Can I retire at age 56 with 2,440,000?

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 $2,440,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.6%
1 years$201,493$199,698$197,947$196,238$194,569$193,262
2 years$99,749$97,891$96,091$94,345$92,652$91,334
3 years$65,839$63,973$62,177$60,448$58,782$57,493
4 years$48,887$47,027$45,249$43,549$41,924$40,675
5 years$38,719$36,870$35,115$33,450$31,870$30,664
6 years$31,942$30,107$28,378$26,750$25,218$24,057
7 years$27,103$25,284$23,582$21,993$20,509$19,393
8 years$23,476$21,673$20,000$18,449$17,014$15,944
9 years$20,656$18,870$17,226$15,715$14,328$13,303
10 years$18,402$16,633$15,018$13,546$12,208$11,228
11 years$16,558$14,807$13,221$11,789$10,500$9,563
12 years$15,023$13,290$11,734$10,341$9,099$8,205
13 years$13,725$12,011$10,483$9,129$7,934$7,083
14 years$12,614$10,917$9,419$8,104$6,955$6,145
15 years$11,651$9,973$8,504$7,227$6,124$5,354
16 years$10,810$9,150$7,710$6,471$5,412$4,681
17 years$10,069$8,427$7,016$5,814$4,799$4,105
18 years$9,410$7,787$6,405$5,240$4,267$3,610
19 years$8,822$7,217$5,863$4,735$3,803$3,181
20 years$8,293$6,706$5,381$4,288$3,397$2,809
21 years$7,815$6,247$4,950$3,892$3,040$2,485
22 years$7,381$5,831$4,562$3,539$2,725$2,201
23 years$6,985$5,454$4,212$3,223$2,446$1,953
24 years$6,623$5,110$3,895$2,939$2,199$1,734
25 years$6,291$4,795$3,608$2,684$1,978$1,541
26 years$5,984$4,507$3,346$2,454$1,782$1,371
27 years$5,701$4,241$3,107$2,247$1,607$1,221
28 years$5,438$3,997$2,889$2,058$1,450$1,088
29 years$5,194$3,770$2,688$1,888$1,309$970
30 years$4,967$3,561$2,504$1,732$1,183$865
31 years$4,754$3,366$2,334$1,591$1,069$772
32 years$4,556$3,185$2,178$1,462$967$689
33 years$4,370$3,016$2,033$1,345$875$616
34 years$4,195$2,859$1,900$1,237$793$550
35 years$4,030$2,711$1,776$1,139$718$492
36 years$3,875$2,573$1,662$1,049$650$440
37 years$3,729$2,444$1,555$966$590$393
38 years$3,591$2,323$1,457$891$534$352
39 years$3,460$2,209$1,365$821$485$315
40 years$3,336$2,102$1,279$758$440$281
41 years$3,218$2,000$1,199$699$399$252
42 years$3,106$1,905$1,125$645$362$225
43 years$3,000$1,815$1,056$595$328$202
44 years$2,899$1,730$991$550$298$181
45 years$2,803$1,650$930$508$271$162
46 years$2,711$1,574$874$469$246$145
47 years$2,623$1,502$821$433$223$130
48 years$2,539$1,434$772$400$203$116
49 years$2,459$1,369$725$370$184$104
50 years$2,382$1,308$682$342$167$93

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,440,000, adding $4,037 every year, while hoping to spend $49,200 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: 74/17/9 Blend
55$2,440,000$2,440,000$2,440,000$2,440,000
56$2,693,044$2,563,724$2,525,904$2,887,898
57$2,915,386$2,636,998$2,558,174$3,090,189
58$3,158,758$2,712,214$2,589,875$3,305,159
59$3,425,253$2,789,414$2,620,937$3,539,284
60$3,717,176$2,868,642$2,651,286$3,794,446
61$4,037,066$2,949,943$2,680,842$4,072,714
62$4,387,717$3,033,361$2,709,520$4,376,368
63$4,772,209$3,118,941$2,737,234$4,707,921
64$5,193,934$3,206,728$2,763,891$5,070,135
65$5,656,625$3,296,768$2,789,391$5,466,057
66$6,164,397$3,389,106$2,813,632$5,899,041
67$6,721,783$3,483,789$2,836,506$6,372,779
68$7,333,773$3,580,863$2,857,897$6,891,341
69$8,005,866$3,680,374$2,877,685$7,459,207
70$8,744,121$3,782,369$2,895,744$8,081,316
71$9,555,210$3,886,893$2,911,940$8,763,103
72$10,446,484$3,993,994$2,926,133$9,510,560
73$11,426,043$4,103,717$2,938,176$10,330,285
74$12,502,808$4,216,108$2,947,914$11,229,549
75$13,686,610$4,331,212$2,955,184$12,216,361
76$14,988,277$4,449,075$2,959,816$13,299,544
77$16,419,742$4,569,740$2,961,630$14,488,821
78$17,994,150$4,693,252$2,960,439$15,794,900
79$19,725,985$4,819,653$2,956,046$17,229,584
80$21,631,205$4,948,986$2,948,243$18,805,874
81$23,727,392$5,081,290$2,936,813$20,538,096
82$26,033,919$5,216,606$2,921,529$22,442,033
83$28,572,132$5,354,973$2,902,153$24,535,078
84$31,365,548$5,496,425$2,878,434$26,836,393
85$34,440,084$5,641,000$2,850,112$29,367,094
86$37,824,292$5,788,729$2,816,910$32,150,445
87$41,549,637$5,939,643$2,778,543$35,212,085
88$45,650,785$6,093,771$2,734,710$38,580,261
89$50,165,938$6,251,138$2,685,095$42,286,101
90$55,137,187$6,411,768$2,629,370$46,363,903
91$60,610,915$6,575,680$2,567,189$50,851,464
92$66,638,231$6,742,890$2,498,191$55,790,431
93$73,275,449$6,913,411$2,422,000$61,226,696
94$80,584,628$7,087,251$2,338,220$67,210,831
95$88,634,149$7,264,414$2,246,439$73,798,561
96$97,499,362$7,444,900$2,146,224$81,051,295
97$107,263,299$7,628,703$2,037,125$89,036,700
98$118,017,456$7,815,810$1,918,670$97,829,344
99$129,862,657$8,006,205$1,790,365$107,511,397
100$142,910,001$8,199,863$1,651,696$118,173,409