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

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 $2,960,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.8%
1 years$244,434$242,257$240,132$238,059$236,035$227,660
2 years$121,007$118,753$116,569$114,451$112,397$104,049
3 years$79,870$77,607$75,428$73,330$71,310$63,250
4 years$59,306$57,049$54,892$52,830$50,859$43,150
5 years$46,970$44,727$42,599$40,579$38,662$31,324
6 years$38,749$36,523$34,426$32,451$30,592$23,630
7 years$32,879$30,672$28,608$26,680$24,879$18,293
8 years$28,479$26,292$24,262$22,381$20,640$14,422
9 years$25,058$22,892$20,897$19,064$17,382$11,525
10 years$22,323$20,178$18,218$16,433$14,810$9,305
11 years$20,087$17,963$16,039$14,302$12,737$7,572
12 years$18,225$16,123$14,234$12,545$11,038$6,200
13 years$16,650$14,570$12,717$11,075$9,625$5,102
14 years$15,302$13,244$11,427$9,831$8,437$4,215
15 years$14,135$12,099$10,317$8,768$7,429$3,494
16 years$13,114$11,100$9,354$7,850$6,566$2,903
17 years$12,214$10,223$8,511$7,054$5,822$2,418
18 years$11,416$9,446$7,770$6,357$5,176$2,017
19 years$10,702$8,755$7,113$5,744$4,614$1,685
20 years$10,060$8,135$6,528$5,202$4,121$1,410
21 years$9,480$7,578$6,004$4,721$3,688$1,181
22 years$8,954$7,074$5,534$4,293$3,306$989
23 years$8,474$6,616$5,110$3,909$2,967$830
24 years$8,035$6,199$4,726$3,566$2,667$696
25 years$7,631$5,817$4,377$3,256$2,400$585
26 years$7,260$5,467$4,059$2,977$2,162$491
27 years$6,916$5,145$3,769$2,725$1,949$413
28 years$6,597$4,848$3,504$2,497$1,759$347
29 years$6,301$4,574$3,261$2,290$1,588$292
30 years$6,025$4,319$3,037$2,101$1,435$245
31 years$5,768$4,083$2,832$1,930$1,297$206
32 years$5,527$3,864$2,642$1,774$1,173$173
33 years$5,301$3,659$2,467$1,631$1,062$146
34 years$5,089$3,468$2,305$1,501$962$123
35 years$4,889$3,289$2,155$1,382$871$103
36 years$4,701$3,122$2,016$1,272$789$87
37 years$4,524$2,965$1,887$1,172$715$73
38 years$4,356$2,818$1,767$1,081$648$62
39 years$4,197$2,680$1,655$996$588$52
40 years$4,047$2,549$1,552$919$533$44
41 years$3,904$2,427$1,455$848$484$37
42 years$3,769$2,311$1,365$782$439$31
43 years$3,640$2,202$1,281$722$398$26
44 years$3,517$2,099$1,202$667$362$22
45 years$3,400$2,002$1,129$616$328$18
46 years$3,288$1,909$1,060$569$298$15
47 years$3,182$1,822$996$526$271$13
48 years$3,080$1,740$936$486$246$11
49 years$2,983$1,661$880$449$223$9
50 years$2,890$1,587$827$415$203$8

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 $7,000 every year, while hoping to spend $46,158 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: 53/24/23 Blend
55$2,960,000$2,960,000$2,960,000$2,960,000
56$3,269,141$3,112,261$3,066,381$3,421,280
57$3,553,481$3,215,650$3,119,992$3,630,267
58$3,865,277$3,322,558$3,173,853$3,852,207
59$4,207,281$3,433,108$3,227,923$4,092,759
60$4,582,523$3,547,430$3,282,158$4,353,718
61$4,994,342$3,665,656$3,336,512$4,637,054
62$5,446,415$3,787,923$3,390,935$4,944,940
63$5,942,793$3,914,375$3,445,375$5,279,763
64$6,487,939$4,045,160$3,499,776$5,644,156
65$7,086,767$4,180,431$3,554,076$6,041,012
66$7,744,692$4,320,347$3,608,213$6,473,520
67$8,467,681$4,465,075$3,662,119$6,945,189
68$9,262,306$4,614,784$3,715,721$7,459,885
69$10,135,806$4,769,654$3,768,942$8,021,862
70$11,096,158$4,929,867$3,821,702$8,635,807
71$12,152,151$5,095,616$3,873,914$9,306,881
72$13,313,468$5,267,098$3,925,487$10,040,766
73$14,590,775$5,444,519$3,976,325$10,843,723
74$15,995,827$5,628,093$4,026,324$11,722,646
75$17,541,572$5,818,041$4,075,377$12,685,129
76$19,242,281$6,014,593$4,123,370$13,739,535
77$21,113,672$6,217,987$4,170,182$14,895,079
78$23,173,069$6,428,471$4,215,686$16,161,910
79$25,439,558$6,646,301$4,259,747$17,551,208
80$27,934,167$6,871,745$4,302,223$19,075,289
81$30,680,070$7,105,077$4,342,965$20,747,722
82$33,702,798$7,346,587$4,381,815$22,583,453
83$37,030,485$7,596,572$4,418,608$24,598,951
84$40,694,132$7,855,341$4,453,168$26,812,358
85$44,727,896$8,123,215$4,485,312$29,243,662
86$49,169,417$8,400,529$4,514,846$31,914,885
87$54,060,171$8,687,628$4,541,567$34,850,290
88$59,445,859$8,984,873$4,565,260$38,076,609
89$65,376,842$9,292,636$4,585,700$41,623,298
90$71,908,610$9,611,306$4,602,652$45,522,808
91$79,102,315$9,941,286$4,615,867$49,810,896
92$87,025,336$10,282,994$4,625,084$54,526,962
93$95,751,925$10,636,866$4,630,029$59,714,416
94$105,363,901$11,003,352$4,630,415$65,421,092
95$115,951,425$11,382,922$4,625,940$71,699,697
96$127,613,849$11,776,064$4,616,288$78,608,305
97$140,460,655$12,183,285$4,601,126$86,210,910
98$154,612,486$12,605,110$4,580,109$94,578,024
99$170,202,287$13,042,087$4,552,869$103,787,347
100$187,376,556$13,494,786$4,519,026$113,924,496