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%18.6%
1 years$244,434$242,257$240,132$238,059$236,035$227,841
2 years$121,007$118,753$116,569$114,451$112,397$104,227
3 years$79,870$77,607$75,428$73,330$71,310$63,420
4 years$59,306$57,049$54,892$52,830$50,859$43,309
5 years$46,970$44,727$42,599$40,579$38,662$31,473
6 years$38,749$36,523$34,426$32,451$30,592$23,768
7 years$32,879$30,672$28,608$26,680$24,879$18,421
8 years$28,479$26,292$24,262$22,381$20,640$14,541
9 years$25,058$22,892$20,897$19,064$17,382$11,634
10 years$22,323$20,178$18,218$16,433$14,810$9,405
11 years$20,087$17,963$16,039$14,302$12,737$7,663
12 years$18,225$16,123$14,234$12,545$11,038$6,283
13 years$16,650$14,570$12,717$11,075$9,625$5,177
14 years$15,302$13,244$11,427$9,831$8,437$4,283
15 years$14,135$12,099$10,317$8,768$7,429$3,555
16 years$13,114$11,100$9,354$7,850$6,566$2,959
17 years$12,214$10,223$8,511$7,054$5,822$2,468
18 years$11,416$9,446$7,770$6,357$5,176$2,062
19 years$10,702$8,755$7,113$5,744$4,614$1,725
20 years$10,060$8,135$6,528$5,202$4,121$1,445
21 years$9,480$7,578$6,004$4,721$3,688$1,212
22 years$8,954$7,074$5,534$4,293$3,306$1,018
23 years$8,474$6,616$5,110$3,909$2,967$855
24 years$8,035$6,199$4,726$3,566$2,667$718
25 years$7,631$5,817$4,377$3,256$2,400$604
26 years$7,260$5,467$4,059$2,977$2,162$508
27 years$6,916$5,145$3,769$2,725$1,949$428
28 years$6,597$4,848$3,504$2,497$1,759$360
29 years$6,301$4,574$3,261$2,290$1,588$303
30 years$6,025$4,319$3,037$2,101$1,435$255
31 years$5,768$4,083$2,832$1,930$1,297$215
32 years$5,527$3,864$2,642$1,774$1,173$181
33 years$5,301$3,659$2,467$1,631$1,062$153
34 years$5,089$3,468$2,305$1,501$962$129
35 years$4,889$3,289$2,155$1,382$871$108
36 years$4,701$3,122$2,016$1,272$789$91
37 years$4,524$2,965$1,887$1,172$715$77
38 years$4,356$2,818$1,767$1,081$648$65
39 years$4,197$2,680$1,655$996$588$55
40 years$4,047$2,549$1,552$919$533$46
41 years$3,904$2,427$1,455$848$484$39
42 years$3,769$2,311$1,365$782$439$33
43 years$3,640$2,202$1,281$722$398$28
44 years$3,517$2,099$1,202$667$362$23
45 years$3,400$2,002$1,129$616$328$20
46 years$3,288$1,909$1,060$569$298$17
47 years$3,182$1,822$996$526$271$14
48 years$3,080$1,740$936$486$246$12
49 years$2,983$1,661$880$449$223$10
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 $3,774 every year, while hoping to spend $50,253 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: 53/41/6 Blend
55$2,960,000$2,960,000$2,960,000$2,960,000
56$3,265,813$3,108,933$3,063,053$3,434,195
57$3,545,457$3,207,802$3,112,196$3,647,463
58$3,851,941$3,309,831$3,161,302$3,873,522
59$4,187,948$3,415,122$3,210,315$4,118,227
60$4,556,436$3,523,781$3,259,178$4,383,346
61$4,960,662$3,635,915$3,307,830$4,670,824
62$5,404,212$3,751,637$3,356,204$4,982,799
63$5,891,037$3,871,063$3,404,233$5,321,626
64$6,425,490$3,994,312$3,451,841$5,689,893
65$7,012,364$4,121,508$3,498,952$6,090,449
66$7,656,940$4,252,777$3,545,483$6,526,428
67$8,365,037$4,388,252$3,591,345$7,001,279
68$9,143,063$4,528,069$3,636,448$7,518,799
69$9,998,079$4,672,368$3,680,692$8,083,165
70$10,937,863$4,821,293$3,723,975$8,698,976
71$11,970,984$4,974,996$3,766,187$9,371,296
72$13,106,883$5,133,629$3,807,213$10,105,699
73$14,355,962$5,297,354$3,846,932$10,908,319
74$15,729,681$5,466,335$3,885,215$11,785,915
75$17,240,666$5,640,743$3,921,927$12,745,925
76$18,902,827$5,820,753$3,956,925$13,796,542
77$20,731,493$6,006,547$3,990,059$14,946,787
78$22,743,551$6,198,313$4,021,172$16,206,594
79$24,957,608$6,396,246$4,050,096$17,586,905
80$27,394,167$6,600,545$4,076,657$19,099,769
81$30,075,818$6,811,417$4,100,671$20,758,459
82$33,027,451$7,029,077$4,121,944$22,577,593
83$36,276,494$7,253,745$4,140,272$24,573,271
84$39,853,168$7,485,649$4,155,442$26,763,231
85$43,790,770$7,725,025$4,167,229$29,167,008
86$48,125,995$7,972,117$4,175,397$31,806,123
87$52,899,272$8,227,177$4,179,698$34,704,284
88$58,155,153$8,490,463$4,179,873$37,887,606
89$63,942,728$8,762,246$4,175,649$41,384,862
90$70,316,093$9,042,802$4,166,739$45,227,748
91$77,334,853$9,332,419$4,152,844$49,451,181
92$85,064,693$9,631,392$4,133,649$54,093,635
93$93,577,989$9,940,027$4,108,824$59,197,492
94$102,954,497$10,258,642$4,078,023$64,809,450
95$113,282,103$10,587,563$4,040,884$70,980,959
96$124,657,652$10,927,128$3,997,028$77,768,702
97$137,187,861$11,277,686$3,946,057$85,235,137
98$150,990,328$11,639,598$3,887,555$93,449,076
99$166,194,640$12,013,236$3,821,086$102,486,340
100$182,943,595$12,398,987$3,746,194$112,430,471