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%12.5%
1 years$242,782$240,620$238,510$236,451$234,440$231,991
2 years$120,189$117,951$115,782$113,678$111,638$109,172
3 years$79,330$77,082$74,918$72,835$70,828$68,421
4 years$58,905$56,664$54,521$52,473$50,515$48,186
5 years$46,653$44,425$42,311$40,305$38,401$36,157
6 years$38,487$36,276$34,193$32,232$30,385$28,229
7 years$32,657$30,465$28,415$26,500$24,711$22,643
8 years$28,287$26,114$24,098$22,230$20,500$18,520
9 years$24,889$22,737$20,756$18,935$17,264$15,372
10 years$22,172$20,041$18,095$16,322$14,710$12,904
11 years$19,951$17,842$15,931$14,205$12,651$10,930
12 years$18,102$16,014$14,138$12,460$10,963$9,325
13 years$16,538$14,472$12,632$11,000$9,560$8,003
14 years$15,199$13,154$11,349$9,765$8,380$6,902
15 years$14,039$12,017$10,247$8,708$7,379$5,977
16 years$13,025$11,025$9,290$7,797$6,521$5,194
17 years$12,132$10,154$8,454$7,006$5,782$4,527
18 years$11,338$9,383$7,717$6,314$5,141$3,955
19 years$10,629$8,696$7,065$5,705$4,583$3,463
20 years$9,992$8,080$6,484$5,167$4,093$3,038
21 years$9,416$7,527$5,964$4,689$3,663$2,669
22 years$8,893$7,026$5,497$4,264$3,283$2,349
23 years$8,417$6,571$5,075$3,883$2,947$2,069
24 years$7,981$6,157$4,694$3,542$2,649$1,825
25 years$7,580$5,778$4,347$3,234$2,384$1,611
26 years$7,210$5,430$4,032$2,957$2,147$1,423
27 years$6,869$5,110$3,744$2,707$1,936$1,258
28 years$6,553$4,816$3,480$2,480$1,747$1,113
29 years$6,259$4,543$3,239$2,274$1,577$985
30 years$5,985$4,290$3,017$2,087$1,425$872
31 years$5,729$4,056$2,813$1,917$1,289$773
32 years$5,489$3,838$2,624$1,762$1,166$685
33 years$5,265$3,634$2,450$1,620$1,055$607
34 years$5,054$3,444$2,289$1,491$955$539
35 years$4,856$3,267$2,140$1,372$865$478
36 years$4,669$3,101$2,002$1,264$784$424
37 years$4,493$2,945$1,874$1,164$710$376
38 years$4,327$2,799$1,755$1,073$644$334
39 years$4,169$2,661$1,644$990$584$296
40 years$4,019$2,532$1,541$913$530$263
41 years$3,878$2,410$1,445$842$481$234
42 years$3,743$2,296$1,356$777$436$208
43 years$3,615$2,187$1,272$717$396$184
44 years$3,493$2,085$1,194$662$359$164
45 years$3,377$1,988$1,121$612$326$145
46 years$3,266$1,897$1,053$565$296$129
47 years$3,161$1,810$989$522$269$115
48 years$3,060$1,728$930$482$244$102
49 years$2,963$1,650$874$446$222$91
50 years$2,870$1,576$821$412$201$81

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 $4,398 every year, while hoping to spend $50,687 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: 43/39/18 Blend
55$2,940,000$2,940,000$2,940,000$2,940,000
56$3,244,417$3,088,597$3,043,027$3,366,756
57$3,521,416$3,186,007$3,091,037$3,550,833
58$3,824,972$3,286,492$3,138,958$3,744,817
59$4,157,737$3,390,149$3,186,731$3,953,916
60$4,522,637$3,497,077$3,234,297$4,179,546
61$4,922,892$3,607,380$3,281,593$4,423,264
62$5,362,050$3,721,164$3,328,549$4,686,782
63$5,844,019$3,838,541$3,375,095$4,971,983
64$6,373,102$3,959,622$3,421,154$5,280,940
65$6,954,040$4,084,526$3,466,645$5,615,931
66$7,592,058$4,213,373$3,511,482$5,979,466
67$8,292,907$4,346,288$3,555,576$6,374,305
68$9,062,926$4,483,399$3,598,831$6,803,486
69$9,909,098$4,624,839$3,641,145$7,270,354
70$10,839,115$4,770,744$3,682,412$7,778,590
71$11,861,450$4,921,257$3,722,519$8,332,247
72$12,985,442$5,076,522$3,761,347$8,935,786
73$14,221,376$5,236,690$3,798,771$9,594,121
74$15,580,584$5,401,916$3,834,658$10,312,660
75$17,075,554$5,572,360$3,868,869$11,097,359
76$18,720,042$5,748,187$3,901,257$11,954,779
77$20,529,205$5,929,567$3,931,668$12,892,142
78$22,519,743$6,116,676$3,959,939$13,917,403
79$24,710,059$6,309,694$3,985,898$15,039,326
80$27,120,425$6,508,810$4,009,366$16,267,560
81$29,773,182$6,714,215$4,030,154$17,612,736
82$32,692,944$6,926,109$4,048,062$19,086,560
83$35,906,834$7,144,697$4,062,880$20,701,932
84$39,444,734$7,370,192$4,074,391$22,473,057
85$43,339,577$7,602,810$4,082,362$24,415,587
86$47,627,644$7,842,779$4,086,552$26,546,763
87$52,348,919$8,090,330$4,086,706$28,885,579
88$57,547,456$8,345,703$4,082,558$31,452,959
89$63,271,800$8,609,147$4,073,828$34,271,957
90$69,575,445$8,880,916$4,060,223$37,367,971
91$76,517,334$9,161,274$4,041,434$40,768,982
92$84,162,419$9,450,494$4,017,139$44,505,822
93$92,582,273$9,748,855$3,987,000$48,612,457
94$101,855,764$10,056,648$3,950,663$53,126,313
95$112,069,799$10,374,171$3,907,757$58,088,624
96$123,320,144$10,701,731$3,857,894$63,544,826
97$135,712,331$11,039,648$3,800,665$69,544,980
98$149,362,647$11,388,249$3,735,646$76,144,244
99$164,399,237$11,747,873$3,662,389$83,403,399
100$180,963,309$12,118,869$3,580,429$91,389,412