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%11.1%
1 years$199,841$198,061$196,325$194,629$192,974$192,080
2 years$98,931$97,089$95,303$93,572$91,892$90,990
3 years$65,299$63,449$61,667$59,952$58,300$57,418
4 years$48,486$46,641$44,878$43,192$41,580$40,724
5 years$38,401$36,567$34,827$33,176$31,609$30,781
6 years$31,680$29,860$28,146$26,531$25,011$24,213
7 years$26,881$25,076$23,389$21,813$20,341$19,573
8 years$23,283$21,495$19,836$18,298$16,874$16,138
9 years$20,487$18,715$17,085$15,586$14,211$13,504
10 years$18,251$16,497$14,895$13,435$12,108$11,431
11 years$16,423$14,686$13,113$11,693$10,413$9,766
12 years$14,900$13,181$11,638$10,256$9,024$8,406
13 years$13,613$11,912$10,397$9,055$7,869$7,279
14 years$12,510$10,828$9,342$8,038$6,898$6,336
15 years$11,556$9,891$8,435$7,168$6,074$5,538
16 years$10,722$9,075$7,647$6,418$5,368$4,859
17 years$9,986$8,358$6,959$5,767$4,760$4,276
18 years$9,333$7,723$6,352$5,197$4,232$3,773
19 years$8,749$7,158$5,815$4,696$3,772$3,337
20 years$8,225$6,651$5,337$4,253$3,369$2,958
21 years$7,751$6,195$4,909$3,860$3,015$2,626
22 years$7,320$5,783$4,524$3,510$2,703$2,335
23 years$6,928$5,409$4,177$3,196$2,426$2,079
24 years$6,569$5,068$3,863$2,915$2,181$1,853
25 years$6,239$4,756$3,578$2,662$1,962$1,653
26 years$5,935$4,470$3,319$2,434$1,767$1,477
27 years$5,654$4,207$3,082$2,228$1,594$1,320
28 years$5,394$3,964$2,865$2,041$1,438$1,181
29 years$5,152$3,739$2,666$1,872$1,298$1,057
30 years$4,926$3,531$2,483$1,718$1,173$947
31 years$4,716$3,338$2,315$1,578$1,061$848
32 years$4,519$3,159$2,160$1,450$959$761
33 years$4,334$2,991$2,017$1,334$868$682
34 years$4,160$2,835$1,884$1,227$786$612
35 years$3,997$2,689$1,762$1,129$712$549
36 years$3,844$2,552$1,648$1,040$645$493
37 years$3,698$2,424$1,543$958$585$443
38 years$3,561$2,304$1,445$883$530$398
39 years$3,432$2,191$1,353$815$481$357
40 years$3,309$2,084$1,269$751$436$321
41 years$3,192$1,984$1,190$693$396$289
42 years$3,081$1,890$1,116$640$359$259
43 years$2,976$1,800$1,047$591$326$233
44 years$2,875$1,716$983$545$296$210
45 years$2,780$1,636$923$504$268$189
46 years$2,689$1,561$867$465$244$170
47 years$2,602$1,490$814$430$221$153
48 years$2,518$1,422$765$397$201$137
49 years$2,439$1,358$719$367$183$123
50 years$2,363$1,297$676$339$166$111

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 $3,521 every year, while hoping to spend $23,560 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: 45/31/24 Blend
55$2,420,000$2,420,000$2,420,000$2,420,000
56$2,670,472$2,542,212$2,504,702$2,772,004
57$2,917,792$2,641,713$2,563,542$2,943,586
58$3,189,550$2,745,299$2,623,563$3,126,978
59$3,488,212$2,853,147$2,684,781$3,325,396
60$3,816,498$2,965,439$2,747,209$3,540,252
61$4,177,402$3,082,367$2,810,862$3,773,097
62$4,574,225$3,204,131$2,875,753$4,025,635
63$5,010,601$3,330,939$2,941,896$4,299,740
64$5,490,537$3,463,009$3,009,304$4,597,474
65$6,018,444$3,600,570$3,077,989$4,921,101
66$6,599,187$3,743,859$3,147,963$5,273,114
67$7,238,121$3,893,125$3,219,237$5,656,252
68$7,941,150$4,048,629$3,291,822$6,073,531
69$8,714,778$4,210,641$3,365,728$6,528,266
70$9,566,169$4,379,447$3,440,964$7,024,106
71$10,503,221$4,555,343$3,517,539$7,565,065
72$11,534,633$4,738,638$3,595,460$8,155,559
73$12,669,992$4,929,657$3,674,734$8,800,451
74$13,919,860$5,128,740$3,755,367$9,505,091
75$15,295,877$5,336,239$3,837,363$10,275,365
76$16,810,868$5,552,526$3,920,726$11,117,756
77$18,478,964$5,777,988$4,005,458$12,039,398
78$20,315,738$6,013,029$4,091,561$13,048,146
79$22,338,349$6,258,073$4,179,033$14,152,646
80$24,565,703$6,513,561$4,267,873$15,362,417
81$27,018,636$6,779,957$4,358,079$16,687,942
82$29,720,106$7,057,744$4,449,643$18,140,761
83$32,695,412$7,347,428$4,542,561$19,733,583
84$35,972,430$7,649,538$4,636,823$21,480,403
85$39,581,880$7,964,627$4,732,418$23,396,630
86$43,557,611$8,293,274$4,829,334$25,499,237
87$47,936,927$8,636,084$4,927,556$27,806,915
88$52,760,930$8,993,689$5,027,066$30,340,249
89$58,074,916$9,366,751$5,127,844$33,121,910
90$63,928,799$9,755,963$5,229,868$36,176,872
91$70,377,581$10,162,049$5,333,113$39,532,639
92$77,481,871$10,585,767$5,437,550$43,219,506
93$85,308,461$11,027,909$5,543,147$47,270,846
94$93,930,952$11,489,304$5,649,870$51,723,419
95$103,430,449$11,970,820$5,757,680$56,617,717
96$113,896,329$12,473,364$5,866,537$61,998,347
97$125,427,081$12,997,886$5,976,393$67,914,448
98$138,131,241$13,545,379$6,087,199$74,420,153
99$152,128,408$14,116,883$6,198,901$81,575,097
100$167,550,381$14,713,486$6,311,440$89,444,978