Can I retire at age 56 with 2,830,000?

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 $2,830,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.4%
1 years$233,699$231,617$229,586$227,604$225,668$218,008
2 years$115,692$113,538$111,450$109,425$107,461$99,821
3 years$76,362$74,198$72,115$70,110$68,178$60,797
4 years$56,701$54,544$52,481$50,510$48,625$41,560
5 years$44,907$42,763$40,728$38,797$36,964$30,233
6 years$37,047$34,919$32,914$31,026$29,248$22,858
7 years$31,435$29,325$27,352$25,508$23,787$17,735
8 years$27,228$25,137$23,196$21,398$19,733$14,016
9 years$23,958$21,886$19,979$18,226$16,618$11,228
10 years$21,343$19,292$17,418$15,711$14,160$9,088
11 years$19,205$17,174$15,335$13,674$12,178$7,414
12 years$17,424$15,415$13,609$11,994$10,553$6,087
13 years$15,919$13,930$12,159$10,589$9,202$5,023
14 years$14,630$12,662$10,925$9,399$8,067$4,161
15 years$13,514$11,567$9,864$8,383$7,103$3,459
16 years$12,538$10,613$8,943$7,506$6,277$2,883
17 years$11,678$9,774$8,138$6,744$5,566$2,408
18 years$10,914$9,032$7,429$6,077$4,949$2,015
19 years$10,232$8,370$6,801$5,492$4,411$1,689
20 years$9,618$7,778$6,241$4,974$3,940$1,417
21 years$9,064$7,245$5,741$4,514$3,526$1,190
22 years$8,561$6,763$5,291$4,104$3,160$1,001
23 years$8,102$6,325$4,885$3,738$2,837$842
24 years$7,682$5,926$4,518$3,409$2,550$709
25 years$7,296$5,562$4,185$3,113$2,295$597
26 years$6,941$5,227$3,881$2,847$2,067$503
27 years$6,612$4,919$3,604$2,606$1,863$424
28 years$6,307$4,635$3,350$2,387$1,681$358
29 years$6,024$4,373$3,118$2,189$1,518$302
30 years$5,761$4,130$2,904$2,009$1,372$254
31 years$5,514$3,904$2,707$1,845$1,240$215
32 years$5,284$3,694$2,526$1,696$1,122$181
33 years$5,068$3,498$2,359$1,559$1,015$153
34 years$4,865$3,316$2,204$1,435$919$129
35 years$4,674$3,145$2,060$1,321$833$109
36 years$4,495$2,985$1,927$1,216$754$92
37 years$4,325$2,835$1,804$1,121$684$78
38 years$4,165$2,694$1,689$1,033$620$66
39 years$4,013$2,562$1,583$953$562$55
40 years$3,869$2,437$1,483$879$510$47
41 years$3,733$2,320$1,391$811$463$39
42 years$3,603$2,210$1,305$748$420$33
43 years$3,480$2,105$1,224$691$381$28
44 years$3,362$2,007$1,149$638$346$24
45 years$3,251$1,914$1,079$589$314$20
46 years$3,144$1,826$1,014$544$285$17
47 years$3,042$1,742$952$503$259$14
48 years$2,945$1,663$895$464$235$12
49 years$2,852$1,588$841$429$213$10
50 years$2,763$1,517$791$397$194$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,830,000, adding $6,393 every year, while hoping to spend $53,940 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: 78/8/14 Blend
55$2,830,000$2,830,000$2,830,000$2,830,000
56$3,125,254$2,975,264$2,931,399$3,359,591
57$3,386,639$3,063,661$2,972,210$3,603,231
58$3,672,876$3,154,580$3,012,579$3,862,899
59$3,986,445$3,248,090$3,052,436$4,146,210
60$4,330,075$3,344,259$3,091,705$4,455,502
61$4,706,770$3,443,156$3,130,305$4,793,353
62$5,119,842$3,544,852$3,168,151$5,162,604
63$5,572,936$3,649,420$3,205,155$5,566,381
64$6,070,069$3,756,934$3,241,220$6,008,129
65$6,615,662$3,867,470$3,276,247$6,491,642
66$7,214,589$3,981,106$3,310,131$7,021,099
67$7,872,217$4,097,920$3,342,760$7,601,104
68$8,594,458$4,217,992$3,374,017$8,236,730
69$9,387,824$4,341,405$3,403,779$8,933,563
70$10,259,490$4,468,243$3,431,914$9,697,759
71$11,217,362$4,598,590$3,458,286$10,536,100
72$12,270,145$4,732,533$3,482,751$11,456,057
73$13,427,433$4,870,161$3,505,156$12,465,861
74$14,699,795$5,011,563$3,525,343$13,574,582
75$16,098,876$5,156,831$3,543,144$14,792,212
76$17,637,503$5,306,057$3,558,381$16,129,760
77$19,329,811$5,459,337$3,570,869$17,599,358
78$21,191,373$5,616,766$3,580,415$19,214,371
79$23,239,347$5,778,441$3,586,813$20,989,527
80$25,492,637$5,944,462$3,589,848$22,941,052
81$27,972,074$6,114,928$3,589,296$25,086,828
82$30,700,608$6,289,942$3,584,919$27,446,556
83$33,703,527$6,469,606$3,576,471$30,041,946
84$37,008,694$6,654,024$3,563,690$32,896,920
85$40,646,812$6,843,302$3,546,304$36,037,837
86$44,651,709$7,037,546$3,524,028$39,493,744
87$49,060,662$7,236,865$3,496,562$43,296,649
88$53,914,745$7,441,366$3,463,592$47,481,819
89$59,259,215$7,651,160$3,424,789$52,088,121
90$65,143,944$7,866,356$3,379,808$57,158,380
91$71,623,885$8,087,066$3,328,290$62,739,789
92$78,759,590$8,313,401$3,269,857$68,884,353
93$86,617,785$8,545,474$3,204,113$75,649,377
94$95,271,994$8,783,397$3,130,646$83,098,012
95$104,803,236$9,027,282$3,049,022$91,299,846
96$115,300,791$9,277,244$2,958,789$100,331,563
97$126,863,037$9,533,394$2,859,473$110,277,667
98$139,598,380$9,795,844$2,750,580$121,231,280
99$153,626,282$10,064,707$2,631,591$133,295,017
100$169,078,378$10,340,093$2,501,965$146,581,963