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%14.4%
1 years$201,493$199,698$197,947$196,238$194,569$191,031
2 years$99,749$97,891$96,091$94,345$92,652$89,100
3 years$65,839$63,973$62,177$60,448$58,782$55,328
4 years$48,887$47,027$45,249$43,549$41,924$38,593
5 years$38,719$36,870$35,115$33,450$31,870$28,672
6 years$31,942$30,107$28,378$26,750$25,218$22,156
7 years$27,103$25,284$23,582$21,993$20,509$17,584
8 years$23,476$21,673$20,000$18,449$17,014$14,226
9 years$20,656$18,870$17,226$15,715$14,328$11,675
10 years$18,402$16,633$15,018$13,546$12,208$9,688
11 years$16,558$14,807$13,221$11,789$10,500$8,109
12 years$15,023$13,290$11,734$10,341$9,099$6,835
13 years$13,725$12,011$10,483$9,129$7,934$5,793
14 years$12,614$10,917$9,419$8,104$6,955$4,933
15 years$11,651$9,973$8,504$7,227$6,124$4,217
16 years$10,810$9,150$7,710$6,471$5,412$3,617
17 years$10,069$8,427$7,016$5,814$4,799$3,110
18 years$9,410$7,787$6,405$5,240$4,267$2,680
19 years$8,822$7,217$5,863$4,735$3,803$2,315
20 years$8,293$6,706$5,381$4,288$3,397$2,002
21 years$7,815$6,247$4,950$3,892$3,040$1,734
22 years$7,381$5,831$4,562$3,539$2,725$1,504
23 years$6,985$5,454$4,212$3,223$2,446$1,306
24 years$6,623$5,110$3,895$2,939$2,199$1,134
25 years$6,291$4,795$3,608$2,684$1,978$987
26 years$5,984$4,507$3,346$2,454$1,782$858
27 years$5,701$4,241$3,107$2,247$1,607$747
28 years$5,438$3,997$2,889$2,058$1,450$651
29 years$5,194$3,770$2,688$1,888$1,309$568
30 years$4,967$3,561$2,504$1,732$1,183$495
31 years$4,754$3,366$2,334$1,591$1,069$432
32 years$4,556$3,185$2,178$1,462$967$376
33 years$4,370$3,016$2,033$1,345$875$329
34 years$4,195$2,859$1,900$1,237$793$287
35 years$4,030$2,711$1,776$1,139$718$250
36 years$3,875$2,573$1,662$1,049$650$219
37 years$3,729$2,444$1,555$966$590$191
38 years$3,591$2,323$1,457$891$534$167
39 years$3,460$2,209$1,365$821$485$146
40 years$3,336$2,102$1,279$758$440$127
41 years$3,218$2,000$1,199$699$399$111
42 years$3,106$1,905$1,125$645$362$97
43 years$3,000$1,815$1,056$595$328$85
44 years$2,899$1,730$991$550$298$74
45 years$2,803$1,650$930$508$271$65
46 years$2,711$1,574$874$469$246$57
47 years$2,623$1,502$821$433$223$49
48 years$2,539$1,434$772$400$203$43
49 years$2,459$1,369$725$370$184$38
50 years$2,382$1,308$682$342$167$33

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 $6,356 every year, while hoping to spend $55,643 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: 47/25/28 Blend
55$2,440,000$2,440,000$2,440,000$2,440,000
56$2,695,436$2,566,116$2,528,296$2,800,220
57$2,911,167$2,632,652$2,553,790$2,941,358
58$3,147,037$2,700,584$2,578,274$3,088,554
59$3,405,043$2,769,920$2,601,654$3,247,268
60$3,687,381$2,840,669$2,623,832$3,418,613
61$3,996,470$2,912,839$2,644,708$3,603,812
62$4,334,976$2,986,433$2,664,171$3,804,217
63$4,705,831$3,061,456$2,682,108$4,021,315
64$5,112,267$3,137,909$2,698,400$4,256,745
65$5,557,842$3,215,791$2,712,921$4,512,314
66$6,046,477$3,295,099$2,725,538$4,790,013
67$6,582,486$3,375,827$2,736,112$5,092,036
68$7,170,625$3,457,969$2,744,498$5,420,802
69$7,816,132$3,541,512$2,750,541$5,778,976
70$8,524,774$3,626,443$2,754,081$6,169,496
71$9,302,907$3,712,744$2,754,949$6,595,600
72$10,157,530$3,800,396$2,752,966$7,060,857
73$11,096,356$3,889,373$2,747,948$7,569,201
74$12,127,878$3,979,646$2,739,699$8,124,968
75$13,261,457$4,071,183$2,728,013$8,732,937
76$14,507,401$4,163,947$2,712,677$9,398,377
77$15,877,069$4,257,894$2,693,465$10,127,096
78$17,382,976$4,352,976$2,670,142$10,925,492
79$19,038,909$4,449,141$2,642,461$11,800,624
80$20,860,057$4,546,328$2,610,163$12,760,267
81$22,863,156$4,644,472$2,572,977$13,812,994
82$25,066,645$4,743,499$2,530,619$14,968,255
83$27,490,842$4,843,329$2,482,793$16,236,465
84$30,158,129$4,943,873$2,429,188$17,629,106
85$33,093,171$5,045,036$2,369,479$19,158,833
86$36,323,143$5,146,711$2,303,325$20,839,594
87$39,877,988$5,248,784$2,230,370$22,686,767
88$43,790,698$5,351,130$2,150,243$24,717,298
89$48,097,627$5,453,614$2,062,555$26,949,869
90$52,838,832$5,556,088$1,966,897$29,405,071
91$58,058,450$5,658,393$1,862,845$32,105,600
92$63,805,116$5,760,358$1,749,955$35,076,473
93$70,132,420$5,861,798$1,627,760$38,345,263
94$77,099,413$5,962,512$1,495,777$41,942,363
95$84,771,165$6,062,287$1,353,496$45,901,271
96$93,219,374$6,160,890$1,200,389$50,258,911
97$102,523,050$6,258,073$1,035,902$55,055,979
98$112,769,253$6,353,570$859,457$60,337,330
99$124,053,918$6,447,096$670,449$66,152,404
100$136,482,757$6,538,344$468,249$72,555,691