Can I retire at age 56 with 2,890,000?

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 $2,890,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.9%
1 years$238,653$236,528$234,454$232,429$230,453$222,188
2 years$118,145$115,945$113,812$111,745$109,739$101,502
3 years$77,981$75,771$73,644$71,596$69,623$61,672
4 years$57,903$55,700$53,594$51,581$49,656$42,052
5 years$45,859$43,669$41,591$39,619$37,748$30,511
6 years$37,833$35,659$33,612$31,684$29,868$23,004
7 years$32,102$29,947$27,932$26,049$24,291$17,798
8 years$27,805$25,670$23,688$21,852$20,152$14,024
9 years$24,466$22,350$20,403$18,613$16,971$11,200
10 years$21,795$19,701$17,788$16,044$14,460$9,037
11 years$19,612$17,538$15,660$13,964$12,436$7,349
12 years$17,794$15,741$13,898$12,248$10,777$6,013
13 years$16,257$14,226$12,417$10,813$9,398$4,945
14 years$14,940$12,931$11,156$9,599$8,238$4,083
15 years$13,800$11,812$10,073$8,560$7,253$3,381
16 years$12,804$10,838$9,132$7,665$6,410$2,808
17 years$11,925$9,981$8,310$6,887$5,684$2,337
18 years$11,146$9,223$7,586$6,206$5,054$1,948
19 years$10,449$8,548$6,945$5,608$4,505$1,626
20 years$9,822$7,943$6,374$5,079$4,024$1,360
21 years$9,256$7,399$5,862$4,610$3,601$1,138
22 years$8,742$6,906$5,403$4,191$3,228$953
23 years$8,274$6,459$4,989$3,817$2,897$798
24 years$7,845$6,052$4,614$3,481$2,604$669
25 years$7,451$5,679$4,273$3,179$2,343$562
26 years$7,088$5,338$3,963$2,907$2,111$471
27 years$6,752$5,024$3,680$2,661$1,903$396
28 years$6,441$4,734$3,421$2,438$1,717$332
29 years$6,152$4,466$3,184$2,236$1,551$279
30 years$5,883$4,217$2,966$2,052$1,401$235
31 years$5,631$3,987$2,765$1,884$1,267$197
32 years$5,396$3,772$2,580$1,732$1,146$166
33 years$5,176$3,572$2,409$1,593$1,037$139
34 years$4,968$3,386$2,250$1,465$939$117
35 years$4,774$3,211$2,104$1,349$850$98
36 years$4,590$3,048$1,968$1,242$770$83
37 years$4,417$2,895$1,842$1,145$698$70
38 years$4,253$2,751$1,725$1,055$633$58
39 years$4,098$2,616$1,616$973$574$49
40 years$3,951$2,489$1,515$897$521$41
41 years$3,812$2,369$1,421$828$472$35
42 years$3,679$2,257$1,332$764$429$29
43 years$3,554$2,150$1,250$705$389$25
44 years$3,434$2,049$1,174$651$353$21
45 years$3,320$1,954$1,102$601$321$17
46 years$3,211$1,864$1,035$555$291$15
47 years$3,107$1,779$972$513$264$12
48 years$3,007$1,698$914$474$240$10
49 years$2,913$1,622$859$438$218$9
50 years$2,822$1,549$808$405$198$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,890,000, adding $4,283 every year, while hoping to spend $24,493 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: 24/49/27 Blend
55$2,890,000$2,890,000$2,890,000$2,890,000
56$3,189,198$3,036,028$2,991,233$3,238,462
57$3,488,436$3,158,733$3,065,379$3,403,120
58$3,817,375$3,286,630$3,141,188$3,577,059
59$4,179,019$3,419,946$3,218,690$3,762,908
60$4,576,678$3,558,922$3,297,914$3,961,673
61$5,013,996$3,703,807$3,378,892$4,174,456
62$5,494,992$3,854,862$3,461,653$4,402,461
63$6,024,091$4,012,360$3,546,228$4,647,008
64$6,606,169$4,176,586$3,632,648$4,909,542
65$7,246,600$4,347,840$3,720,942$5,191,646
66$7,951,302$4,526,433$3,811,143$5,495,055
67$8,726,798$4,712,692$3,903,280$5,821,670
68$9,580,276$4,906,958$3,997,384$6,173,576
69$10,519,653$5,109,589$4,093,486$6,553,060
70$11,553,657$5,320,957$4,191,616$6,962,630
71$12,691,900$5,541,454$4,291,805$7,405,038
72$13,944,976$5,771,488$4,394,084$7,883,304
73$15,324,559$6,011,487$4,498,481$8,400,745
74$16,843,512$6,261,897$4,605,027$8,961,000
75$18,516,006$6,523,186$4,713,752$9,568,066
76$20,357,661$6,795,844$4,824,685$10,226,333
77$22,385,684$7,080,382$4,937,854$10,940,625
78$24,619,040$7,377,337$5,053,287$11,716,239
79$27,078,623$7,687,267$5,171,014$12,558,998
80$29,787,459$8,010,761$5,291,060$13,475,302
81$32,770,922$8,348,430$5,413,452$14,472,183
82$36,056,970$8,700,916$5,538,216$15,557,373
83$39,676,412$9,068,892$5,665,378$16,739,372
84$43,663,198$9,453,061$5,794,961$18,027,529
85$48,054,741$9,854,157$5,926,988$19,432,122
86$52,892,264$10,272,950$6,061,482$20,964,457
87$58,221,197$10,710,247$6,198,463$22,636,968
88$64,091,599$11,166,889$6,337,952$24,463,334
89$70,558,636$11,643,760$6,479,967$26,458,605
90$77,683,095$12,141,783$6,624,525$28,639,336
91$85,531,966$12,661,925$6,771,641$31,023,747
92$94,179,064$13,205,197$6,921,329$33,631,884
93$103,705,736$13,772,660$7,073,601$36,485,810
94$114,201,621$14,365,420$7,228,466$39,609,805
95$125,765,501$14,984,640$7,385,934$43,030,595
96$138,506,228$15,631,534$7,546,009$46,777,594
97$152,543,758$16,307,373$7,708,695$50,883,183
98$168,010,278$17,013,491$7,873,993$55,383,009
99$185,051,455$17,751,281$8,041,901$60,316,313
100$203,827,813$18,522,203$8,212,413$65,726,300