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%11.5%
1 years$241,957$239,801$237,699$235,646$233,642$232,170
2 years$119,781$117,550$115,388$113,292$111,258$109,773
3 years$79,060$76,820$74,664$72,587$70,587$69,135
4 years$58,704$56,471$54,336$52,295$50,343$48,935
5 years$46,494$44,274$42,167$40,167$38,270$36,911
6 years$38,356$36,153$34,077$32,122$30,282$28,973
7 years$32,546$30,361$28,318$26,409$24,627$23,369
8 years$28,190$26,025$24,016$22,154$20,431$19,223
9 years$24,804$22,660$20,685$18,870$17,206$16,049
10 years$22,097$19,973$18,034$16,267$14,660$13,553
11 years$19,884$17,781$15,877$14,157$12,608$11,551
12 years$18,040$15,959$14,090$12,417$10,926$9,917
13 years$16,482$14,423$12,589$10,963$9,528$8,566
14 years$15,147$13,110$11,311$9,731$8,352$7,436
15 years$13,991$11,976$10,212$8,679$7,354$6,483
16 years$12,981$10,988$9,259$7,771$6,499$5,672
17 years$12,091$10,119$8,425$6,982$5,763$4,978
18 years$11,300$9,351$7,691$6,292$5,124$4,381
19 years$10,593$8,666$7,041$5,686$4,567$3,863
20 years$9,958$8,053$6,462$5,149$4,079$3,414
21 years$9,384$7,501$5,944$4,673$3,651$3,022
22 years$8,863$7,002$5,478$4,249$3,272$2,679
23 years$8,388$6,549$5,058$3,870$2,937$2,378
24 years$7,953$6,136$4,678$3,530$2,640$2,113
25 years$7,554$5,758$4,332$3,223$2,376$1,880
26 years$7,186$5,412$4,018$2,947$2,140$1,674
27 years$6,846$5,093$3,731$2,698$1,929$1,492
28 years$6,530$4,799$3,469$2,472$1,741$1,330
29 years$6,237$4,527$3,228$2,267$1,572$1,187
30 years$5,964$4,276$3,007$2,080$1,420$1,060
31 years$5,709$4,042$2,803$1,910$1,284$946
32 years$5,471$3,824$2,615$1,756$1,162$846
33 years$5,247$3,622$2,442$1,615$1,051$756
34 years$5,037$3,433$2,282$1,486$952$676
35 years$4,840$3,256$2,133$1,368$862$605
36 years$4,654$3,090$1,995$1,259$781$541
37 years$4,478$2,935$1,868$1,160$708$484
38 years$4,312$2,789$1,749$1,070$642$434
39 years$4,155$2,652$1,639$986$582$388
40 years$4,006$2,524$1,536$910$528$348
41 years$3,865$2,402$1,440$839$479$311
42 years$3,730$2,288$1,351$775$435$279
43 years$3,603$2,180$1,268$715$394$250
44 years$3,481$2,078$1,190$660$358$224
45 years$3,366$1,981$1,117$610$325$201
46 years$3,255$1,890$1,049$563$295$180
47 years$3,150$1,804$986$520$268$161
48 years$3,049$1,722$926$481$243$144
49 years$2,953$1,644$871$444$221$129
50 years$2,861$1,571$819$411$201$116

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 $2,468 every year, while hoping to spend $58,783 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: 33/45/22 Blend
55$2,930,000$2,930,000$2,930,000$2,930,000
56$3,231,406$3,076,116$3,030,701$3,316,143
57$3,498,464$3,164,301$3,069,685$3,467,859
58$3,790,793$3,254,837$3,108,004$3,625,742
59$4,110,907$3,347,777$3,145,575$3,794,698
60$4,461,576$3,443,174$3,182,309$3,975,739
61$4,845,851$3,541,084$3,218,111$4,169,979
62$5,267,092$3,641,562$3,252,881$4,378,645
63$5,728,999$3,744,662$3,286,516$4,603,083
64$6,235,647$3,850,440$3,318,905$4,844,777
65$6,791,526$3,958,955$3,349,931$5,105,361
66$7,401,579$4,070,261$3,379,471$5,386,631
67$8,071,253$4,184,417$3,407,397$5,690,566
68$8,806,548$4,301,480$3,433,571$6,019,343
69$9,614,071$4,421,508$3,457,851$6,375,361
70$10,501,103$4,544,558$3,480,086$6,761,262
71$11,475,664$4,670,690$3,500,117$7,179,951
72$12,546,589$4,799,961$3,517,778$7,634,634
73$13,723,611$4,932,429$3,532,893$8,128,836
74$15,017,453$5,068,152$3,545,279$8,666,442
75$16,439,929$5,207,187$3,554,742$9,251,734
76$18,004,055$5,349,592$3,561,079$9,889,424
77$19,724,169$5,495,423$3,564,076$10,584,706
78$21,616,073$5,644,737$3,563,510$11,343,302
79$23,697,171$5,797,588$3,559,147$12,171,514
80$25,986,644$5,954,031$3,550,740$13,076,287
81$28,505,622$6,114,120$3,538,030$14,065,272
82$31,277,389$6,277,905$3,520,748$15,146,899
83$34,327,598$6,445,437$3,498,608$16,330,458
84$37,684,516$6,616,767$3,471,314$17,626,183
85$41,379,288$6,791,939$3,438,554$19,045,353
86$45,446,231$6,971,001$3,400,002$20,600,394
87$49,923,160$7,153,993$3,355,315$22,305,000
88$54,851,740$7,340,956$3,304,136$24,174,262
89$60,277,882$7,531,928$3,246,089$26,224,808
90$66,252,176$7,726,942$3,180,783$28,474,963
91$72,830,365$7,926,029$3,107,806$30,944,919
92$80,073,874$8,129,216$3,026,730$33,656,931
93$88,050,387$8,336,526$2,937,103$36,635,520
94$96,834,488$8,547,977$2,838,458$39,907,712
95$106,508,360$8,763,582$2,730,300$43,503,288
96$117,162,565$8,983,350$2,612,118$47,455,071
97$128,896,895$9,207,283$2,483,372$51,799,228
98$141,821,315$9,435,376$2,343,501$56,575,621
99$156,056,998$9,667,619$2,191,918$61,828,178
100$171,737,474$9,903,995$2,028,010$67,605,310