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%15.1%
1 years$234,525$232,436$230,397$228,408$226,466$221,712
2 years$116,101$113,939$111,843$109,812$107,841$103,074
3 years$76,632$74,460$72,370$70,357$68,419$63,787
4 years$56,901$54,736$52,667$50,689$48,797$44,337
5 years$45,066$42,914$40,872$38,934$37,094$32,818
6 years$37,178$35,042$33,030$31,136$29,352$25,264
7 years$31,546$29,429$27,448$25,598$23,871$19,972
8 years$27,324$25,226$23,278$21,474$19,803$16,093
9 years$24,042$21,964$20,050$18,291$16,677$13,152
10 years$21,418$19,360$17,480$15,767$14,210$10,867
11 years$19,273$17,235$15,389$13,722$12,221$9,055
12 years$17,486$15,469$13,657$12,036$10,590$7,598
13 years$15,975$13,980$12,202$10,626$9,235$6,410
14 years$14,682$12,707$10,963$9,433$8,095$5,433
15 years$13,561$11,608$9,899$8,412$7,128$4,622
16 years$12,582$10,650$8,974$7,532$6,300$3,944
17 years$11,719$9,808$8,166$6,768$5,586$3,374
18 years$10,953$9,063$7,455$6,099$4,966$2,893
19 years$10,268$8,400$6,825$5,511$4,427$2,486
20 years$9,652$7,806$6,263$4,991$3,954$2,139
21 years$9,096$7,271$5,761$4,530$3,538$1,843
22 years$8,591$6,787$5,310$4,119$3,172$1,589
23 years$8,131$6,348$4,903$3,751$2,847$1,372
24 years$7,709$5,947$4,534$3,421$2,559$1,186
25 years$7,322$5,581$4,199$3,124$2,303$1,026
26 years$6,965$5,245$3,895$2,857$2,074$888
27 years$6,635$4,937$3,617$2,615$1,870$768
28 years$6,330$4,652$3,362$2,396$1,687$666
29 years$6,046$4,388$3,129$2,197$1,524$577
30 years$5,781$4,144$2,914$2,016$1,377$500
31 years$5,534$3,918$2,717$1,852$1,245$434
32 years$5,303$3,707$2,535$1,702$1,126$376
33 years$5,086$3,511$2,367$1,565$1,019$326
34 years$4,882$3,327$2,211$1,440$923$283
35 years$4,691$3,156$2,068$1,326$836$246
36 years$4,511$2,995$1,934$1,221$757$213
37 years$4,340$2,845$1,810$1,125$686$185
38 years$4,179$2,704$1,695$1,037$622$161
39 years$4,027$2,571$1,588$956$564$140
40 years$3,883$2,446$1,489$882$512$121
41 years$3,746$2,328$1,396$813$464$105
42 years$3,616$2,217$1,309$751$421$91
43 years$3,492$2,113$1,229$693$382$79
44 years$3,374$2,014$1,153$640$347$69
45 years$3,262$1,920$1,083$591$315$60
46 years$3,155$1,832$1,017$546$286$52
47 years$3,053$1,748$956$504$260$45
48 years$2,955$1,669$898$466$236$39
49 years$2,862$1,594$844$431$214$34
50 years$2,773$1,522$794$398$195$30

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 $6,054 every year, while hoping to spend $42,376 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: 27/47/26 Blend
55$2,840,000$2,840,000$2,840,000$2,840,000
56$3,135,925$2,985,405$2,941,385$3,194,966
57$3,410,701$3,086,602$2,994,833$3,344,022
58$3,712,085$3,191,337$3,048,652$3,499,879
59$4,042,744$3,299,740$3,102,809$3,666,349
60$4,405,620$3,411,943$3,157,269$3,844,362
61$4,803,951$3,528,085$3,211,995$4,034,940
62$5,241,303$3,648,311$3,266,946$4,239,206
63$5,721,606$3,772,769$3,322,079$4,458,390
64$6,249,190$3,901,614$3,377,349$4,693,845
65$6,828,823$4,035,009$3,432,705$4,947,056
66$7,465,758$4,173,119$3,488,096$5,219,654
67$8,165,783$4,316,120$3,543,465$5,513,433
68$8,935,274$4,464,191$3,598,752$5,830,361
69$9,781,255$4,617,519$3,653,893$6,172,606
70$10,711,466$4,776,300$3,708,821$6,542,546
71$11,734,432$4,940,736$3,763,464$6,942,800
72$12,859,549$5,111,037$3,817,745$7,376,247
73$14,097,166$5,287,420$3,871,582$7,846,050
74$15,458,687$5,470,114$3,924,890$8,355,694
75$16,956,677$5,659,354$3,977,578$8,909,007
76$18,604,980$5,855,384$4,029,549$9,510,204
77$20,418,850$6,058,459$4,080,700$10,163,921
78$22,415,093$6,268,844$4,130,924$10,875,262
79$24,612,229$6,486,814$4,180,107$11,649,841
80$27,030,663$6,712,655$4,228,127$12,493,838
81$29,692,879$6,946,663$4,274,858$13,414,056
82$32,623,651$7,189,148$4,320,164$14,417,982
83$35,850,278$7,440,431$4,363,904$15,513,858
84$39,402,840$7,700,846$4,405,928$16,710,761
85$43,314,482$7,970,740$4,446,079$18,018,680
86$47,621,727$8,250,474$4,484,191$19,448,617
87$52,364,819$8,540,423$4,520,088$21,012,683
88$57,588,106$8,840,979$4,553,586$22,724,218
89$63,340,454$9,152,548$4,584,492$24,597,909
90$69,675,709$9,475,552$4,612,601$26,649,932
91$76,653,208$9,810,431$4,637,700$28,898,101
92$84,338,336$10,157,642$4,659,563$31,362,036
93$92,803,140$10,517,661$4,677,953$34,063,345
94$102,127,018$10,890,983$4,692,621$37,025,829
95$112,397,456$11,278,124$4,703,307$40,275,704
96$123,710,864$11,679,619$4,709,735$43,841,845
97$136,173,479$12,096,027$4,711,618$47,756,061
98$149,902,369$12,527,929$4,708,653$52,053,390
99$165,026,542$12,975,928$4,700,523$56,772,429
100$181,688,155$13,440,654$4,686,897$61,955,698