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

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 $2,920,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.5%
1 years$241,131$238,983$236,887$234,842$232,845$229,460
2 years$119,372$117,149$114,994$112,905$110,879$107,475
3 years$78,791$76,558$74,409$72,339$70,346$67,030
4 years$58,504$56,278$54,150$52,116$50,171$46,969
5 years$46,335$44,123$42,023$40,030$38,139$35,059
6 years$38,225$36,030$33,961$32,013$30,178$27,224
7 years$32,435$30,258$28,222$26,319$24,543$21,716
8 years$28,094$25,936$23,934$22,079$20,361$17,661
9 years$24,720$22,582$20,614$18,806$17,147$14,572
10 years$22,022$19,905$17,972$16,211$14,610$12,158
11 years$19,816$17,720$15,822$14,108$12,565$10,234
12 years$17,979$15,905$14,042$12,375$10,889$8,676
13 years$16,425$14,373$12,546$10,925$9,495$7,398
14 years$15,095$13,065$11,272$9,698$8,323$6,338
15 years$13,944$11,935$10,177$8,649$7,329$5,451
16 years$12,937$10,950$9,227$7,744$6,477$4,704
17 years$12,049$10,085$8,396$6,958$5,743$4,071
18 years$11,261$9,319$7,665$6,271$5,106$3,532
19 years$10,557$8,637$7,017$5,666$4,551$3,070
20 years$9,924$8,025$6,440$5,132$4,065$2,673
21 years$9,352$7,475$5,923$4,657$3,638$2,332
22 years$8,833$6,978$5,459$4,235$3,261$2,036
23 years$8,360$6,526$5,041$3,857$2,927$1,780
24 years$7,926$6,115$4,662$3,517$2,631$1,558
25 years$7,528$5,738$4,318$3,212$2,368$1,364
26 years$7,161$5,393$4,004$2,937$2,133$1,196
27 years$6,822$5,076$3,718$2,688$1,923$1,049
28 years$6,508$4,783$3,457$2,463$1,735$920
29 years$6,216$4,512$3,217$2,259$1,567$808
30 years$5,944$4,261$2,996$2,073$1,416$710
31 years$5,690$4,028$2,793$1,904$1,280$623
32 years$5,452$3,811$2,606$1,750$1,158$548
33 years$5,229$3,609$2,434$1,609$1,048$482
34 years$5,020$3,421$2,274$1,480$949$424
35 years$4,823$3,245$2,126$1,363$859$373
36 years$4,638$3,080$1,989$1,255$778$328
37 years$4,463$2,925$1,861$1,156$706$289
38 years$4,297$2,780$1,743$1,066$640$254
39 years$4,140$2,643$1,633$983$580$224
40 years$3,992$2,515$1,531$907$526$197
41 years$3,851$2,394$1,435$836$477$173
42 years$3,718$2,280$1,346$772$433$153
43 years$3,590$2,172$1,263$713$393$134
44 years$3,469$2,071$1,186$658$357$118
45 years$3,354$1,975$1,113$608$324$104
46 years$3,244$1,884$1,046$561$294$92
47 years$3,139$1,798$983$519$267$81
48 years$3,039$1,716$923$479$243$71
49 years$2,943$1,639$868$443$220$63
50 years$2,851$1,565$816$409$200$55

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 $2,599 every year, while hoping to spend $54,906 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: 66/18/16 Blend
55$2,920,000$2,920,000$2,920,000$2,920,000
56$3,220,521$3,065,761$3,020,501$3,420,478
57$3,490,594$3,157,564$3,063,268$3,646,294
58$3,786,375$3,252,024$3,105,628$3,886,412
59$4,110,428$3,349,216$3,147,508$4,147,533
60$4,465,575$3,449,211$3,188,834$4,431,713
61$4,854,928$3,552,087$3,229,524$4,741,216
62$5,281,912$3,657,920$3,269,495$5,078,532
63$5,750,300$3,766,791$3,308,655$5,446,407
64$6,264,246$3,878,779$3,346,910$5,847,863
65$6,828,328$3,993,969$3,384,161$6,286,228
66$7,447,588$4,112,444$3,420,301$6,765,167
67$8,127,581$4,234,292$3,455,220$7,288,718
68$8,874,422$4,359,601$3,488,798$7,861,329
69$9,694,854$4,488,462$3,520,913$8,487,899
70$10,596,299$4,620,967$3,551,434$9,173,822
71$11,586,938$4,757,211$3,580,224$9,925,044
72$12,675,782$4,897,290$3,607,137$10,748,113
73$13,872,757$5,041,302$3,632,021$11,650,244
74$15,188,801$5,189,349$3,654,717$12,639,382
75$16,635,964$5,341,532$3,675,055$13,724,285
76$18,227,521$5,497,956$3,692,858$14,914,598
77$19,978,100$5,658,727$3,707,941$16,220,951
78$21,903,816$5,823,955$3,720,107$17,655,051
79$24,022,425$5,993,749$3,729,151$19,229,802
80$26,353,492$6,168,222$3,734,857$20,959,418
81$28,918,573$6,347,489$3,736,999$22,859,562
82$31,741,418$6,531,667$3,735,339$24,947,491
83$34,848,197$6,720,873$3,729,627$27,242,221
84$38,267,746$6,915,229$3,719,603$29,764,704
85$42,031,838$7,114,857$3,704,991$32,538,027
86$46,175,481$7,319,881$3,685,504$35,587,630
87$50,737,253$7,530,428$3,660,841$38,941,543
88$55,759,659$7,746,625$3,630,686$42,630,656
89$61,289,538$7,968,604$3,594,708$46,689,004
90$67,378,500$8,196,494$3,552,559$51,154,093
91$74,083,415$8,430,431$3,503,878$56,067,252
92$81,466,949$8,670,547$3,448,284$61,474,020
93$89,598,155$8,916,981$3,385,378$67,424,582
94$98,553,124$9,169,870$3,314,745$73,974,239
95$108,415,702$9,429,353$3,235,949$81,183,927
96$119,278,283$9,695,571$3,148,533$89,120,799
97$131,242,679$9,968,665$3,052,019$97,858,852
98$144,421,080$10,248,778$2,945,911$107,479,631
99$158,937,116$10,536,053$2,829,684$118,072,993
100$174,927,017$10,830,636$2,702,794$129,737,960