Can I retire at age 56 with 2,470,000?

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 $2,470,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.1%
1 years$203,970$202,153$200,381$198,651$196,961$192,044
2 years$100,975$99,095$97,272$95,505$93,791$88,868
3 years$66,648$64,760$62,942$61,191$59,505$54,730
4 years$49,488$47,605$45,805$44,085$42,439$37,850
5 years$39,195$37,323$35,547$33,861$32,262$27,870
6 years$32,335$30,477$28,727$27,079$25,528$21,338
7 years$27,436$25,595$23,872$22,263$20,761$16,774
8 years$23,765$21,939$20,246$18,676$17,223$13,437
9 years$20,910$19,102$17,438$15,908$14,504$10,916
10 years$18,628$16,838$15,202$13,713$12,358$8,963
11 years$16,762$14,989$13,384$11,934$10,629$7,422
12 years$15,208$13,454$11,878$10,468$9,211$6,187
13 years$13,894$12,158$10,612$9,242$8,032$5,185
14 years$12,769$11,052$9,535$8,204$7,041$4,364
15 years$11,795$10,096$8,609$7,316$6,199$3,687
16 years$10,943$9,263$7,805$6,551$5,479$3,124
17 years$10,192$8,531$7,102$5,886$4,858$2,654
18 years$9,526$7,883$6,484$5,304$4,319$2,259
19 years$8,930$7,306$5,935$4,793$3,850$1,926
20 years$8,395$6,789$5,447$4,341$3,439$1,645
21 years$7,911$6,323$5,010$3,940$3,077$1,406
22 years$7,472$5,903$4,618$3,582$2,758$1,204
23 years$7,071$5,521$4,264$3,262$2,476$1,031
24 years$6,705$5,172$3,943$2,975$2,226$884
25 years$6,368$4,854$3,652$2,717$2,003$758
26 years$6,058$4,562$3,387$2,485$1,804$651
27 years$5,771$4,293$3,145$2,274$1,626$559
28 years$5,505$4,046$2,924$2,084$1,468$480
29 years$5,258$3,817$2,721$1,911$1,325$413
30 years$5,028$3,604$2,535$1,754$1,197$355
31 years$4,813$3,407$2,363$1,611$1,083$305
32 years$4,612$3,224$2,205$1,480$979$263
33 years$4,423$3,053$2,058$1,361$886$226
34 years$4,246$2,894$1,923$1,252$802$194
35 years$4,080$2,745$1,798$1,153$727$167
36 years$3,923$2,605$1,682$1,062$658$144
37 years$3,775$2,474$1,574$978$597$124
38 years$3,635$2,351$1,474$902$541$107
39 years$3,502$2,236$1,381$831$491$92
40 years$3,377$2,127$1,295$767$445$79
41 years$3,258$2,025$1,214$707$404$68
42 years$3,145$1,929$1,139$653$366$59
43 years$3,037$1,838$1,069$603$332$50
44 years$2,935$1,752$1,003$557$302$43
45 years$2,837$1,670$942$514$274$37
46 years$2,744$1,593$885$475$249$32
47 years$2,655$1,521$831$439$226$28
48 years$2,570$1,452$781$405$205$24
49 years$2,489$1,386$734$375$186$21
50 years$2,412$1,324$690$346$169$18

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,470,000, adding $5,199 every year, while hoping to spend $24,369 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: 64/15/21 Blend
55$2,470,000$2,470,000$2,470,000$2,470,000
56$2,727,303$2,596,393$2,558,108$2,886,826
57$2,979,559$2,697,688$2,617,876$3,096,141
58$3,256,729$2,803,129$2,678,830$3,321,509
59$3,561,328$2,912,895$2,740,983$3,567,164
60$3,896,127$3,027,170$2,804,349$3,835,094
61$4,264,178$3,146,148$2,868,942$4,127,485
62$4,668,847$3,270,032$2,934,774$4,446,745
63$5,113,838$3,399,032$3,001,857$4,795,521
64$5,603,234$3,533,369$3,070,204$5,176,733
65$6,141,534$3,673,275$3,139,826$5,593,590
66$6,733,694$3,818,988$3,210,733$6,049,630
67$7,385,174$3,970,762$3,282,937$6,548,744
68$8,101,992$4,128,859$3,356,445$7,095,220
69$8,890,776$4,293,555$3,431,267$7,693,779
70$9,758,831$4,465,135$3,507,410$8,349,620
71$10,714,206$4,643,900$3,584,882$9,068,466
72$11,765,768$4,830,164$3,663,688$9,856,625
73$12,923,288$5,024,254$3,743,834$10,721,039
74$14,197,535$5,226,514$3,825,324$11,669,358
75$15,600,370$5,437,300$3,908,159$12,710,005
76$17,144,868$5,656,987$3,992,342$13,852,261
77$18,845,431$5,885,967$4,077,873$15,106,345
78$20,717,934$6,124,648$4,164,750$16,483,516
79$22,779,865$6,373,458$4,252,972$17,996,177
80$25,050,498$6,632,844$4,342,532$19,657,990
81$27,551,068$6,903,272$4,433,427$21,484,004
82$30,304,977$7,185,233$4,525,647$23,490,800
83$33,338,012$7,479,236$4,619,183$25,696,642
84$36,678,587$7,785,816$4,714,023$28,121,652
85$40,358,013$8,105,532$4,810,153$30,787,999
86$44,410,794$8,438,967$4,907,557$33,720,106
87$48,874,952$8,786,733$5,006,217$36,944,880
88$53,792,382$9,149,468$5,106,111$40,491,967
89$59,209,255$9,527,841$5,207,215$44,394,029
90$65,176,445$9,922,552$5,309,502$48,687,052
91$71,750,015$10,334,330$5,412,944$53,410,685
92$78,991,745$10,763,940$5,517,506$58,608,612
93$86,969,714$11,212,184$5,623,153$64,328,966
94$95,758,940$11,679,897$5,729,844$70,624,781
95$105,442,095$12,167,955$5,837,537$77,554,490
96$116,110,277$12,677,273$5,946,183$85,182,479
97$127,863,877$13,208,810$6,055,731$93,579,689
98$140,813,519$13,763,569$6,166,125$102,824,288
99$155,081,112$14,342,598$6,277,304$113,002,408
100$170,800,995$14,946,995$6,389,204$124,208,955