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%12.3%
1 years$244,434$242,257$240,132$238,059$236,035$233,764
2 years$121,007$118,753$116,569$114,451$112,397$110,110
3 years$79,870$77,607$75,428$73,330$71,310$69,077
4 years$59,306$57,049$54,892$52,830$50,859$48,697
5 years$46,970$44,727$42,599$40,579$38,662$36,578
6 years$38,749$36,523$34,426$32,451$30,592$28,588
7 years$32,879$30,672$28,608$26,680$24,879$22,957
8 years$28,479$26,292$24,262$22,381$20,640$18,799
9 years$25,058$22,892$20,897$19,064$17,382$15,621
10 years$22,323$20,178$18,218$16,433$14,810$13,129
11 years$20,087$17,963$16,039$14,302$12,737$11,134
12 years$18,225$16,123$14,234$12,545$11,038$9,511
13 years$16,650$14,570$12,717$11,075$9,625$8,173
14 years$15,302$13,244$11,427$9,831$8,437$7,058
15 years$14,135$12,099$10,317$8,768$7,429$6,121
16 years$13,114$11,100$9,354$7,850$6,566$5,326
17 years$12,214$10,223$8,511$7,054$5,822$4,648
18 years$11,416$9,446$7,770$6,357$5,176$4,067
19 years$10,702$8,755$7,113$5,744$4,614$3,567
20 years$10,060$8,135$6,528$5,202$4,121$3,133
21 years$9,480$7,578$6,004$4,721$3,688$2,757
22 years$8,954$7,074$5,534$4,293$3,306$2,430
23 years$8,474$6,616$5,110$3,909$2,967$2,144
24 years$8,035$6,199$4,726$3,566$2,667$1,894
25 years$7,631$5,817$4,377$3,256$2,400$1,674
26 years$7,260$5,467$4,059$2,977$2,162$1,481
27 years$6,916$5,145$3,769$2,725$1,949$1,312
28 years$6,597$4,848$3,504$2,497$1,759$1,162
29 years$6,301$4,574$3,261$2,290$1,588$1,030
30 years$6,025$4,319$3,037$2,101$1,435$914
31 years$5,768$4,083$2,832$1,930$1,297$811
32 years$5,527$3,864$2,642$1,774$1,173$720
33 years$5,301$3,659$2,467$1,631$1,062$639
34 years$5,089$3,468$2,305$1,501$962$568
35 years$4,889$3,289$2,155$1,382$871$505
36 years$4,701$3,122$2,016$1,272$789$448
37 years$4,524$2,965$1,887$1,172$715$399
38 years$4,356$2,818$1,767$1,081$648$354
39 years$4,197$2,680$1,655$996$588$315
40 years$4,047$2,549$1,552$919$533$280
41 years$3,904$2,427$1,455$848$484$249
42 years$3,769$2,311$1,365$782$439$222
43 years$3,640$2,202$1,281$722$398$197
44 years$3,517$2,099$1,202$667$362$176
45 years$3,400$2,002$1,129$616$328$156
46 years$3,288$1,909$1,060$569$298$139
47 years$3,182$1,822$996$526$271$124
48 years$3,080$1,740$936$486$246$110
49 years$2,983$1,661$880$449$223$98
50 years$2,890$1,587$827$415$203$87

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 $5,569 every year, while hoping to spend $32,041 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: 57/16/27 Blend
55$2,960,000$2,960,000$2,960,000$2,960,000
56$3,267,664$3,110,784$3,064,904$3,429,480
57$3,566,875$3,229,121$3,133,487$3,659,414
58$3,895,531$3,352,183$3,203,294$3,906,071
59$4,256,602$3,480,167$3,274,331$4,174,260
60$4,653,360$3,613,280$3,346,606$4,466,075
61$5,089,408$3,751,736$3,420,123$4,783,816
62$5,568,718$3,895,762$3,494,887$5,130,017
63$6,095,664$4,045,590$3,570,902$5,507,465
64$6,675,064$4,201,467$3,648,170$5,919,230
65$7,312,229$4,363,647$3,726,692$6,368,691
66$8,013,008$4,532,398$3,806,468$6,859,566
67$8,783,847$4,707,997$3,887,497$7,395,951
68$9,631,848$4,890,737$3,969,777$7,982,354
69$10,564,834$5,080,921$4,053,302$8,623,741
70$11,591,427$5,278,866$4,138,067$9,325,578
71$12,721,124$5,484,903$4,224,064$10,093,886
72$13,964,394$5,699,377$4,311,285$10,935,293
73$15,332,766$5,922,652$4,399,718$11,857,102
74$16,838,949$6,155,102$4,489,349$12,867,354
75$18,496,944$6,397,124$4,580,164$13,974,905
76$20,322,176$6,649,127$4,672,144$15,189,510
77$22,331,647$6,911,543$4,765,269$16,521,915
78$24,544,087$7,184,821$4,859,518$17,983,953
79$26,980,136$7,469,429$4,954,864$19,588,662
80$29,662,538$7,765,859$5,051,279$21,350,402
81$32,616,353$8,074,622$5,148,733$23,284,993
82$35,869,196$8,396,254$5,247,192$25,409,860
83$39,451,498$8,731,314$5,346,616$27,744,203
84$43,396,789$9,080,387$5,446,966$30,309,169
85$47,742,019$9,444,084$5,548,197$33,128,059
86$52,527,904$9,823,042$5,650,260$36,226,541
87$57,799,309$10,217,930$5,753,103$39,632,895
88$63,605,674$10,629,444$5,856,667$43,378,277
89$70,001,480$11,058,314$5,960,893$47,497,015
90$77,046,761$11,505,302$6,065,713$52,026,926
91$84,807,672$11,971,203$6,171,056$57,009,682
92$93,357,113$12,456,851$6,276,845$62,491,190
93$102,775,418$12,963,116$6,382,999$68,522,036
94$113,151,110$13,490,908$6,489,429$75,157,953
95$124,581,740$14,041,179$6,596,041$82,460,349
96$137,174,804$14,614,923$6,702,735$90,496,888
97$151,048,761$15,213,182$6,809,404$99,342,123
98$166,334,149$15,837,042$6,915,933$109,078,200
99$183,174,816$16,487,641$7,022,201$119,795,634
100$201,729,281$17,166,169$7,128,078$131,594,161