Can I retire at age 56 with 2,960,000?

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 $2,960,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.7%
1 years$244,434$242,257$240,132$238,059$236,035$226,849
2 years$121,007$118,753$116,569$114,451$112,397$103,254
3 years$79,870$77,607$75,428$73,330$71,310$62,496
4 years$59,306$57,049$54,892$52,830$50,859$42,442
5 years$46,970$44,727$42,599$40,579$38,662$30,664
6 years$38,749$36,523$34,426$32,451$30,592$23,018
7 years$32,879$30,672$28,608$26,680$24,879$17,727
8 years$28,479$26,292$24,262$22,381$20,640$13,902
9 years$25,058$22,892$20,897$19,064$17,382$11,048
10 years$22,323$20,178$18,218$16,433$14,810$8,869
11 years$20,087$17,963$16,039$14,302$12,737$7,175
12 years$18,225$16,123$14,234$12,545$11,038$5,840
13 years$16,650$14,570$12,717$11,075$9,625$4,776
14 years$15,302$13,244$11,427$9,831$8,437$3,921
15 years$14,135$12,099$10,317$8,768$7,429$3,229
16 years$13,114$11,100$9,354$7,850$6,566$2,666
17 years$12,214$10,223$8,511$7,054$5,822$2,206
18 years$11,416$9,446$7,770$6,357$5,176$1,828
19 years$10,702$8,755$7,113$5,744$4,614$1,517
20 years$10,060$8,135$6,528$5,202$4,121$1,260
21 years$9,480$7,578$6,004$4,721$3,688$1,048
22 years$8,954$7,074$5,534$4,293$3,306$872
23 years$8,474$6,616$5,110$3,909$2,967$726
24 years$8,035$6,199$4,726$3,566$2,667$605
25 years$7,631$5,817$4,377$3,256$2,400$504
26 years$7,260$5,467$4,059$2,977$2,162$421
27 years$6,916$5,145$3,769$2,725$1,949$351
28 years$6,597$4,848$3,504$2,497$1,759$293
29 years$6,301$4,574$3,261$2,290$1,588$244
30 years$6,025$4,319$3,037$2,101$1,435$204
31 years$5,768$4,083$2,832$1,930$1,297$170
32 years$5,527$3,864$2,642$1,774$1,173$142
33 years$5,301$3,659$2,467$1,631$1,062$119
34 years$5,089$3,468$2,305$1,501$962$99
35 years$4,889$3,289$2,155$1,382$871$83
36 years$4,701$3,122$2,016$1,272$789$69
37 years$4,524$2,965$1,887$1,172$715$58
38 years$4,356$2,818$1,767$1,081$648$48
39 years$4,197$2,680$1,655$996$588$40
40 years$4,047$2,549$1,552$919$533$34
41 years$3,904$2,427$1,455$848$484$28
42 years$3,769$2,311$1,365$782$439$23
43 years$3,640$2,202$1,281$722$398$20
44 years$3,517$2,099$1,202$667$362$16
45 years$3,400$2,002$1,129$616$328$14
46 years$3,288$1,909$1,060$569$298$11
47 years$3,182$1,822$996$526$271$10
48 years$3,080$1,740$936$486$246$8
49 years$2,983$1,661$880$449$223$7
50 years$2,890$1,587$827$415$203$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,960,000, adding $6,908 every year, while hoping to spend $47,397 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: 34/50/16 Blend
55$2,960,000$2,960,000$2,960,000$2,960,000
56$3,269,046$3,112,166$3,066,286$3,363,758
57$3,552,058$3,214,232$3,118,576$3,535,692
58$3,862,350$3,319,710$3,171,030$3,716,052
59$4,202,652$3,428,719$3,223,602$3,909,531
60$4,575,975$3,541,379$3,276,245$4,117,312
61$4,985,634$3,657,816$3,328,909$4,340,695
62$5,435,279$3,778,159$3,381,538$4,581,107
63$5,928,934$3,902,545$3,434,075$4,840,117
64$6,471,027$4,031,112$3,486,459$5,119,448
65$7,066,441$4,164,005$3,538,624$5,420,993
66$7,720,550$4,301,374$3,590,501$5,746,835
67$8,439,279$4,443,374$3,642,016$6,099,261
68$9,229,152$4,590,166$3,693,090$6,480,788
69$10,097,358$4,741,917$3,743,640$6,894,184
70$11,051,816$4,898,798$3,793,580$7,342,491
71$12,101,251$5,060,989$3,842,815$7,829,058
72$13,255,277$5,228,675$3,891,247$8,357,567
73$14,524,483$5,402,049$3,938,772$8,932,069
74$15,920,539$5,581,308$3,985,280$9,557,024
75$17,456,302$5,766,660$4,030,654$10,237,337
76$19,145,936$5,958,318$4,074,772$10,978,409
77$21,005,049$6,156,503$4,117,505$11,786,180
78$23,050,838$6,361,446$4,158,716$12,667,194
79$25,302,251$6,573,384$4,198,260$13,628,651
80$27,780,165$6,792,564$4,235,986$14,678,477
81$30,507,584$7,019,242$4,271,734$15,825,399
82$33,509,856$7,253,683$4,305,335$17,079,027
83$36,814,911$7,496,163$4,336,613$18,449,940
84$40,453,523$7,746,966$4,365,381$19,949,789
85$44,459,604$8,006,389$4,391,442$21,591,400
86$48,870,519$8,274,737$4,414,591$23,388,903
87$53,727,442$8,552,330$4,434,611$25,357,855
88$59,075,744$8,839,497$4,451,273$27,515,391
89$64,965,418$9,136,580$4,464,339$29,880,383
90$71,451,553$9,443,935$4,473,557$32,473,617
91$78,594,854$9,761,930$4,478,663$35,317,986
92$86,462,211$10,090,946$4,479,380$38,438,710
93$95,127,335$10,431,381$4,475,417$41,863,565
94$104,671,449$10,783,645$4,466,470$45,623,150
95$115,184,059$11,148,166$4,452,219$49,751,172
96$126,763,793$11,525,386$4,432,329$54,284,763
97$139,519,336$11,915,766$4,406,447$59,264,827
98$153,570,451$12,319,781$4,374,206$64,736,428
99$169,049,114$12,737,927$4,335,219$70,749,210
100$186,100,757$13,170,719$4,289,082$77,357,867