Can I retire at age 56 with 2,800,000?

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 $2,800,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.2%
1 years$231,221$229,162$227,152$225,191$223,276$218,500
2 years$114,466$112,334$110,268$108,265$106,322$101,533
3 years$75,553$73,412$71,351$69,366$67,455$62,804
4 years$56,100$53,965$51,925$49,975$48,109$43,631
5 years$44,431$42,309$40,296$38,385$36,572$32,279
6 years$36,655$34,549$32,565$30,697$28,938$24,835
7 years$31,102$29,014$27,062$25,238$23,535$19,622
8 years$26,940$24,870$22,951$21,171$19,524$15,801
9 years$23,704$21,654$19,767$18,033$16,442$12,906
10 years$21,117$19,087$17,234$15,545$14,010$10,657
11 years$19,001$16,992$15,172$13,529$12,049$8,875
12 years$17,240$15,251$13,465$11,866$10,441$7,442
13 years$15,750$13,783$12,030$10,476$9,105$6,274
14 years$14,475$12,528$10,809$9,300$7,981$5,314
15 years$13,370$11,445$9,759$8,294$7,027$4,517
16 years$12,405$10,500$8,848$7,426$6,211$3,852
17 years$11,554$9,670$8,051$6,672$5,507$3,294
18 years$10,799$8,936$7,350$6,013$4,896$2,822
19 years$10,123$8,282$6,728$5,433$4,364$2,423
20 years$9,516$7,696$6,175$4,921$3,898$2,083
21 years$8,968$7,168$5,680$4,466$3,489$1,793
22 years$8,470$6,691$5,235$4,061$3,127$1,546
23 years$8,016$6,258$4,833$3,698$2,807$1,333
24 years$7,601$5,864$4,470$3,373$2,523$1,151
25 years$7,219$5,503$4,140$3,080$2,270$995
26 years$6,867$5,172$3,840$2,816$2,045$860
27 years$6,542$4,867$3,566$2,578$1,844$744
28 years$6,241$4,586$3,315$2,362$1,664$644
29 years$5,961$4,327$3,085$2,166$1,502$558
30 years$5,700$4,086$2,873$1,988$1,357$483
31 years$5,456$3,863$2,679$1,826$1,227$419
32 years$5,228$3,655$2,499$1,678$1,110$363
33 years$5,014$3,461$2,334$1,543$1,005$314
34 years$4,814$3,280$2,180$1,420$910$273
35 years$4,625$3,111$2,038$1,307$824$236
36 years$4,447$2,953$1,907$1,204$746$205
37 years$4,279$2,805$1,785$1,109$677$178
38 years$4,120$2,666$1,671$1,022$613$154
39 years$3,970$2,535$1,566$942$556$134
40 years$3,828$2,412$1,468$869$504$116
41 years$3,693$2,296$1,376$802$458$101
42 years$3,565$2,186$1,291$740$415$87
43 years$3,443$2,083$1,211$683$377$76
44 years$3,327$1,986$1,137$631$342$66
45 years$3,216$1,893$1,068$583$311$57
46 years$3,111$1,806$1,003$538$282$50
47 years$3,010$1,724$942$497$256$43
48 years$2,914$1,646$885$459$233$37
49 years$2,822$1,571$832$425$211$32
50 years$2,734$1,501$782$392$192$28

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,800,000, adding $3,402 every year, while hoping to spend $33,120 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: 77/9/14 Blend
55$2,800,000$2,800,000$2,800,000$2,800,000
56$3,089,109$2,940,709$2,897,309$3,317,769
57$3,368,959$3,049,564$2,959,130$3,577,851
58$3,676,243$3,162,644$3,021,911$3,858,451
59$4,013,726$3,280,119$3,085,651$4,165,231
60$4,384,450$3,402,169$3,150,344$4,500,793
61$4,791,770$3,528,981$3,215,987$4,867,997
62$5,239,380$3,660,751$3,282,572$5,269,997
63$5,731,350$3,797,681$3,350,091$5,710,264
64$6,272,164$3,939,984$3,418,536$6,192,621
65$6,866,762$4,087,880$3,487,894$6,721,280
66$7,520,586$4,241,600$3,558,153$7,300,879
67$8,239,633$4,401,386$3,629,298$7,936,527
68$9,030,508$4,567,487$3,701,312$8,633,851
69$9,900,492$4,740,166$3,774,178$9,399,049
70$10,857,604$4,919,695$3,847,875$10,238,951
71$11,910,679$5,106,360$3,922,378$11,161,076
72$13,069,455$5,300,459$3,997,665$12,173,712
73$14,344,659$5,502,300$4,073,705$13,285,986
74$15,748,110$5,712,208$4,150,470$14,507,954
75$17,292,832$5,930,522$4,227,926$15,850,696
76$18,993,176$6,157,592$4,306,036$17,326,415
77$20,864,954$6,393,788$4,384,763$18,948,559
78$22,925,589$6,639,494$4,464,062$20,731,942
79$25,194,280$6,895,110$4,543,889$22,692,887
80$27,692,181$7,161,055$4,624,194$24,849,376
81$30,442,603$7,437,766$4,704,924$27,221,222
82$33,471,231$7,725,699$4,786,022$29,830,257
83$36,806,369$8,025,331$4,867,426$32,700,533
84$40,479,205$8,337,158$4,949,071$35,858,552
85$44,524,105$8,661,701$5,030,886$39,333,514
86$48,978,941$8,999,501$5,112,797$43,157,595
87$53,885,440$9,351,124$5,194,724$47,366,246
88$59,289,588$9,717,162$5,276,580$51,998,530
89$65,242,056$10,098,233$5,358,275$57,097,489
90$71,798,681$10,494,981$5,439,713$62,710,550
91$79,020,992$10,908,081$5,520,789$68,889,973
92$86,976,793$11,338,237$5,601,395$75,693,341
93$95,740,799$11,786,184$5,681,415$83,184,108
94$105,395,344$12,252,690$5,760,725$91,432,190
95$116,031,154$12,738,557$5,839,195$100,514,632
96$127,748,211$13,244,625$5,916,687$110,516,329
97$140,656,686$13,771,769$5,993,054$121,530,830
98$154,877,987$14,320,906$6,068,141$133,661,218
99$170,545,903$14,892,991$6,141,784$147,021,084
100$187,807,862$15,489,024$6,213,811$161,735,598