Can I retire at age 56 with 2,940,000?

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 $2,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.8%
1 years$242,782$240,620$238,510$236,451$234,440$227,941
2 years$120,189$117,951$115,782$113,678$111,638$105,139
3 years$79,330$77,082$74,918$72,835$70,828$64,532
4 years$58,905$56,664$54,521$52,473$50,515$44,471
5 years$46,653$44,425$42,311$40,305$38,401$32,625
6 years$38,487$36,276$34,193$32,232$30,385$24,883
7 years$32,657$30,465$28,415$26,500$24,711$19,483
8 years$28,287$26,114$24,098$22,230$20,500$15,543
9 years$24,889$22,737$20,756$18,935$17,264$12,573
10 years$22,172$20,041$18,095$16,322$14,710$10,279
11 years$19,951$17,842$15,931$14,205$12,651$8,474
12 years$18,102$16,014$14,138$12,460$10,963$7,031
13 years$16,538$14,472$12,632$11,000$9,560$5,865
14 years$15,199$13,154$11,349$9,765$8,380$4,913
15 years$14,039$12,017$10,247$8,708$7,379$4,130
16 years$13,025$11,025$9,290$7,797$6,521$3,482
17 years$12,132$10,154$8,454$7,006$5,782$2,943
18 years$11,338$9,383$7,717$6,314$5,141$2,492
19 years$10,629$8,696$7,065$5,705$4,583$2,114
20 years$9,992$8,080$6,484$5,167$4,093$1,795
21 years$9,416$7,527$5,964$4,689$3,663$1,527
22 years$8,893$7,026$5,497$4,264$3,283$1,300
23 years$8,417$6,571$5,075$3,883$2,947$1,107
24 years$7,981$6,157$4,694$3,542$2,649$944
25 years$7,580$5,778$4,347$3,234$2,384$806
26 years$7,210$5,430$4,032$2,957$2,147$688
27 years$6,869$5,110$3,744$2,707$1,936$587
28 years$6,553$4,816$3,480$2,480$1,747$502
29 years$6,259$4,543$3,239$2,274$1,577$429
30 years$5,985$4,290$3,017$2,087$1,425$366
31 years$5,729$4,056$2,813$1,917$1,289$313
32 years$5,489$3,838$2,624$1,762$1,166$268
33 years$5,265$3,634$2,450$1,620$1,055$229
34 years$5,054$3,444$2,289$1,491$955$196
35 years$4,856$3,267$2,140$1,372$865$168
36 years$4,669$3,101$2,002$1,264$784$143
37 years$4,493$2,945$1,874$1,164$710$123
38 years$4,327$2,799$1,755$1,073$644$105
39 years$4,169$2,661$1,644$990$584$90
40 years$4,019$2,532$1,541$913$530$77
41 years$3,878$2,410$1,445$842$481$66
42 years$3,743$2,296$1,356$777$436$56
43 years$3,615$2,187$1,272$717$396$48
44 years$3,493$2,085$1,194$662$359$41
45 years$3,377$1,988$1,121$612$326$35
46 years$3,266$1,897$1,053$565$296$30
47 years$3,161$1,810$989$522$269$26
48 years$3,060$1,728$930$482$244$22
49 years$2,963$1,650$874$446$222$19
50 years$2,870$1,576$821$412$201$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,940,000, adding $5,762 every year, while hoping to spend $45,246 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: 73/8/19 Blend
55$2,940,000$2,940,000$2,940,000$2,940,000
56$3,245,824$3,090,004$3,044,434$3,467,765
57$3,528,756$3,193,272$3,098,281$3,719,196
58$3,839,031$3,300,085$3,152,415$3,988,523
59$4,179,391$3,410,567$3,206,799$4,282,411
60$4,552,853$3,524,849$3,261,391$4,603,294
61$4,962,744$3,643,067$3,316,148$4,953,849
62$5,412,727$3,765,360$3,371,022$5,337,026
63$5,906,838$3,891,876$3,425,964$5,756,075
64$6,449,521$4,022,763$3,480,920$6,214,572
65$7,045,674$4,158,181$3,535,832$6,716,460
66$7,700,691$4,298,290$3,590,641$7,266,080
67$8,420,515$4,443,260$3,645,281$7,868,215
68$9,211,694$4,593,265$3,699,684$8,528,133
69$10,081,439$4,748,488$3,753,776$9,251,637
70$11,037,698$4,909,116$3,807,480$10,045,121
71$12,089,227$5,075,346$3,860,714$10,915,629
72$13,245,670$5,247,380$3,913,390$11,870,921
73$14,517,656$5,425,429$3,965,415$12,919,545
74$15,916,893$5,609,712$4,016,693$14,070,921
75$17,456,283$5,800,455$4,067,120$15,335,426
76$19,150,041$5,997,894$4,116,586$16,724,493
77$21,013,829$6,202,274$4,164,975$18,250,721
78$23,064,903$6,413,849$4,212,165$19,927,989
79$25,322,279$6,632,883$4,258,028$21,771,591
80$27,806,906$6,859,649$4,302,426$23,798,377
81$30,541,871$7,094,432$4,345,218$26,026,915
82$33,552,609$7,337,527$4,386,251$28,477,662
83$36,867,151$7,589,242$4,425,365$31,173,162
84$40,516,379$7,849,893$4,462,394$34,138,252
85$44,534,325$8,119,813$4,497,159$37,400,304
86$48,958,487$8,399,345$4,529,475$40,989,477
87$53,830,187$8,688,847$4,559,146$44,939,001
88$59,194,954$8,988,689$4,585,967$49,285,497
89$65,102,962$9,299,257$4,609,719$54,069,316
90$71,609,495$9,620,952$4,630,176$59,334,923
91$78,775,475$9,954,190$4,647,098$65,131,313
92$86,668,032$10,299,404$4,660,234$71,512,478
93$95,361,140$10,657,043$4,669,320$78,537,913
94$104,936,313$11,027,575$4,674,079$86,273,178
95$115,483,376$11,411,485$4,674,220$94,790,519
96$127,101,312$11,809,280$4,669,438$104,169,545
97$139,899,194$12,221,483$4,659,413$114,497,984
98$153,997,217$12,648,641$4,643,808$125,872,507
99$169,527,830$13,091,321$4,622,273$138,399,643
100$186,636,987$13,550,114$4,594,437$152,196,784