Can I retire at age 56 with 2,990,000?

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 $2,990,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.3%
1 years$246,911$244,712$242,566$240,472$238,427$234,188
2 years$122,233$119,957$117,751$115,611$113,537$109,280
3 years$80,679$78,393$76,192$74,073$72,032$67,891
4 years$59,907$57,627$55,449$53,366$51,374$47,380
5 years$47,446$45,180$43,030$40,990$39,054$35,219
6 years$39,142$36,893$34,775$32,780$30,902$27,230
7 years$33,213$30,983$28,898$26,950$25,131$21,623
8 years$28,768$26,558$24,508$22,608$20,849$17,504
9 years$25,312$23,124$21,109$19,257$17,558$14,374
10 years$22,550$20,382$18,403$16,600$14,960$11,935
11 years$20,291$18,145$16,202$14,447$12,866$9,996
12 years$18,410$16,286$14,379$12,672$11,150$8,431
13 years$16,819$14,718$12,846$11,187$9,723$7,151
14 years$15,457$13,378$11,542$9,931$8,523$6,093
15 years$14,278$12,221$10,421$8,856$7,504$5,212
16 years$13,247$11,213$9,448$7,930$6,632$4,473
17 years$12,338$10,326$8,598$7,125$5,881$3,849
18 years$11,531$9,542$7,849$6,421$5,229$3,320
19 years$10,810$8,844$7,185$5,802$4,660$2,869
20 years$10,162$8,218$6,594$5,255$4,163$2,483
21 years$9,576$7,655$6,065$4,769$3,725$2,153
22 years$9,045$7,145$5,590$4,336$3,339$1,868
23 years$8,560$6,683$5,161$3,949$2,997$1,623
24 years$8,116$6,261$4,773$3,602$2,694$1,412
25 years$7,709$5,876$4,421$3,289$2,424$1,229
26 years$7,333$5,523$4,100$3,008$2,184$1,070
27 years$6,986$5,197$3,808$2,753$1,969$932
28 years$6,664$4,897$3,540$2,522$1,777$813
29 years$6,365$4,620$3,294$2,313$1,604$709
30 years$6,086$4,363$3,068$2,123$1,449$619
31 years$5,826$4,125$2,860$1,950$1,310$540
32 years$5,583$3,903$2,669$1,792$1,185$472
33 years$5,355$3,696$2,492$1,648$1,073$412
34 years$5,140$3,503$2,328$1,516$971$360
35 years$4,939$3,323$2,177$1,396$880$314
36 years$4,749$3,154$2,036$1,285$797$275
37 years$4,570$2,995$1,906$1,184$722$240
38 years$4,400$2,846$1,785$1,091$655$210
39 years$4,240$2,707$1,672$1,006$594$183
40 years$4,088$2,575$1,567$928$539$160
41 years$3,944$2,451$1,470$856$489$140
42 years$3,807$2,335$1,379$790$443$123
43 years$3,676$2,224$1,294$730$402$107
44 years$3,553$2,120$1,214$674$365$94
45 years$3,434$2,022$1,140$622$332$82
46 years$3,322$1,929$1,071$575$301$72
47 years$3,214$1,841$1,006$531$273$63
48 years$3,112$1,757$945$491$248$55
49 years$3,013$1,678$889$453$226$48
50 years$2,919$1,603$835$419$205$42

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,990,000, adding $2,381 every year, while hoping to spend $55,028 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: 50/36/14 Blend
55$2,990,000$2,990,000$2,990,000$2,990,000
56$3,297,436$3,138,966$3,092,621$3,449,578
57$3,575,225$3,234,226$3,137,674$3,649,606
58$3,879,504$3,332,309$3,182,393$3,860,909
59$4,212,918$3,433,296$3,226,707$4,089,308
60$4,578,377$3,537,270$3,270,543$4,336,427
61$4,979,089$3,644,313$3,313,824$4,604,054
62$5,418,586$3,754,514$3,356,467$4,894,156
63$5,900,757$3,867,961$3,398,384$5,208,898
64$6,429,889$3,984,746$3,439,484$5,550,662
65$7,010,700$4,104,961$3,479,670$5,922,069
66$7,648,391$4,228,704$3,518,838$6,326,008
67$8,348,688$4,356,071$3,556,880$6,765,653
68$9,117,900$4,487,165$3,593,682$7,244,505
69$9,962,978$4,622,088$3,629,122$7,766,413
70$10,891,578$4,760,946$3,663,074$8,335,619
71$11,912,135$4,903,849$3,695,403$8,956,792
72$13,033,942$5,050,906$3,725,968$9,635,073
73$14,267,236$5,202,233$3,754,620$10,376,126
74$15,623,297$5,357,945$3,781,203$11,186,187
75$17,114,551$5,518,163$3,805,551$12,072,125
76$18,754,691$5,683,008$3,827,492$13,041,505
77$20,558,800$5,852,605$3,846,844$14,102,660
78$22,543,498$6,027,084$3,863,414$15,264,768
79$24,727,098$6,206,574$3,877,002$16,537,940
80$27,129,777$6,391,211$3,887,396$17,933,313
81$29,773,765$6,581,132$3,894,375$19,463,158
82$32,683,558$6,776,476$3,897,705$21,140,990
83$35,886,145$6,977,387$3,897,142$22,981,700
84$39,411,265$7,184,012$3,892,429$25,001,692
85$43,291,686$7,396,501$3,883,298$27,219,039
86$47,563,515$7,615,006$3,869,465$29,653,654
87$52,266,537$7,839,685$3,850,636$32,327,475
88$57,444,591$8,070,697$3,826,499$35,264,673
89$63,145,982$8,308,204$3,796,730$38,491,878
90$69,423,940$8,552,374$3,760,989$42,038,435
91$76,337,118$8,803,376$3,718,917$45,936,673
92$83,950,145$9,061,383$3,670,142$50,222,216
93$92,334,241$9,326,571$3,614,273$54,934,315
94$101,567,881$9,599,121$3,550,899$60,116,220
95$111,737,543$9,879,216$3,479,592$65,815,587
96$122,938,516$10,167,042$3,399,902$72,084,927
97$135,275,807$10,462,789$3,311,361$78,982,103
98$148,865,125$10,766,651$3,213,477$86,570,872
99$163,833,975$11,078,825$3,105,736$94,921,491
100$180,322,864$11,399,510$2,987,602$104,111,377