Can I retire at age 56 with 2,710,000?

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 $2,710,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.9%
1 years$223,789$221,796$219,851$217,953$216,099$213,487
2 years$110,787$108,723$106,724$104,785$102,904$100,276
3 years$73,124$71,052$69,057$67,137$65,287$62,723
4 years$54,297$52,231$50,256$48,368$46,563$44,084
5 years$43,003$40,950$39,001$37,151$35,397$33,010
6 years$35,476$33,438$31,518$29,710$28,008$25,716
7 years$30,102$28,081$26,192$24,426$22,778$20,582
8 years$26,074$24,071$22,213$20,491$18,897$16,796
9 years$22,942$20,958$19,132$17,454$15,914$13,908
10 years$20,438$18,474$16,680$15,045$13,559$11,647
11 years$18,391$16,446$14,684$13,094$11,661$9,840
12 years$16,686$14,761$13,032$11,485$10,106$8,374
13 years$15,244$13,340$11,643$10,140$8,812$7,168
14 years$14,010$12,125$10,462$9,001$7,725$6,166
15 years$12,941$11,077$9,445$8,027$6,801$5,325
16 years$12,006$10,163$8,564$7,187$6,011$4,615
17 years$11,183$9,359$7,793$6,458$5,330$4,011
18 years$10,451$8,649$7,114$5,820$4,739$3,494
19 years$9,798$8,015$6,512$5,259$4,224$3,051
20 years$9,210$7,448$5,977$4,763$3,773$2,668
21 years$8,680$6,938$5,497$4,322$3,376$2,338
22 years$8,198$6,476$5,067$3,930$3,026$2,051
23 years$7,758$6,057$4,678$3,579$2,717$1,801
24 years$7,356$5,675$4,326$3,264$2,442$1,583
25 years$6,987$5,326$4,007$2,981$2,197$1,393
26 years$6,646$5,005$3,716$2,726$1,979$1,227
27 years$6,332$4,711$3,451$2,495$1,784$1,081
28 years$6,040$4,439$3,208$2,286$1,610$953
29 years$5,769$4,187$2,985$2,096$1,454$841
30 years$5,516$3,955$2,781$1,924$1,314$743
31 years$5,281$3,738$2,593$1,767$1,188$656
32 years$5,060$3,537$2,419$1,624$1,074$579
33 years$4,853$3,350$2,259$1,493$972$512
34 years$4,659$3,175$2,110$1,374$880$452
35 years$4,476$3,011$1,973$1,265$797$400
36 years$4,304$2,858$1,846$1,165$722$354
37 years$4,142$2,715$1,727$1,073$655$313
38 years$3,988$2,580$1,618$989$594$277
39 years$3,843$2,453$1,516$912$538$245
40 years$3,705$2,334$1,421$841$488$217
41 years$3,574$2,222$1,332$776$443$192
42 years$3,450$2,116$1,250$716$402$170
43 years$3,332$2,016$1,172$661$365$150
44 years$3,220$1,922$1,101$611$331$133
45 years$3,113$1,833$1,033$564$301$118
46 years$3,011$1,748$971$521$273$104
47 years$2,913$1,668$912$481$248$92
48 years$2,820$1,593$857$445$225$82
49 years$2,731$1,521$805$411$204$72
50 years$2,646$1,453$757$380$186$64

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,710,000, adding $2,785 every year, while hoping to spend $27,244 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: 82/5/13 Blend
55$2,710,000$2,710,000$2,710,000$2,710,000
56$2,989,293$2,845,663$2,803,658$3,226,925
57$3,265,213$2,956,113$2,868,593$3,493,657
58$3,568,364$3,071,062$2,934,790$3,782,602
59$3,901,495$3,190,701$3,002,263$4,099,058
60$4,267,634$3,315,232$3,071,025$4,445,774
61$4,670,116$3,444,862$3,141,089$4,825,776
62$5,112,619$3,579,811$3,212,465$5,242,400
63$5,599,190$3,720,305$3,285,167$5,699,318
64$6,134,291$3,866,585$3,359,204$6,200,576
65$6,722,838$4,018,897$3,434,587$6,750,631
66$7,370,247$4,177,502$3,511,325$7,354,390
67$8,082,485$4,342,672$3,589,427$8,017,262
68$8,866,125$4,514,690$3,668,900$8,745,204
69$9,728,413$4,693,853$3,749,751$9,544,777
70$10,677,329$4,880,470$3,831,985$10,423,212
71$11,721,668$5,074,864$3,915,608$11,388,474
72$12,871,120$5,277,374$4,000,623$12,449,336
73$14,136,363$5,488,354$4,087,032$13,615,466
74$15,529,160$5,708,171$4,174,836$14,897,515
75$17,062,475$5,937,213$4,264,034$16,307,218
76$18,750,593$6,175,881$4,354,624$17,857,502
77$20,609,253$6,424,599$4,446,603$19,562,614
78$22,655,798$6,683,806$4,539,966$21,438,247
79$24,909,340$6,953,962$4,634,705$23,501,694
80$27,390,936$7,235,550$4,730,811$25,772,008
81$30,123,791$7,529,072$4,828,274$28,270,184
82$33,133,476$7,835,055$4,927,079$31,019,354
83$36,448,166$8,154,048$5,027,212$34,045,004
84$40,098,909$8,486,627$5,128,653$37,375,219
85$44,119,919$8,833,392$5,231,384$41,040,945
86$48,548,895$9,194,973$5,335,380$45,076,280
87$53,427,383$9,572,027$5,440,615$49,518,795
88$58,801,161$9,965,241$5,547,061$54,409,890
89$64,720,676$10,375,335$5,654,684$59,795,186
90$71,241,518$10,803,059$5,763,450$65,724,950
91$78,424,945$11,249,202$5,873,318$72,254,574
92$86,338,461$11,714,584$5,984,245$79,445,093
93$95,056,452$12,200,066$6,096,185$87,363,766
94$104,660,889$12,706,548$6,209,086$96,084,705
95$115,242,102$13,234,971$6,322,893$105,689,579
96$126,899,631$13,786,320$6,437,545$116,268,380
97$139,743,168$14,361,624$6,552,977$127,920,274
98$153,893,589$14,961,961$6,669,119$140,754,537
99$169,484,095$15,588,458$6,785,895$154,891,587
100$186,661,475$16,242,294$6,903,224$170,464,115