Can I retire at age 56 with 2,920,000?

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 $2,920,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.9%
1 years$241,131$238,983$236,887$234,842$232,845$230,990
2 years$119,372$117,149$114,994$112,905$110,879$109,009
3 years$78,791$76,558$74,409$72,339$70,346$68,520
4 years$58,504$56,278$54,150$52,116$50,171$48,402
5 years$46,335$44,123$42,023$40,030$38,139$36,432
6 years$38,225$36,030$33,961$32,013$30,178$28,536
7 years$32,435$30,258$28,222$26,319$24,543$22,966
8 years$28,094$25,936$23,934$22,079$20,361$18,849
9 years$24,720$22,582$20,614$18,806$17,147$15,700
10 years$22,022$19,905$17,972$16,211$14,610$13,227
11 years$19,816$17,720$15,822$14,108$12,565$11,245
12 years$17,979$15,905$14,042$12,375$10,889$9,630
13 years$16,425$14,373$12,546$10,925$9,495$8,297
14 years$15,095$13,065$11,272$9,698$8,323$7,184
15 years$13,944$11,935$10,177$8,649$7,329$6,246
16 years$12,937$10,950$9,227$7,744$6,477$5,450
17 years$12,049$10,085$8,396$6,958$5,743$4,770
18 years$11,261$9,319$7,665$6,271$5,106$4,186
19 years$10,557$8,637$7,017$5,666$4,551$3,681
20 years$9,924$8,025$6,440$5,132$4,065$3,243
21 years$9,352$7,475$5,923$4,657$3,638$2,862
22 years$8,833$6,978$5,459$4,235$3,261$2,530
23 years$8,360$6,526$5,041$3,857$2,927$2,239
24 years$7,926$6,115$4,662$3,517$2,631$1,984
25 years$7,528$5,738$4,318$3,212$2,368$1,759
26 years$7,161$5,393$4,004$2,937$2,133$1,562
27 years$6,822$5,076$3,718$2,688$1,923$1,387
28 years$6,508$4,783$3,457$2,463$1,735$1,233
29 years$6,216$4,512$3,217$2,259$1,567$1,097
30 years$5,944$4,261$2,996$2,073$1,416$976
31 years$5,690$4,028$2,793$1,904$1,280$869
32 years$5,452$3,811$2,606$1,750$1,158$774
33 years$5,229$3,609$2,434$1,609$1,048$689
34 years$5,020$3,421$2,274$1,480$949$614
35 years$4,823$3,245$2,126$1,363$859$548
36 years$4,638$3,080$1,989$1,255$778$489
37 years$4,463$2,925$1,861$1,156$706$436
38 years$4,297$2,780$1,743$1,066$640$389
39 years$4,140$2,643$1,633$983$580$347
40 years$3,992$2,515$1,531$907$526$310
41 years$3,851$2,394$1,435$836$477$276
42 years$3,718$2,280$1,346$772$433$247
43 years$3,590$2,172$1,263$713$393$220
44 years$3,469$2,071$1,186$658$357$197
45 years$3,354$1,975$1,113$608$324$176
46 years$3,244$1,884$1,046$561$294$157
47 years$3,139$1,798$983$519$267$140
48 years$3,039$1,716$923$479$243$125
49 years$2,943$1,639$868$443$220$112
50 years$2,851$1,565$816$409$200$100

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,920,000, adding $3,519 every year, while hoping to spend $35,017 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: 83/12/5 Blend
55$2,920,000$2,920,000$2,920,000$2,920,000
56$3,221,470$3,066,710$3,021,450$3,488,386
57$3,512,802$3,179,721$3,085,411$3,776,157
58$3,832,676$3,297,096$3,150,340$4,086,972
59$4,183,967$3,419,011$3,216,235$4,427,147
60$4,569,841$3,545,652$3,283,088$4,799,602
61$4,993,786$3,677,210$3,350,893$5,207,551
62$5,459,645$3,813,886$3,419,640$5,654,533
63$5,971,651$3,955,889$3,489,320$6,144,446
64$6,534,468$4,103,436$3,559,921$6,681,584
65$7,153,233$4,256,754$3,631,428$7,270,674
66$7,833,609$4,416,081$3,703,827$7,916,923
67$8,581,832$4,581,664$3,777,100$8,626,065
68$9,404,773$4,753,760$3,851,227$9,404,418
69$10,310,004$4,932,637$3,926,187$10,258,939
70$11,305,865$5,118,577$4,001,955$11,197,292
71$12,401,547$5,311,872$4,078,504$12,227,918
72$13,607,178$5,512,826$4,155,807$13,360,118
73$14,933,913$5,721,758$4,233,830$14,604,135
74$16,394,049$5,939,000$4,312,539$15,971,253
75$18,001,129$6,164,899$4,391,897$17,473,906
76$19,770,081$6,399,816$4,471,862$19,125,788
77$21,717,350$6,644,128$4,552,390$20,941,988
78$23,861,058$6,898,228$4,633,434$22,939,127
79$26,221,174$7,162,529$4,714,942$25,135,520
80$28,819,699$7,437,459$4,796,858$27,551,343
81$31,680,879$7,723,465$4,879,123$30,208,824
82$34,831,429$8,021,015$4,961,674$33,132,455
83$38,300,787$8,330,596$5,044,442$36,349,220
84$42,121,390$8,652,719$5,127,354$39,888,848
85$46,328,983$8,987,913$5,210,332$43,784,098
86$50,962,954$9,336,736$5,293,293$48,071,061
87$56,066,706$9,699,766$5,376,148$52,789,504
88$61,688,064$10,077,609$5,458,803$57,983,243
89$67,879,731$10,470,896$5,541,157$63,700,559
90$74,699,782$10,880,288$5,623,105$69,994,648
91$82,212,212$11,306,475$5,704,531$76,924,124
92$90,487,541$11,750,175$5,785,316$84,553,575
93$99,603,478$12,212,142$5,865,333$92,954,166
94$109,645,657$12,693,162$5,944,445$102,204,315
95$120,708,441$13,194,053$6,022,511$112,390,428
96$132,895,815$13,715,675$6,099,378$123,607,717
97$146,322,367$14,258,922$6,174,886$135,961,096
98$161,114,370$14,824,730$6,248,866$149,566,170
99$177,410,971$15,414,077$6,321,139$164,550,327
100$195,365,508$16,027,985$6,391,515$181,053,937