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

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 $2,840,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.4%
1 years$234,525$232,436$230,397$228,408$226,466$221,441
2 years$116,101$113,939$111,843$109,812$107,841$102,804
3 years$76,632$74,460$72,370$70,357$68,419$63,528
4 years$56,901$54,736$52,667$50,689$48,797$44,090
5 years$45,066$42,914$40,872$38,934$37,094$32,584
6 years$37,178$35,042$33,030$31,136$29,352$25,043
7 years$31,546$29,429$27,448$25,598$23,871$19,764
8 years$27,324$25,226$23,278$21,474$19,803$15,897
9 years$24,042$21,964$20,050$18,291$16,677$12,969
10 years$21,418$19,360$17,480$15,767$14,210$10,695
11 years$19,273$17,235$15,389$13,722$12,221$8,896
12 years$17,486$15,469$13,657$12,036$10,590$7,449
13 years$15,975$13,980$12,202$10,626$9,235$6,272
14 years$14,682$12,707$10,963$9,433$8,095$5,305
15 years$13,561$11,608$9,899$8,412$7,128$4,504
16 years$12,582$10,650$8,974$7,532$6,300$3,835
17 years$11,719$9,808$8,166$6,768$5,586$3,274
18 years$10,953$9,063$7,455$6,099$4,966$2,801
19 years$10,268$8,400$6,825$5,511$4,427$2,401
20 years$9,652$7,806$6,263$4,991$3,954$2,061
21 years$9,096$7,271$5,761$4,530$3,538$1,772
22 years$8,591$6,787$5,310$4,119$3,172$1,525
23 years$8,131$6,348$4,903$3,751$2,847$1,314
24 years$7,709$5,947$4,534$3,421$2,559$1,132
25 years$7,322$5,581$4,199$3,124$2,303$977
26 years$6,965$5,245$3,895$2,857$2,074$843
27 years$6,635$4,937$3,617$2,615$1,870$728
28 years$6,330$4,652$3,362$2,396$1,687$629
29 years$6,046$4,388$3,129$2,197$1,524$544
30 years$5,781$4,144$2,914$2,016$1,377$470
31 years$5,534$3,918$2,717$1,852$1,245$407
32 years$5,303$3,707$2,535$1,702$1,126$352
33 years$5,086$3,511$2,367$1,565$1,019$305
34 years$4,882$3,327$2,211$1,440$923$264
35 years$4,691$3,156$2,068$1,326$836$228
36 years$4,511$2,995$1,934$1,221$757$198
37 years$4,340$2,845$1,810$1,125$686$171
38 years$4,179$2,704$1,695$1,037$622$148
39 years$4,027$2,571$1,588$956$564$128
40 years$3,883$2,446$1,489$882$512$111
41 years$3,746$2,328$1,396$813$464$96
42 years$3,616$2,217$1,309$751$421$83
43 years$3,492$2,113$1,229$693$382$72
44 years$3,374$2,014$1,153$640$347$63
45 years$3,262$1,920$1,083$591$315$54
46 years$3,155$1,832$1,017$546$286$47
47 years$3,053$1,748$956$504$260$41
48 years$2,955$1,669$898$466$236$35
49 years$2,862$1,594$844$431$214$31
50 years$2,773$1,522$794$398$195$26

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 $5,027 every year, while hoping to spend $54,923 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: 61/32/7 Blend
55$2,840,000$2,840,000$2,840,000$2,840,000
56$3,134,865$2,984,345$2,940,325$3,321,406
57$3,396,184$3,072,141$2,980,389$3,534,544
58$3,682,316$3,162,397$3,019,953$3,760,196
59$3,995,735$3,255,177$3,058,944$4,005,000
60$4,339,165$3,350,545$3,097,283$4,270,804
61$4,715,603$3,448,566$3,134,886$4,559,639
62$5,128,355$3,549,306$3,171,665$4,873,744
63$5,581,058$3,652,832$3,207,526$5,215,578
64$6,077,719$3,759,214$3,242,371$5,587,853
65$6,622,752$3,868,522$3,276,097$5,993,551
66$7,221,020$3,980,826$3,308,593$6,435,957
67$7,877,877$4,096,200$3,339,744$6,918,687
68$8,599,224$4,214,717$3,369,429$7,445,724
69$9,391,559$4,336,452$3,397,519$8,021,451
70$10,262,041$4,461,482$3,423,880$8,650,698
71$11,218,558$4,589,883$3,448,368$9,338,782
72$12,269,798$4,721,734$3,470,835$10,091,560
73$13,425,333$4,857,115$3,491,124$10,915,481
74$14,695,709$4,996,106$3,509,069$11,817,650
75$16,092,544$5,138,788$3,524,496$12,805,893
76$17,628,640$5,285,245$3,537,223$13,888,829
77$19,318,100$5,435,560$3,547,058$15,075,953
78$21,176,461$5,589,818$3,553,799$16,377,725
79$23,220,845$5,748,104$3,557,236$17,805,665
80$25,470,113$5,910,503$3,557,146$19,372,469
81$27,945,051$6,077,104$3,553,297$21,092,119
82$30,668,557$6,247,993$3,545,443$22,980,021
83$33,665,864$6,423,259$3,533,330$25,053,149
84$36,964,774$6,602,990$3,516,688$27,330,200
85$40,595,919$6,787,275$3,495,235$29,831,779
86$44,593,054$6,976,203$3,468,677$32,580,583
87$48,993,373$7,169,864$3,436,705$35,601,624
88$53,837,856$7,368,347$3,398,994$38,922,455
89$59,171,662$7,571,740$3,355,205$42,573,440
90$65,044,551$7,780,134$3,304,983$46,588,032
91$71,511,351$7,993,617$3,247,956$51,003,092
92$78,632,481$8,212,277$3,183,735$55,859,235
93$86,474,516$8,436,200$3,111,912$61,201,216
94$95,110,816$8,665,474$3,032,060$67,078,347
95$104,622,220$8,900,182$2,943,735$73,544,965
96$115,097,805$9,140,410$2,846,469$80,660,946
97$126,635,730$9,386,239$2,739,774$88,492,266
98$139,344,158$9,637,748$2,623,141$97,111,625
99$153,342,281$9,895,017$2,496,035$106,599,134
100$168,761,441$10,158,119$2,357,899$117,043,070