Can I retire at age 56 with 2,910,000?

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 $2,910,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.5%
1 years$240,305$238,165$236,076$234,038$232,047$230,585
2 years$118,963$116,747$114,600$112,518$110,499$109,024
3 years$78,521$76,296$74,154$72,091$70,105$68,663
4 years$58,304$56,085$53,965$51,938$49,999$48,601
5 years$46,177$43,972$41,879$39,893$38,009$36,659
6 years$38,095$35,906$33,845$31,903$30,075$28,775
7 years$32,324$30,154$28,125$26,229$24,459$23,210
8 years$27,998$25,847$23,852$22,003$20,291$19,092
9 years$24,635$22,505$20,544$18,742$17,088$15,939
10 years$21,946$19,837$17,911$16,156$14,560$13,461
11 years$19,748$17,660$15,768$14,060$12,522$11,472
12 years$17,917$15,850$13,994$12,333$10,851$9,849
13 years$16,369$14,324$12,503$10,888$9,463$8,508
14 years$15,044$13,020$11,234$9,665$8,295$7,386
15 years$13,896$11,894$10,142$8,620$7,303$6,439
16 years$12,892$10,913$9,196$7,718$6,455$5,634
17 years$12,008$10,050$8,368$6,934$5,723$4,944
18 years$11,223$9,287$7,639$6,249$5,089$4,351
19 years$10,521$8,607$6,993$5,647$4,536$3,837
20 years$9,890$7,998$6,418$5,114$4,051$3,391
21 years$9,320$7,450$5,903$4,641$3,626$3,001
22 years$8,803$6,954$5,441$4,220$3,250$2,661
23 years$8,331$6,504$5,023$3,843$2,917$2,362
24 years$7,899$6,094$4,646$3,505$2,622$2,099
25 years$7,502$5,719$4,303$3,201$2,359$1,867
26 years$7,137$5,375$3,991$2,927$2,125$1,663
27 years$6,799$5,058$3,706$2,679$1,916$1,482
28 years$6,486$4,766$3,445$2,455$1,729$1,321
29 years$6,195$4,497$3,206$2,251$1,561$1,179
30 years$5,924$4,246$2,986$2,066$1,411$1,052
31 years$5,670$4,014$2,784$1,897$1,275$940
32 years$5,433$3,798$2,597$1,744$1,154$840
33 years$5,211$3,597$2,425$1,604$1,044$751
34 years$5,003$3,409$2,266$1,475$945$671
35 years$4,807$3,234$2,119$1,358$856$601
36 years$4,622$3,069$1,982$1,251$776$537
37 years$4,447$2,915$1,855$1,152$703$481
38 years$4,282$2,770$1,737$1,062$637$431
39 years$4,126$2,634$1,627$979$578$386
40 years$3,978$2,506$1,525$903$524$345
41 years$3,838$2,386$1,430$834$476$309
42 years$3,705$2,272$1,342$769$432$277
43 years$3,578$2,165$1,259$710$392$248
44 years$3,457$2,064$1,182$656$356$222
45 years$3,343$1,968$1,110$606$323$199
46 years$3,233$1,877$1,042$559$293$179
47 years$3,128$1,791$979$517$266$160
48 years$3,028$1,710$920$477$242$143
49 years$2,933$1,633$865$441$219$129
50 years$2,841$1,560$813$408$199$115

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,910,000, adding $6,170 every year, while hoping to spend $46,672 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: 60/21/19 Blend
55$2,910,000$2,910,000$2,910,000$2,910,000
56$3,213,184$3,058,954$3,013,849$3,389,734
57$3,491,271$3,159,184$3,065,155$3,610,120
58$3,796,157$3,262,762$3,116,614$3,844,755
59$4,130,529$3,369,801$3,168,185$4,099,673
60$4,497,342$3,480,420$3,219,818$4,376,847
61$4,899,853$3,594,743$3,271,464$4,678,447
62$5,341,650$3,712,897$3,323,070$5,006,862
63$5,826,683$3,835,014$3,374,578$5,364,724
64$6,359,306$3,961,230$3,425,927$5,754,928
65$6,944,312$4,091,688$3,477,053$6,180,664
66$7,586,985$4,226,533$3,527,887$6,645,442
67$8,293,142$4,365,918$3,578,356$7,153,129
68$9,069,194$4,510,000$3,628,382$7,707,984
69$9,922,203$4,658,941$3,677,884$8,314,696
70$10,859,949$4,812,911$3,726,775$8,978,429
71$11,891,005$4,972,084$3,774,963$9,704,872
72$13,024,814$5,136,643$3,822,350$10,500,290
73$14,271,780$5,306,773$3,868,834$11,371,584
74$15,643,367$5,482,671$3,914,306$12,326,355
75$17,152,207$5,664,538$3,958,651$13,372,977
76$18,812,214$5,852,582$4,001,748$14,520,674
77$20,638,722$6,047,021$4,043,469$15,779,606
78$22,648,625$6,248,078$4,083,679$17,160,967
79$24,860,538$6,455,988$4,122,235$18,677,089
80$27,294,971$6,670,990$4,158,988$20,341,557
81$29,974,525$6,893,334$4,193,781$22,169,339
82$32,924,100$7,123,281$4,226,446$24,176,923
83$36,171,135$7,361,099$4,256,809$26,382,478
84$39,745,864$7,607,066$4,284,685$28,806,020
85$43,681,602$7,861,472$4,309,882$31,469,602
86$48,015,057$8,124,616$4,332,195$34,397,522
87$52,786,679$8,396,809$4,351,410$37,616,553
88$58,041,041$8,678,373$4,367,302$41,156,192
89$63,827,256$8,969,642$4,379,636$45,048,942
90$70,199,445$9,270,963$4,388,163$49,330,614
91$77,217,245$9,582,697$4,392,623$54,040,670
92$84,946,370$9,905,215$4,392,741$59,222,587
93$93,459,234$10,238,905$4,388,232$64,924,277
94$102,835,632$10,584,168$4,378,795$71,198,529
95$113,163,496$10,941,421$4,364,114$78,103,512
96$124,539,718$11,311,096$4,343,857$85,703,324
97$137,071,072$11,693,642$4,317,679$94,068,594
98$150,875,215$12,089,525$4,285,215$103,277,149
99$166,081,802$12,499,227$4,246,085$113,414,748
100$182,833,707$12,923,249$4,199,889$124,575,892