Can I retire at age 56 with 2,720,000?

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 $2,720,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.7%
1 years$224,615$222,614$220,662$218,757$216,897$210,969
2 years$111,196$109,125$107,118$105,172$103,284$97,355
3 years$73,394$71,314$69,312$67,384$65,528$59,783
4 years$54,497$52,423$50,442$48,547$46,735$41,219
5 years$43,162$41,101$39,145$37,289$35,527$30,255
6 years$35,607$33,562$31,635$29,820$28,111$23,088
7 years$30,213$28,185$26,289$24,517$22,862$18,088
8 years$26,170$24,160$22,295$20,566$18,966$14,439
9 years$23,027$21,035$19,203$17,518$15,972$11,687
10 years$20,513$18,542$16,741$15,101$13,609$9,561
11 years$18,458$16,507$14,739$13,142$11,704$7,886
12 years$16,747$14,815$13,080$11,527$10,143$6,548
13 years$15,300$13,389$11,686$10,177$8,845$5,466
14 years$14,061$12,170$10,500$9,034$7,753$4,582
15 years$12,988$11,118$9,480$8,057$6,827$3,854
16 years$12,051$10,200$8,595$7,214$6,033$3,252
17 years$11,224$9,394$7,821$6,482$5,350$2,750
18 years$10,490$8,680$7,140$5,841$4,757$2,331
19 years$9,834$8,045$6,536$5,278$4,240$1,978
20 years$9,244$7,476$5,999$4,780$3,787$1,682
21 years$8,712$6,963$5,518$4,338$3,389$1,431
22 years$8,228$6,500$5,085$3,945$3,038$1,219
23 years$7,787$6,079$4,695$3,592$2,727$1,040
24 years$7,383$5,696$4,342$3,277$2,451$887
25 years$7,013$5,345$4,022$2,992$2,205$758
26 years$6,671$5,024$3,730$2,736$1,987$647
27 years$6,355$4,728$3,464$2,504$1,791$553
28 years$6,062$4,455$3,220$2,295$1,616$473
29 years$5,790$4,203$2,997$2,104$1,459$404
30 years$5,537$3,969$2,791$1,931$1,319$346
31 years$5,300$3,752$2,602$1,774$1,192$296
32 years$5,079$3,550$2,428$1,630$1,078$253
33 years$4,871$3,362$2,267$1,499$976$217
34 years$4,676$3,187$2,118$1,379$884$186
35 years$4,493$3,023$1,980$1,270$800$159
36 years$4,320$2,869$1,852$1,169$725$136
37 years$4,157$2,725$1,734$1,077$657$117
38 years$4,003$2,589$1,624$993$596$100
39 years$3,857$2,462$1,521$916$540$86
40 years$3,719$2,343$1,426$844$490$73
41 years$3,588$2,230$1,337$779$445$63
42 years$3,463$2,124$1,254$719$403$54
43 years$3,345$2,024$1,177$664$366$46
44 years$3,232$1,929$1,105$613$332$39
45 years$3,124$1,839$1,037$566$302$34
46 years$3,022$1,755$974$523$274$29
47 years$2,924$1,674$915$483$249$25
48 years$2,831$1,599$860$446$226$21
49 years$2,741$1,526$808$412$205$18
50 years$2,656$1,458$760$381$186$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,720,000, adding $4,363 every year, while hoping to spend $59,882 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: 77/16/7 Blend
55$2,720,000$2,720,000$2,720,000$2,720,000
56$3,001,940$2,857,780$2,815,620$3,230,213
57$3,244,424$2,934,098$2,846,230$3,457,046
58$3,509,635$3,012,148$2,875,857$3,697,509
59$3,799,826$3,091,952$2,904,407$3,959,392
60$4,117,482$3,173,531$2,931,779$4,244,797
61$4,465,336$3,256,904$2,957,864$4,556,041
62$4,846,399$3,342,091$2,982,551$4,895,674
63$5,263,986$3,429,109$3,005,721$5,266,503
64$5,721,750$3,517,973$3,027,251$5,671,621
65$6,223,713$3,608,697$3,047,007$6,114,434
66$6,774,303$3,701,295$3,064,854$6,598,693
67$7,378,401$3,795,777$3,080,645$7,128,529
68$8,041,379$3,892,152$3,094,228$7,708,494
69$8,769,159$3,990,426$3,105,444$8,343,600
70$9,568,260$4,090,604$3,114,123$9,039,370
71$10,445,866$4,192,687$3,120,089$9,801,885
72$11,409,889$4,296,673$3,123,158$10,637,848
73$12,469,047$4,402,560$3,123,133$11,554,639
74$13,632,943$4,510,338$3,119,810$12,560,393
75$14,912,155$4,619,997$3,112,976$13,664,068
76$16,318,340$4,731,521$3,102,406$14,875,537
77$17,864,338$4,844,893$3,087,863$16,205,675
78$19,564,295$4,960,088$3,069,102$17,666,465
79$21,433,799$5,077,078$3,045,862$19,271,110
80$23,490,021$5,195,830$3,017,874$21,034,155
81$25,751,883$5,316,304$2,984,852$22,971,630
82$28,240,229$5,438,458$2,946,499$25,101,194
83$30,978,029$5,562,238$2,902,503$27,442,306
84$33,990,589$5,687,589$2,852,538$30,016,407
85$37,305,794$5,814,446$2,796,262$32,847,122
86$40,954,366$5,942,735$2,733,319$35,960,485
87$44,970,160$6,072,378$2,663,333$39,385,180
88$49,390,476$6,203,283$2,585,914$43,152,817
89$54,256,414$6,335,354$2,500,653$47,298,224
90$59,613,264$6,468,482$2,407,120$51,859,784
91$65,510,928$6,602,549$2,304,869$56,879,787
92$72,004,392$6,737,423$2,193,432$62,404,838
93$79,154,247$6,872,964$2,072,319$68,486,290
94$87,027,258$7,009,016$1,941,019$75,180,735
95$95,696,993$7,145,413$1,798,998$82,550,531
96$105,244,518$7,281,971$1,645,697$90,664,396
97$115,759,165$7,418,493$1,480,533$99,598,056
98$127,339,365$7,554,765$1,302,897$109,434,956
99$140,093,589$7,690,556$1,112,152$120,267,052
100$154,141,360$7,825,618$907,634$132,195,675