Can I retire at age 56 with 2,930,000?

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 $2,930,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.3%
1 years$241,957$239,801$237,699$235,646$233,642$230,436
2 years$119,781$117,550$115,388$113,292$111,258$108,034
3 years$79,060$76,820$74,664$72,587$70,587$67,444
4 years$58,704$56,471$54,336$52,295$50,343$47,307
5 years$46,494$44,274$42,167$40,167$38,270$35,349
6 years$38,356$36,153$34,077$32,122$30,282$27,479
7 years$32,546$30,361$28,318$26,409$24,627$21,944
8 years$28,190$26,025$24,016$22,154$20,431$17,866
9 years$24,804$22,660$20,685$18,870$17,206$14,759
10 years$22,097$19,973$18,034$16,267$14,660$12,329
11 years$19,884$17,781$15,877$14,157$12,608$10,391
12 years$18,040$15,959$14,090$12,417$10,926$8,820
13 years$16,482$14,423$12,589$10,963$9,528$7,531
14 years$15,147$13,110$11,311$9,731$8,352$6,460
15 years$13,991$11,976$10,212$8,679$7,354$5,564
16 years$12,981$10,988$9,259$7,771$6,499$4,809
17 years$12,091$10,119$8,425$6,982$5,763$4,167
18 years$11,300$9,351$7,691$6,292$5,124$3,620
19 years$10,593$8,666$7,041$5,686$4,567$3,152
20 years$9,958$8,053$6,462$5,149$4,079$2,749
21 years$9,384$7,501$5,944$4,673$3,651$2,401
22 years$8,863$7,002$5,478$4,249$3,272$2,100
23 years$8,388$6,549$5,058$3,870$2,937$1,838
24 years$7,953$6,136$4,678$3,530$2,640$1,611
25 years$7,554$5,758$4,332$3,223$2,376$1,413
26 years$7,186$5,412$4,018$2,947$2,140$1,241
27 years$6,846$5,093$3,731$2,698$1,929$1,090
28 years$6,530$4,799$3,469$2,472$1,741$958
29 years$6,237$4,527$3,228$2,267$1,572$842
30 years$5,964$4,276$3,007$2,080$1,420$741
31 years$5,709$4,042$2,803$1,910$1,284$652
32 years$5,471$3,824$2,615$1,756$1,162$574
33 years$5,247$3,622$2,442$1,615$1,051$506
34 years$5,037$3,433$2,282$1,486$952$446
35 years$4,840$3,256$2,133$1,368$862$393
36 years$4,654$3,090$1,995$1,259$781$346
37 years$4,478$2,935$1,868$1,160$708$305
38 years$4,312$2,789$1,749$1,070$642$269
39 years$4,155$2,652$1,639$986$582$237
40 years$4,006$2,524$1,536$910$528$209
41 years$3,865$2,402$1,440$839$479$184
42 years$3,730$2,288$1,351$775$435$163
43 years$3,603$2,180$1,268$715$394$143
44 years$3,481$2,078$1,190$660$358$126
45 years$3,366$1,981$1,117$610$325$112
46 years$3,255$1,890$1,049$563$295$98
47 years$3,150$1,804$986$520$268$87
48 years$3,049$1,722$926$481$243$77
49 years$2,953$1,644$871$444$221$68
50 years$2,861$1,571$819$411$201$60

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,930,000, adding $5,068 every year, while hoping to spend $27,461 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: 48/47/5 Blend
55$2,930,000$2,930,000$2,930,000$2,930,000
56$3,234,088$3,078,798$3,033,383$3,385,008
57$3,534,746$3,200,440$3,105,783$3,610,296
58$3,865,152$3,327,123$3,179,688$3,851,413
59$4,228,309$3,459,064$3,255,119$4,112,527
60$4,627,529$3,596,491$3,332,098$4,395,504
61$5,066,460$3,739,642$3,410,646$4,702,392
62$5,549,120$3,888,765$3,490,784$5,035,440
63$6,079,936$4,044,120$3,572,531$5,397,118
64$6,663,786$4,205,979$3,655,908$5,790,144
65$7,306,046$4,374,626$3,740,934$6,217,499
66$8,012,637$4,550,357$3,827,630$6,682,465
67$8,790,084$4,733,482$3,916,013$7,188,646
68$9,645,574$4,924,325$4,006,102$7,740,006
69$10,587,031$5,123,225$4,097,914$8,340,902
70$11,623,181$5,330,535$4,191,467$8,996,127
71$12,763,640$5,546,626$4,286,776$9,710,950
72$14,019,006$5,771,885$4,383,857$10,491,169
73$15,400,953$6,006,717$4,482,725$11,343,160
74$16,922,347$6,251,543$4,583,393$12,273,936
75$18,597,364$6,506,806$4,685,874$13,291,216
76$20,441,624$6,772,968$4,790,180$14,403,491
77$22,472,340$7,050,514$4,896,321$15,620,103
78$24,708,477$7,339,948$5,004,307$16,951,336
79$27,170,935$7,641,799$5,114,144$18,408,506
80$29,882,743$7,956,619$5,225,841$20,004,065
81$32,869,277$8,284,988$5,339,401$21,751,725
82$36,158,500$8,627,509$5,454,827$23,666,573
83$39,781,225$8,984,815$5,572,122$25,765,220
84$43,771,407$9,357,568$5,691,285$28,065,955
85$48,166,461$9,746,459$5,812,314$30,588,909
86$53,007,617$10,152,213$5,935,203$33,356,247
87$58,340,309$10,575,586$6,059,947$36,392,376
88$64,214,602$11,017,371$6,186,537$39,724,169
89$70,685,665$11,478,396$6,314,960$43,381,215
90$77,814,294$11,959,528$6,445,202$47,396,100
91$85,667,481$12,461,674$6,577,245$51,804,708
92$94,319,052$12,985,784$6,711,071$56,646,554
93$103,850,358$13,532,850$6,846,654$61,965,161
94$114,351,046$14,103,911$6,983,969$67,808,458
95$125,919,904$14,700,055$7,122,984$74,229,235
96$138,665,796$15,322,419$7,263,665$81,285,636
97$152,708,683$15,972,193$7,405,974$89,041,701
98$168,180,763$16,650,625$7,549,868$97,567,969
99$185,227,712$17,359,017$7,695,300$106,942,139
100$204,010,064$18,098,734$7,842,218$117,249,796