Can I retire at age 56 with 2,980,000?

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 $2,980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.2%
1 years$246,086$243,894$241,755$239,668$237,629$228,834
2 years$121,825$119,556$117,357$115,225$113,157$104,395
3 years$80,410$78,131$75,938$73,826$71,791$63,339
4 years$59,706$57,435$55,263$53,187$51,202$43,123
5 years$47,287$45,029$42,886$40,853$38,923$31,239
6 years$39,011$36,770$34,659$32,670$30,799$23,514
7 years$33,101$30,879$28,801$26,860$25,047$18,161
8 years$28,671$26,469$24,426$22,532$20,779$14,285
9 years$25,228$23,046$21,038$19,193$17,499$11,387
10 years$22,474$20,314$18,341$16,544$14,910$9,170
11 years$20,223$18,084$16,148$14,398$12,823$7,443
12 years$18,348$16,232$14,331$12,629$11,112$6,078
13 years$16,763$14,669$12,803$11,150$9,690$4,988
14 years$15,405$13,333$11,504$9,898$8,494$4,109
15 years$14,230$12,180$10,386$8,827$7,479$3,396
16 years$13,203$11,175$9,417$7,903$6,610$2,814
17 years$12,297$10,292$8,569$7,101$5,861$2,337
18 years$11,493$9,510$7,822$6,400$5,211$1,944
19 years$10,774$8,814$7,161$5,783$4,645$1,619
20 years$10,128$8,190$6,572$5,237$4,149$1,350
21 years$9,544$7,629$6,045$4,753$3,713$1,127
22 years$9,014$7,121$5,571$4,322$3,328$942
23 years$8,531$6,661$5,144$3,936$2,987$787
24 years$8,089$6,240$4,757$3,590$2,685$659
25 years$7,683$5,856$4,406$3,278$2,416$551
26 years$7,309$5,504$4,087$2,998$2,176$462
27 years$6,963$5,180$3,795$2,744$1,962$387
28 years$6,642$4,881$3,528$2,514$1,771$324
29 years$6,344$4,605$3,283$2,305$1,599$271
30 years$6,066$4,349$3,058$2,116$1,445$227
31 years$5,807$4,111$2,851$1,943$1,306$191
32 years$5,564$3,890$2,660$1,786$1,181$160
33 years$5,337$3,684$2,484$1,642$1,069$134
34 years$5,123$3,491$2,320$1,511$968$112
35 years$4,922$3,311$2,169$1,391$877$94
36 years$4,733$3,143$2,029$1,281$794$79
37 years$4,554$2,985$1,900$1,180$720$66
38 years$4,385$2,837$1,779$1,088$653$56
39 years$4,226$2,698$1,667$1,003$592$47
40 years$4,074$2,567$1,562$925$537$39
41 years$3,930$2,443$1,465$854$487$33
42 years$3,794$2,327$1,374$788$442$28
43 years$3,664$2,217$1,289$727$401$23
44 years$3,541$2,113$1,210$671$364$19
45 years$3,423$2,015$1,136$620$331$16
46 years$3,311$1,922$1,067$573$300$14
47 years$3,204$1,835$1,003$529$273$11
48 years$3,101$1,751$942$489$247$10
49 years$3,003$1,672$886$452$225$8
50 years$2,910$1,598$833$418$204$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,980,000, adding $2,110 every year, while hoping to spend $45,977 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: 52/41/7 Blend
55$2,980,000$2,980,000$2,980,000$2,980,000
56$3,286,136$3,128,196$3,082,006$3,451,297
57$3,572,403$3,232,559$3,136,335$3,668,011
58$3,886,328$3,340,494$3,190,942$3,898,392
59$4,230,684$3,452,129$3,245,789$4,147,822
60$4,608,525$3,567,594$3,300,833$4,418,106
61$5,023,214$3,687,026$3,356,031$4,711,227
62$5,478,457$3,810,565$3,411,333$5,029,365
63$5,978,335$3,938,358$3,466,688$5,374,919
64$6,527,345$4,070,558$3,522,042$5,750,525
65$7,130,439$4,207,320$3,577,335$6,159,087
66$7,793,074$4,348,809$3,632,506$6,603,797
67$8,521,260$4,495,193$3,687,488$7,088,167
68$9,321,621$4,646,649$3,742,211$7,616,062
69$10,201,450$4,803,359$3,796,599$8,191,738
70$11,168,787$4,965,513$3,850,574$8,819,874
71$12,232,485$5,133,305$3,904,050$9,505,625
72$13,402,302$5,306,941$3,956,939$10,254,661
73$14,688,987$5,486,631$4,009,147$11,073,228
74$16,104,382$5,672,594$4,060,572$11,968,199
75$17,661,537$5,865,059$4,111,109$12,947,141
76$19,374,829$6,064,262$4,160,646$14,018,388
77$21,260,099$6,270,448$4,209,065$15,191,115
78$23,334,801$6,483,872$4,256,241$16,475,422
79$25,618,167$6,704,798$4,302,041$17,882,437
80$28,131,388$6,933,501$4,346,327$19,424,410
81$30,897,812$7,170,266$4,388,952$21,114,833
82$33,943,168$7,415,388$4,429,761$22,968,565
83$37,295,804$7,669,175$4,468,591$25,001,973
84$40,986,958$7,931,946$4,505,271$27,233,081
85$45,051,050$8,204,033$4,539,619$29,681,744
86$49,526,006$8,485,780$4,571,446$32,369,829
87$54,453,621$8,777,545$4,600,551$35,321,426
88$59,879,944$9,079,699$4,626,724$38,563,068
89$65,855,723$9,392,629$4,649,743$42,123,986
90$72,436,873$9,716,735$4,669,376$46,036,377
91$79,685,013$10,052,433$4,685,379$50,335,713
92$87,668,040$10,400,158$4,697,495$55,061,070
93$96,460,773$10,760,358$4,705,454$60,255,496
94$106,145,658$11,133,503$4,708,973$65,966,418
95$116,813,547$11,520,076$4,707,755$72,246,085
96$128,564,554$11,920,584$4,701,490$79,152,061
97$141,508,997$12,335,552$4,689,849$86,747,766
98$155,768,446$12,765,525$4,672,490$95,103,075
99$171,476,863$13,211,072$4,649,054$104,294,970
100$188,781,870$13,672,781$4,619,164$114,408,273