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

Use the below retirement simulation to view the chances of a successful retirement.
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%19.8%
1 years$246,911$244,712$242,566$240,472$238,427$229,057
2 years$122,233$119,957$117,751$115,611$113,537$104,212
3 years$80,679$78,393$76,192$74,073$72,032$63,046
4 years$59,907$57,627$55,449$53,366$51,374$42,794
5 years$47,446$45,180$43,030$40,990$39,054$30,902
6 years$39,142$36,893$34,775$32,780$30,902$23,184
7 years$33,213$30,983$28,898$26,950$25,131$17,845
8 years$28,768$26,558$24,508$22,608$20,849$13,986
9 years$25,312$23,124$21,109$19,257$17,558$11,108
10 years$22,550$20,382$18,403$16,600$14,960$8,911
11 years$20,291$18,145$16,202$14,447$12,866$7,205
12 years$18,410$16,286$14,379$12,672$11,150$5,860
13 years$16,819$14,718$12,846$11,187$9,723$4,789
14 years$15,457$13,378$11,542$9,931$8,523$3,929
15 years$14,278$12,221$10,421$8,856$7,504$3,233
16 years$13,247$11,213$9,448$7,930$6,632$2,668
17 years$12,338$10,326$8,598$7,125$5,881$2,205
18 years$11,531$9,542$7,849$6,421$5,229$1,826
19 years$10,810$8,844$7,185$5,802$4,660$1,514
20 years$10,162$8,218$6,594$5,255$4,163$1,257
21 years$9,576$7,655$6,065$4,769$3,725$1,044
22 years$9,045$7,145$5,590$4,336$3,339$869
23 years$8,560$6,683$5,161$3,949$2,997$723
24 years$8,116$6,261$4,773$3,602$2,694$602
25 years$7,709$5,876$4,421$3,289$2,424$501
26 years$7,333$5,523$4,100$3,008$2,184$418
27 years$6,986$5,197$3,808$2,753$1,969$348
28 years$6,664$4,897$3,540$2,522$1,777$290
29 years$6,365$4,620$3,294$2,313$1,604$242
30 years$6,086$4,363$3,068$2,123$1,449$202
31 years$5,826$4,125$2,860$1,950$1,310$168
32 years$5,583$3,903$2,669$1,792$1,185$140
33 years$5,355$3,696$2,492$1,648$1,073$117
34 years$5,140$3,503$2,328$1,516$971$98
35 years$4,939$3,323$2,177$1,396$880$82
36 years$4,749$3,154$2,036$1,285$797$68
37 years$4,570$2,995$1,906$1,184$722$57
38 years$4,400$2,846$1,785$1,091$655$47
39 years$4,240$2,707$1,672$1,006$594$40
40 years$4,088$2,575$1,567$928$539$33
41 years$3,944$2,451$1,470$856$489$28
42 years$3,807$2,335$1,379$790$443$23
43 years$3,676$2,224$1,294$730$402$19
44 years$3,553$2,120$1,214$674$365$16
45 years$3,434$2,022$1,140$622$332$13
46 years$3,322$1,929$1,071$575$301$11
47 years$3,214$1,841$1,006$531$273$9
48 years$3,112$1,757$945$491$248$8
49 years$3,013$1,678$889$453$226$6
50 years$2,919$1,603$835$419$205$5

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 $4,446 every year, while hoping to spend $57,703 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: 74/20/6 Blend
55$2,990,000$2,990,000$2,990,000$2,990,000
56$3,299,566$3,141,096$3,094,751$3,541,237
57$3,574,726$3,233,614$3,137,030$3,793,416
58$3,876,019$3,328,732$3,178,791$4,061,829
59$4,206,048$3,426,515$3,219,956$4,354,203
60$4,567,683$3,527,032$3,260,442$4,672,887
61$4,964,082$3,630,352$3,300,162$5,020,468
62$5,398,725$3,736,546$3,339,024$5,399,790
63$5,875,442$3,845,684$3,376,929$5,813,989
64$6,398,455$3,957,841$3,413,774$6,266,514
65$6,972,413$4,073,090$3,449,451$6,761,166
66$7,602,436$4,191,508$3,483,844$7,302,131
67$8,294,164$4,313,172$3,516,833$7,894,015
68$9,053,812$4,438,160$3,548,289$8,541,896
69$9,888,223$4,566,553$3,578,080$9,251,363
70$10,804,939$4,698,430$3,606,062$10,028,574
71$11,812,265$4,833,876$3,632,087$10,880,311
72$12,919,352$4,972,972$3,655,999$11,814,045
73$14,136,284$5,115,805$3,677,632$12,838,005
74$15,474,165$5,262,461$3,696,814$13,961,256
75$16,945,234$5,413,025$3,713,361$15,193,784
76$18,562,972$5,567,588$3,727,083$16,546,590
77$20,342,234$5,726,238$3,737,778$18,031,794
78$22,299,383$5,889,065$3,745,236$19,662,748
79$24,452,453$6,056,162$3,749,234$21,454,162
80$26,821,309$6,227,620$3,749,539$23,422,242
81$29,427,843$6,403,533$3,745,908$25,584,843
82$32,296,171$6,583,995$3,738,085$27,961,639
83$35,452,870$6,769,100$3,725,800$30,574,303
84$38,927,220$6,958,943$3,708,772$33,446,718
85$42,751,486$7,153,621$3,686,705$36,605,195
86$46,961,218$7,353,229$3,659,290$40,078,728
87$51,595,589$7,557,864$3,626,203$43,899,261
88$56,697,763$7,767,622$3,587,104$48,101,992
89$62,315,299$7,982,601$3,541,637$52,725,705
90$68,500,607$8,202,896$3,489,430$57,813,136
91$75,311,435$8,428,603$3,430,091$63,411,373
92$82,811,415$8,659,819$3,363,213$69,572,304
93$91,070,667$8,896,638$3,288,369$76,353,102
94$100,166,457$9,139,155$3,205,110$83,816,769
95$110,183,924$9,387,462$3,112,970$92,032,727
96$121,216,888$9,641,651$3,011,459$101,077,471
97$133,368,732$9,901,814$2,900,064$111,035,297
98$146,753,378$10,168,037$2,778,251$121,999,092
99$161,496,360$10,440,408$2,645,460$134,071,209
100$177,736,011$10,719,011$2,501,105$147,364,441