Can I retire at age 56 with 2,430,000?

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 $2,430,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.4%
1 years$200,667$198,880$197,136$195,434$193,772$187,194
2 years$99,340$97,490$95,697$93,958$92,272$85,712
3 years$65,569$63,711$61,922$60,200$58,541$52,204
4 years$48,687$46,834$45,064$43,371$41,752$35,686
5 years$38,560$36,719$34,971$33,313$31,739$25,960
6 years$31,811$29,983$28,262$26,641$25,114$19,627
7 years$26,992$25,180$23,486$21,903$20,425$15,228
8 years$23,380$21,584$19,918$18,374$16,944$12,035
9 years$20,571$18,793$17,155$15,650$14,269$9,641
10 years$18,326$16,565$14,956$13,491$12,158$7,803
11 years$16,490$14,747$13,167$11,741$10,457$6,367
12 years$14,962$13,236$11,686$10,298$9,061$5,227
13 years$13,669$11,961$10,440$9,092$7,902$4,313
14 years$12,562$10,873$9,381$8,071$6,927$3,573
15 years$11,604$9,932$8,469$7,198$6,099$2,970
16 years$10,766$9,113$7,679$6,445$5,390$2,475
17 years$10,027$8,392$6,987$5,791$4,779$2,068
18 years$9,372$7,755$6,379$5,218$4,249$1,730
19 years$8,786$7,187$5,839$4,715$3,788$1,450
20 years$8,259$6,679$5,359$4,271$3,383$1,217
21 years$7,783$6,221$4,929$3,876$3,028$1,022
22 years$7,351$5,807$4,543$3,524$2,714$859
23 years$6,957$5,431$4,195$3,209$2,436$723
24 years$6,596$5,089$3,879$2,927$2,190$609
25 years$6,265$4,775$3,593$2,673$1,970$513
26 years$5,960$4,488$3,332$2,444$1,775$432
27 years$5,677$4,224$3,094$2,237$1,600$364
28 years$5,416$3,980$2,877$2,050$1,444$307
29 years$5,173$3,755$2,677$1,880$1,304$259
30 years$4,946$3,546$2,494$1,725$1,178$218
31 years$4,735$3,352$2,325$1,584$1,065$184
32 years$4,537$3,172$2,169$1,456$963$156
33 years$4,352$3,004$2,025$1,339$872$131
34 years$4,178$2,847$1,892$1,232$789$111
35 years$4,014$2,700$1,769$1,134$715$94
36 years$3,859$2,563$1,655$1,045$648$79
37 years$3,714$2,434$1,549$962$587$67
38 years$3,576$2,313$1,451$887$532$56
39 years$3,446$2,200$1,359$818$483$48
40 years$3,322$2,093$1,274$754$438$40
41 years$3,205$1,992$1,194$696$397$34
42 years$3,094$1,897$1,120$642$360$29
43 years$2,988$1,808$1,051$593$327$24
44 years$2,887$1,723$987$548$297$20
45 years$2,791$1,643$927$506$270$17
46 years$2,700$1,568$870$467$245$15
47 years$2,612$1,496$818$432$222$12
48 years$2,529$1,428$768$399$202$10
49 years$2,449$1,364$722$369$183$9
50 years$2,373$1,303$679$341$166$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,430,000, adding $4,472 every year, while hoping to spend $58,903 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: 68/10/22 Blend
55$2,430,000$2,430,000$2,430,000$2,430,000
56$2,682,473$2,553,683$2,516,018$2,849,710
57$2,893,413$2,616,141$2,537,632$3,024,738
58$3,123,894$2,679,685$2,557,996$3,208,909
59$3,375,849$2,744,307$2,577,006$3,408,981
60$3,651,402$2,809,995$2,594,553$3,626,521
61$3,952,895$2,876,734$2,610,520$3,863,256
62$4,282,905$2,944,509$2,624,787$4,121,089
63$4,644,271$3,013,300$2,637,228$4,402,115
64$5,040,118$3,083,083$2,647,706$4,708,644
65$5,473,889$3,153,833$2,656,083$5,043,221
66$5,949,375$3,225,520$2,662,211$5,408,651
67$6,470,750$3,298,110$2,665,934$5,808,023
68$7,042,614$3,371,564$2,667,090$6,244,742
69$7,670,030$3,445,841$2,665,507$6,722,562
70$8,358,579$3,520,893$2,661,008$7,245,616
71$9,114,406$3,596,668$2,653,403$7,818,463
72$9,944,279$3,673,108$2,642,495$8,446,124
73$10,855,655$3,750,150$2,628,079$9,134,134
74$11,856,749$3,827,725$2,609,937$9,888,591
75$12,956,611$3,905,757$2,587,843$10,716,218
76$14,165,208$3,984,161$2,561,558$11,624,422
77$15,493,523$4,062,849$2,530,835$12,621,368
78$16,953,655$4,141,722$2,495,411$13,716,052
79$18,558,934$4,220,673$2,455,013$14,918,390
80$20,324,046$4,299,586$2,409,357$16,239,310
81$22,265,171$4,378,338$2,358,142$17,690,856
82$24,400,135$4,456,793$2,301,056$19,286,302
83$26,748,578$4,534,805$2,237,771$21,040,276
84$29,332,140$4,612,218$2,167,944$22,968,899
85$32,174,666$4,688,864$2,091,217$25,089,941
86$35,302,424$4,764,560$2,007,215$27,422,983
87$38,744,360$4,839,113$1,915,546$29,989,606
88$42,532,369$4,912,313$1,815,801$32,813,597
89$46,701,591$4,983,937$1,707,550$35,921,167
90$51,290,747$5,053,744$1,590,348$39,341,206
91$56,342,504$5,121,478$1,463,725$43,105,554
92$61,903,873$5,186,865$1,327,193$47,249,300
93$68,026,657$5,249,609$1,180,243$51,811,116
94$74,767,935$5,309,399$1,022,340$56,833,622
95$82,190,604$5,365,899$852,928$62,363,789
96$90,363,970$5,418,753$671,425$68,453,382
97$99,364,401$5,467,578$477,225$75,159,452
98$109,276,051$5,511,971$269,693$82,544,873
99$120,191,649$5,551,497$48,168$90,678,939
100$132,213,375$5,585,698$0$99,638,013