569$5,068$3,863$2,915$2,181$518
25 years$6,239$4,756$3,578$2,662$1,962$433
26 years$5,935$4,470$3,319$2,434$1,767$362
27 years$5,654$4,207$3,082$2,228$1,594$303
28 years$5,394$3,964$2,865$2,041$1,438$253
29 years$5,152$3,739$2,666$1,872$1,298$212
30 years$4,926$3,531$2,483$1,718$1,173$177
31 years$4,716$3,338$2,315$1,578$1,061$148
32 years$4,519$3,159$2,160$1,450$959$124
33 years$4,334$2,991$2,017$1,334$868$104
34 years$4,160$2,835$1,884$1,227$786$87
35 years$3,997$2,689$1,762$1,129$712$73
36 years$3,844$2,552$1,648$1,040$645$61
37 years$3,698$2,424$1,543$958$585$51
38 years$3,561$2,304$1,445$883$530$43
39 years$3,432$2,191$1,353$815$481$36
40 years$3,309$2,084$1,269$751$436$30
41 years$3,192$1,984$1,190$693$396$25
42 years$3,081$1,890$1,116$640$359$21
43 years$2,976$1,800$1,047$591$326$18
44 years$2,875$1,716$983$545$296$15
45 years$2,780$1,636$923$504$268$12
46 years$2,689$1,561$867$465$244$10
47 years$2,602$1,490$814$430$221$9
48 years$2,518$1,422$765$397$201$7
49 years$2,439$1,358$719$367$183$6
50 years$2,363$1,297$676$339$166$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,420,000, adding $2,143 every year, while hoping to spend $47,905 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: 83/9/8 Blend
55$2,420,000$2,420,000$2,420,000$2,420,000
56$2,669,051$2,540,791$2,503,281$2,887,918
57$2,890,323$2,614,319$2,536,170$3,104,848
58$3,132,560$2,689,844$2,568,555$3,336,367
59$3,397,849$2,767,414$2,600,370$3,589,122
60$3,688,489$2,847,077$2,631,542$3,865,214
61$4,007,012$2,928,881$2,661,995$4,166,957
62$4,356,207$3,012,876$2,691,652$4,496,900
63$4,739,145$3,099,112$2,720,427$4,857,851
64$5,159,208$3,187,639$2,748,232$5,252,901
65$5,620,123$3,278,509$2,774,974$5,685,454
66$6,125,994$3,371,774$2,800,554$6,159,263
67$6,681,341$3,467,487$2,824,868$6,678,458
68$7,291,144$3,565,700$2,847,807$7,247,591
69$7,960,889$3,666,467$2,869,257$7,871,673
70$8,696,618$3,769,843$2,889,096$8,556,229
71$9,504,989$3,875,881$2,907,196$9,307,341
72$10,393,335$3,984,636$2,923,424$10,131,713
73$11,369,736$4,096,163$2,937,639$11,036,726
74$12,443,092$4,210,519$2,949,693$12,030,517
75$13,623,210$4,327,757$2,959,431$13,122,048
76$14,920,895$4,447,934$2,966,689$14,321,191
77$16,348,049$4,571,106$2,971,296$15,638,827
78$17,917,787$4,697,327$2,973,072$17,086,941
79$19,644,559$4,826,654$2,971,827$18,678,740
80$21,544,285$4,959,141$2,967,365$20,428,774
81$23,634,507$5,094,844$2,959,476$22,353,076
82$25,934,552$5,233,816$2,947,943$24,469,312
83$28,465,715$5,376,112$2,932,538$26,796,946
84$31,251,460$5,521,784$2,913,021$29,357,425
85$34,317,642$5,670,884$2,889,140$32,174,381
86$37,692,748$5,823,465$2,860,633$35,273,855
87$41,408,169$5,979,575$2,827,225$38,684,540
88$45,498,491$6,139,263$2,788,626$42,438,053
89$50,001,827$6,302,577$2,744,535$46,569,232
90$54,960,172$6,469,561$2,694,635$51,116,469
91$60,419,800$6,640,260$2,638,595$56,122,064
92$66,431,701$6,814,714$2,576,070$61,632,633
93$73,052,062$6,992,963$2,506,696$67,699,541
94$80,342,796$7,175,042$2,430,094$74,379,391
95$88,372,127$7,360,985$2,345,868$81,734,554
96$97,215,232$7,550,821$2,253,603$89,833,761
97$106,954,953$7,744,578$2,152,865$98,752,751
98$117,682,573$7,942,277$2,043,201$108,574,983
99$129,498,684$8,143,938$1,924,137$119,392,427
100$142,514,132$8,349,573$1,795,178$131,306,431