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

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 $2,420,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.3%
1 years$199,841$198,061$196,325$194,629$192,974$185,758
2 years$98,931$97,089$95,303$93,572$91,892$84,705
3 years$65,299$63,449$61,667$59,952$58,300$51,368
4 years$48,486$46,641$44,878$43,192$41,580$34,955
5 years$38,401$36,567$34,827$33,176$31,609$25,308
6 years$31,680$29,860$28,146$26,531$25,011$19,040
7 years$26,881$25,076$23,389$21,813$20,341$14,697
8 years$23,283$21,495$19,836$18,298$16,874$11,553
9 years$20,487$18,715$17,085$15,586$14,211$9,204
10 years$18,251$16,497$14,895$13,435$12,108$7,407
11 years$16,423$14,686$13,113$11,693$10,413$6,008
12 years$14,900$13,181$11,638$10,256$9,024$4,903
13 years$13,613$11,912$10,397$9,055$7,869$4,021
14 years$12,510$10,828$9,342$8,038$6,898$3,311
15 years$11,556$9,891$8,435$7,168$6,074$2,734
16 years$10,722$9,075$7,647$6,418$5,368$2,264
17 years$9,986$8,358$6,959$5,767$4,760$1,878
18 years$9,333$7,723$6,352$5,197$4,232$1,561
19 years$8,749$7,158$5,815$4,696$3,772$1,300
20 years$8,225$6,651$5,337$4,253$3,369$1,083
21 years$7,751$6,195$4,909$3,860$3,015$903
22 years$7,320$5,783$4,524$3,510$2,703$754
23 years$6,928$5,409$4,177$3,196$2,426$630
24 years$6,569$5,068$3,863$2,915$2,181$527
25 years$6,239$4,756$3,578$2,662$1,962$440
26 years$5,935$4,470$3,319$2,434$1,767$368
27 years$5,654$4,207$3,082$2,228$1,594$308
28 years$5,394$3,964$2,865$2,041$1,438$258
29 years$5,152$3,739$2,666$1,872$1,298$216
30 years$4,926$3,531$2,483$1,718$1,173$181
31 years$4,716$3,338$2,315$1,578$1,061$152
32 years$4,519$3,159$2,160$1,450$959$127
33 years$4,334$2,991$2,017$1,334$868$106
34 years$4,160$2,835$1,884$1,227$786$89
35 years$3,997$2,689$1,762$1,129$712$75
36 years$3,844$2,552$1,648$1,040$645$63
37 years$3,698$2,424$1,543$958$585$52
38 years$3,561$2,304$1,445$883$530$44
39 years$3,432$2,191$1,353$815$481$37
40 years$3,309$2,084$1,269$751$436$31
41 years$3,192$1,984$1,190$693$396$26
42 years$3,081$1,890$1,116$640$359$22
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$13
46 years$2,689$1,561$867$465$244$11
47 years$2,602$1,490$814$430$221$9
48 years$2,518$1,422$765$397$201$8
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 $4,038 every year, while hoping to spend $36,398 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: 23/50/27 Blend
55$2,420,000$2,420,000$2,420,000$2,420,000
56$2,671,005$2,542,745$2,505,235$2,709,499
57$2,904,721$2,628,613$2,550,433$2,828,831
58$3,161,055$2,717,467$2,595,926$2,953,170
59$3,442,277$2,809,418$2,641,684$3,085,517
60$3,750,886$2,904,576$2,687,677$3,226,555
61$4,089,634$3,003,058$2,733,872$3,377,035
62$4,461,553$3,104,985$2,780,233$3,537,778
63$4,869,984$3,210,481$2,826,723$3,709,686
64$5,318,605$3,319,677$2,873,301$3,893,748
65$5,811,470$3,432,709$2,919,924$4,091,050
66$6,353,044$3,549,715$2,966,545$4,302,786
67$6,948,245$3,670,842$3,013,115$4,530,264
68$7,602,494$3,796,241$3,059,582$4,774,922
69$8,321,759$3,926,068$3,105,890$5,038,342
70$9,112,621$4,060,487$3,151,979$5,322,258
71$9,982,324$4,199,667$3,197,786$5,628,579
72$10,938,854$4,343,783$3,243,244$5,959,403
73$11,991,007$4,493,019$3,288,283$6,317,034
74$13,148,476$4,647,563$3,332,827$6,704,009
75$14,421,940$4,807,614$3,376,797$7,123,115
76$15,823,166$4,973,374$3,420,107$7,577,418
77$17,365,118$5,145,059$3,462,670$8,070,292
78$19,062,080$5,322,887$3,504,389$8,605,446
79$20,929,793$5,507,089$3,545,167$9,186,962
80$22,985,599$5,697,903$3,584,897$9,819,333
81$25,248,607$5,895,578$3,623,469$10,507,501
82$27,739,875$6,100,371$3,660,764$11,256,905
83$30,482,603$6,312,550$3,696,661$12,073,532
84$33,502,357$6,532,393$3,731,027$12,963,972
85$36,827,307$6,760,190$3,763,727$13,935,479
86$40,488,495$6,996,242$3,794,614$14,996,038
87$44,520,126$7,240,862$3,823,538$16,154,440
88$48,959,890$7,494,376$3,850,338$17,420,365
89$53,849,319$7,757,121$3,874,844$18,804,470
90$59,234,179$8,029,449$3,896,881$20,318,489
91$65,164,900$8,311,726$3,916,261$21,975,346
92$71,697,052$8,604,334$3,932,789$23,789,269
93$78,891,873$8,907,667$3,946,258$25,775,931
94$86,816,839$9,222,137$3,956,452$27,952,590
95$95,546,308$9,548,174$3,963,145$30,338,254
96$105,162,219$9,886,222$3,966,098$32,953,860
97$115,754,864$10,236,746$3,965,061$35,822,465
98$127,423,741$10,600,227$3,959,772$38,969,468
99$140,278,492$10,977,168$3,949,954$42,422,848
100$154,439,940$11,368,091$3,935,319$46,213,420