Can I retire at age 56 with 2,840,000?

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 $2,840,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.3%
1 years$234,525$232,436$230,397$228,408$226,466$217,997
2 years$116,101$113,939$111,843$109,812$107,841$99,406
3 years$76,632$74,460$72,370$70,357$68,419$60,283
4 years$56,901$54,736$52,667$50,689$48,797$41,022
5 years$45,066$42,914$40,872$38,934$37,094$29,701
6 years$37,178$35,042$33,030$31,136$29,352$22,344
7 years$31,546$29,429$27,448$25,598$23,871$17,247
8 years$27,324$25,226$23,278$21,474$19,803$13,558
9 years$24,042$21,964$20,050$18,291$16,677$10,802
10 years$21,418$19,360$17,480$15,767$14,210$8,693
11 years$19,273$17,235$15,389$13,722$12,221$7,051
12 years$17,486$15,469$13,657$12,036$10,590$5,754
13 years$15,975$13,980$12,202$10,626$9,235$4,719
14 years$14,682$12,707$10,963$9,433$8,095$3,885
15 years$13,561$11,608$9,899$8,412$7,128$3,209
16 years$12,582$10,650$8,974$7,532$6,300$2,657
17 years$11,719$9,808$8,166$6,768$5,586$2,204
18 years$10,953$9,063$7,455$6,099$4,966$1,832
19 years$10,268$8,400$6,825$5,511$4,427$1,525
20 years$9,652$7,806$6,263$4,991$3,954$1,271
21 years$9,096$7,271$5,761$4,530$3,538$1,060
22 years$8,591$6,787$5,310$4,119$3,172$885
23 years$8,131$6,348$4,903$3,751$2,847$739
24 years$7,709$5,947$4,534$3,421$2,559$618
25 years$7,322$5,581$4,199$3,124$2,303$517
26 years$6,965$5,245$3,895$2,857$2,074$432
27 years$6,635$4,937$3,617$2,615$1,870$362
28 years$6,330$4,652$3,362$2,396$1,687$303
29 years$6,046$4,388$3,129$2,197$1,524$254
30 years$5,781$4,144$2,914$2,016$1,377$212
31 years$5,534$3,918$2,717$1,852$1,245$178
32 years$5,303$3,707$2,535$1,702$1,126$149
33 years$5,086$3,511$2,367$1,565$1,019$125
34 years$4,882$3,327$2,211$1,440$923$105
35 years$4,691$3,156$2,068$1,326$836$88
36 years$4,511$2,995$1,934$1,221$757$73
37 years$4,340$2,845$1,810$1,125$686$62
38 years$4,179$2,704$1,695$1,037$622$52
39 years$4,027$2,571$1,588$956$564$43
40 years$3,883$2,446$1,489$882$512$36
41 years$3,746$2,328$1,396$813$464$30
42 years$3,616$2,217$1,309$751$421$25
43 years$3,492$2,113$1,229$693$382$21
44 years$3,374$2,014$1,153$640$347$18
45 years$3,262$1,920$1,083$591$315$15
46 years$3,155$1,832$1,017$546$286$13
47 years$3,053$1,748$956$504$260$11
48 years$2,955$1,669$898$466$236$9
49 years$2,862$1,594$844$431$214$7
50 years$2,773$1,522$794$398$195$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,840,000, adding $2,762 every year, while hoping to spend $32,317 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: 26/44/30 Blend
55$2,840,000$2,840,000$2,840,000$2,840,000
56$3,132,529$2,982,009$2,937,989$3,184,666
57$3,417,662$3,093,742$3,002,027$3,339,953
58$3,730,795$3,209,868$3,067,126$3,503,518
59$4,074,751$3,330,566$3,133,290$3,678,357
60$4,452,638$3,456,026$3,200,517$3,865,447
61$4,867,880$3,586,444$3,268,808$4,065,861
62$5,324,251$3,722,027$3,338,160$4,280,774
63$5,825,907$3,862,989$3,408,571$4,511,475
64$6,377,427$4,009,553$3,480,036$4,759,378
65$6,983,857$4,161,953$3,552,549$5,026,035
66$7,650,754$4,320,433$3,626,103$5,313,149
67$8,384,243$4,485,246$3,700,689$5,622,588
68$9,191,071$4,656,658$3,776,298$5,956,405
69$10,078,672$4,834,946$3,852,915$6,316,855
70$11,055,236$5,020,398$3,930,528$6,706,413
71$12,129,790$5,213,317$4,009,119$7,127,799
72$13,312,275$5,414,016$4,088,672$7,584,002
73$14,613,649$5,622,825$4,169,165$8,078,307
74$16,045,985$5,840,087$4,250,575$8,614,323
75$17,622,584$6,066,159$4,332,877$9,196,021
76$19,358,102$6,301,417$4,416,044$9,827,763
77$21,268,691$6,546,249$4,500,044$10,514,347
78$23,372,147$6,801,064$4,584,844$11,261,051
79$25,688,077$7,066,287$4,670,408$12,073,678
80$28,238,089$7,342,363$4,756,695$12,958,611
81$31,045,992$7,629,757$4,843,662$13,922,873
82$34,138,021$7,928,953$4,931,263$14,974,191
83$37,543,085$8,240,458$5,019,446$16,121,066
84$41,293,040$8,564,800$5,108,158$17,372,853
85$45,422,988$8,902,533$5,197,339$18,739,846
86$49,971,609$9,254,234$5,286,926$20,233,374
87$54,981,527$9,620,505$5,376,852$21,865,909
88$60,499,711$10,001,978$5,467,044$23,651,175
89$66,577,916$10,399,309$5,557,425$25,604,282
90$73,273,176$10,813,188$5,647,912$27,741,863
91$80,648,339$11,244,333$5,738,415$30,082,230
92$88,772,659$11,693,495$5,828,842$32,645,542
93$97,722,453$12,161,459$5,919,090$35,453,999
94$107,581,817$12,649,045$6,009,054$38,532,040
95$118,443,425$13,157,110$6,098,620$41,906,578
96$130,409,397$13,686,551$6,187,666$45,607,250
97$143,592,267$14,238,303$6,276,064$49,666,692
98$158,116,045$14,813,347$6,363,679$54,120,845
99$174,117,385$15,412,705$6,450,366$59,009,291
100$191,746,878$16,037,447$6,535,973$64,375,623