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%16.2%
1 years$246,911$244,712$242,566$240,472$238,427$232,380
2 years$122,233$119,957$117,751$115,611$113,537$107,484
3 years$80,679$78,393$76,192$74,073$72,032$66,163
4 years$59,907$57,627$55,449$53,366$51,374$45,733
5 years$47,446$45,180$43,030$40,990$39,054$33,657
6 years$39,142$36,893$34,775$32,780$30,902$25,754
7 years$33,213$30,983$28,898$26,950$25,131$20,234
8 years$28,768$26,558$24,508$22,608$20,849$16,199
9 years$25,312$23,124$21,109$19,257$17,558$13,152
10 years$22,550$20,382$18,403$16,600$14,960$10,793
11 years$20,291$18,145$16,202$14,447$12,866$8,931
12 years$18,410$16,286$14,379$12,672$11,150$7,440
13 years$16,819$14,718$12,846$11,187$9,723$6,231
14 years$15,457$13,378$11,542$9,931$8,523$5,241
15 years$14,278$12,221$10,421$8,856$7,504$4,425
16 years$13,247$11,213$9,448$7,930$6,632$3,746
17 years$12,338$10,326$8,598$7,125$5,881$3,180
18 years$11,531$9,542$7,849$6,421$5,229$2,705
19 years$10,810$8,844$7,185$5,802$4,660$2,305
20 years$10,162$8,218$6,594$5,255$4,163$1,967
21 years$9,576$7,655$6,065$4,769$3,725$1,680
22 years$9,045$7,145$5,590$4,336$3,339$1,437
23 years$8,560$6,683$5,161$3,949$2,997$1,230
24 years$8,116$6,261$4,773$3,602$2,694$1,054
25 years$7,709$5,876$4,421$3,289$2,424$903
26 years$7,333$5,523$4,100$3,008$2,184$775
27 years$6,986$5,197$3,808$2,753$1,969$665
28 years$6,664$4,897$3,540$2,522$1,777$571
29 years$6,365$4,620$3,294$2,313$1,604$490
30 years$6,086$4,363$3,068$2,123$1,449$421
31 years$5,826$4,125$2,860$1,950$1,310$362
32 years$5,583$3,903$2,669$1,792$1,185$311
33 years$5,355$3,696$2,492$1,648$1,073$267
34 years$5,140$3,503$2,328$1,516$971$230
35 years$4,939$3,323$2,177$1,396$880$198
36 years$4,749$3,154$2,036$1,285$797$170
37 years$4,570$2,995$1,906$1,184$722$146
38 years$4,400$2,846$1,785$1,091$655$126
39 years$4,240$2,707$1,672$1,006$594$108
40 years$4,088$2,575$1,567$928$539$93
41 years$3,944$2,451$1,470$856$489$80
42 years$3,807$2,335$1,379$790$443$69
43 years$3,676$2,224$1,294$730$402$59
44 years$3,553$2,120$1,214$674$365$51
45 years$3,434$2,022$1,140$622$332$44
46 years$3,322$1,929$1,071$575$301$38
47 years$3,214$1,841$1,006$531$273$32
48 years$3,112$1,757$945$491$248$28
49 years$3,013$1,678$889$453$226$24
50 years$2,919$1,603$835$419$205$21

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 $5,515 every year, while hoping to spend $56,968 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: 45/30/25 Blend
55$2,990,000$2,990,000$2,990,000$2,990,000
56$3,300,669$3,142,199$3,095,854$3,425,150
57$3,576,723$3,235,553$3,138,951$3,607,133
58$3,879,026$3,331,572$3,181,583$3,798,409
59$4,210,195$3,430,327$3,223,674$4,004,725
60$4,573,111$3,531,889$3,265,143$4,227,511
61$4,970,949$3,636,332$3,305,906$4,468,344
62$5,407,205$3,743,732$3,345,873$4,728,957
63$5,885,729$3,854,164$3,384,950$5,011,261
64$6,410,763$3,967,708$3,423,035$5,317,357
65$6,986,979$4,084,443$3,460,024$5,649,559
66$7,619,521$4,204,452$3,495,806$6,010,417
67$8,314,059$4,327,816$3,530,262$6,402,738
68$9,076,835$4,454,622$3,563,268$6,829,612
69$9,914,730$4,584,956$3,594,695$7,294,445
70$10,835,319$4,718,905$3,624,404$7,800,987
71$11,846,951$4,856,561$3,652,251$8,353,367
72$12,958,822$4,998,015$3,678,084$8,956,138
73$14,181,064$5,143,359$3,701,741$9,614,309
74$15,524,838$5,292,690$3,723,055$10,333,405
75$17,002,443$5,446,102$3,741,849$11,119,506
76$18,627,426$5,603,695$3,757,935$11,979,316
77$20,414,715$5,765,569$3,771,118$12,920,218
78$22,380,758$5,931,823$3,781,192$13,950,347
79$24,543,675$6,102,562$3,787,942$15,078,666
80$26,923,433$6,277,890$3,791,140$16,315,050
81$29,542,029$6,457,913$3,790,549$17,670,381
82$32,423,702$6,642,737$3,785,919$19,156,648
83$35,595,160$6,832,472$3,776,988$20,787,062
84$39,085,831$7,027,227$3,763,481$22,576,180
85$42,928,139$7,227,114$3,745,111$24,540,043
86$47,157,812$7,432,246$3,721,575$26,696,326
87$51,814,219$7,642,736$3,692,558$29,064,506
88$56,940,738$7,858,699$3,657,727$31,666,044
89$62,585,168$8,080,249$3,616,736$34,524,592
90$68,800,178$8,307,505$3,569,220$37,666,212
91$75,643,807$8,540,584$3,514,799$41,119,623
92$83,180,005$8,779,602$3,453,075$44,916,472
93$91,479,242$9,024,679$3,383,629$49,091,636
94$100,619,169$9,275,933$3,306,026$53,683,548
95$110,685,355$9,533,484$3,219,807$58,734,558
96$121,772,086$9,797,450$3,124,496$64,291,341
97$133,983,264$10,067,950$3,019,592$70,405,327
98$147,433,381$10,345,103$2,904,572$77,133,197
99$162,248,600$10,629,028$2,778,890$84,537,412
100$178,567,947$10,919,840$2,641,973$92,686,803