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

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 $2,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.7%
1 years$242,782$240,620$238,510$236,451$234,440$232,767
2 years$120,189$117,951$115,782$113,678$111,638$109,951
3 years$79,330$77,082$74,918$72,835$70,828$69,179
4 years$58,905$56,664$54,521$52,473$50,515$48,918
5 years$46,653$44,425$42,311$40,305$38,401$36,859
6 years$38,487$36,276$34,193$32,232$30,385$28,901
7 years$32,657$30,465$28,415$26,500$24,711$23,285
8 years$28,287$26,114$24,098$22,230$20,500$19,133
9 years$24,889$22,737$20,756$18,935$17,264$15,955
10 years$22,172$20,041$18,095$16,322$14,710$13,458
11 years$19,951$17,842$15,931$14,205$12,651$11,455
12 years$18,102$16,014$14,138$12,460$10,963$9,823
13 years$16,538$14,472$12,632$11,000$9,560$8,474
14 years$15,199$13,154$11,349$9,765$8,380$7,347
15 years$14,039$12,017$10,247$8,708$7,379$6,396
16 years$13,025$11,025$9,290$7,797$6,521$5,589
17 years$12,132$10,154$8,454$7,006$5,782$4,898
18 years$11,338$9,383$7,717$6,314$5,141$4,304
19 years$10,629$8,696$7,065$5,705$4,583$3,790
20 years$9,992$8,080$6,484$5,167$4,093$3,345
21 years$9,416$7,527$5,964$4,689$3,663$2,956
22 years$8,893$7,026$5,497$4,264$3,283$2,617
23 years$8,417$6,571$5,075$3,883$2,947$2,319
24 years$7,981$6,157$4,694$3,542$2,649$2,058
25 years$7,580$5,778$4,347$3,234$2,384$1,828
26 years$7,210$5,430$4,032$2,957$2,147$1,625
27 years$6,869$5,110$3,744$2,707$1,936$1,446
28 years$6,553$4,816$3,480$2,480$1,747$1,287
29 years$6,259$4,543$3,239$2,274$1,577$1,147
30 years$5,985$4,290$3,017$2,087$1,425$1,022
31 years$5,729$4,056$2,813$1,917$1,289$912
32 years$5,489$3,838$2,624$1,762$1,166$813
33 years$5,265$3,634$2,450$1,620$1,055$726
34 years$5,054$3,444$2,289$1,491$955$648
35 years$4,856$3,267$2,140$1,372$865$579
36 years$4,669$3,101$2,002$1,264$784$517
37 years$4,493$2,945$1,874$1,164$710$462
38 years$4,327$2,799$1,755$1,073$644$413
39 years$4,169$2,661$1,644$990$584$369
40 years$4,019$2,532$1,541$913$530$330
41 years$3,878$2,410$1,445$842$481$295
42 years$3,743$2,296$1,356$777$436$264
43 years$3,615$2,187$1,272$717$396$236
44 years$3,493$2,085$1,194$662$359$211
45 years$3,377$1,988$1,121$612$326$189
46 years$3,266$1,897$1,053$565$296$169
47 years$3,161$1,810$989$522$269$151
48 years$3,060$1,728$930$482$244$135
49 years$2,963$1,650$874$446$222$121
50 years$2,870$1,576$821$412$201$108

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 $6,324 every year, while hoping to spend $58,219 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: 54/17/29 Blend
55$2,940,000$2,940,000$2,940,000$2,940,000
56$3,246,403$3,090,583$3,045,013$3,395,172
57$3,515,592$3,180,077$3,085,077$3,588,335
58$3,810,286$3,272,005$3,124,531$3,792,063
59$4,133,027$3,366,425$3,163,294$4,012,722
60$4,486,611$3,463,395$3,201,280$4,251,963
61$4,874,119$3,562,975$3,238,396$4,511,600
62$5,298,944$3,665,226$3,274,548$4,793,636
63$5,764,823$3,770,208$3,309,631$5,100,274
64$6,275,871$3,877,984$3,343,540$5,433,943
65$6,836,621$3,988,617$3,376,160$5,797,318
66$7,452,067$4,102,170$3,407,372$6,193,345
67$8,127,710$4,218,708$3,437,051$6,625,272
68$8,869,607$4,338,295$3,465,062$7,096,676
69$9,684,432$4,460,998$3,491,268$7,611,499
70$10,579,540$4,586,882$3,515,520$8,174,084
71$11,563,027$4,716,014$3,537,665$8,789,217
72$12,643,819$4,848,461$3,557,540$9,462,171
73$13,831,744$4,984,291$3,574,973$10,198,756
74$15,137,632$5,123,572$3,589,785$11,005,375
75$16,573,415$5,266,372$3,601,787$11,889,086
76$18,152,238$5,412,758$3,610,782$12,857,662
77$19,888,584$5,562,801$3,616,560$13,919,673
78$21,798,408$5,716,567$3,618,904$15,084,560
79$23,899,292$5,874,125$3,617,583$16,362,729
80$26,210,606$6,035,543$3,612,358$17,765,648
81$28,753,691$6,200,888$3,602,976$19,305,952
82$31,552,064$6,370,228$3,589,172$20,997,570
83$34,631,634$6,543,629$3,570,669$22,855,847
84$38,020,950$6,721,156$3,547,175$24,897,697
85$41,751,468$6,902,874$3,518,387$27,141,761
86$45,857,849$7,088,846$3,483,984$29,608,580
87$50,378,285$7,279,134$3,443,632$32,320,791
88$55,354,857$7,473,799$3,396,981$35,303,344
89$60,833,936$7,672,899$3,343,664$38,583,733
90$66,866,617$7,876,490$3,283,296$42,192,259
91$73,509,202$8,084,628$3,215,476$46,162,316
92$80,823,729$8,297,363$3,139,783$50,530,705
93$88,878,560$8,514,745$3,055,777$55,337,985
94$97,749,025$8,736,819$2,962,997$60,628,852
95$107,518,130$8,963,628$2,860,962$66,452,566
96$118,277,343$9,195,209$2,749,168$72,863,414
97$130,127,456$9,431,598$2,627,088$79,921,223
98$143,179,533$9,672,823$2,494,173$87,691,927
99$157,555,963$9,918,909$2,349,845$96,248,189
100$173,391,610$10,169,874$2,193,504$105,670,088