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%12.4%
1 years$246,911$244,712$242,566$240,472$238,427$236,035
2 years$122,233$119,957$117,751$115,611$113,537$111,128
3 years$80,679$78,393$76,192$74,073$72,032$69,681
4 years$59,907$57,627$55,449$53,366$51,374$49,098
5 years$47,446$45,180$43,030$40,990$39,054$36,860
6 years$39,142$36,893$34,775$32,780$30,902$28,793
7 years$33,213$30,983$28,898$26,950$25,131$23,109
8 years$28,768$26,558$24,508$22,608$20,849$18,912
9 years$25,312$23,124$21,109$19,257$17,558$15,706
10 years$22,550$20,382$18,403$16,600$14,960$13,192
11 years$20,291$18,145$16,202$14,447$12,866$11,181
12 years$18,410$16,286$14,379$12,672$11,150$9,545
13 years$16,819$14,718$12,846$11,187$9,723$8,197
14 years$15,457$13,378$11,542$9,931$8,523$7,074
15 years$14,278$12,221$10,421$8,856$7,504$6,130
16 years$13,247$11,213$9,448$7,930$6,632$5,331
17 years$12,338$10,326$8,598$7,125$5,881$4,649
18 years$11,531$9,542$7,849$6,421$5,229$4,065
19 years$10,810$8,844$7,185$5,802$4,660$3,562
20 years$10,162$8,218$6,594$5,255$4,163$3,127
21 years$9,576$7,655$6,065$4,769$3,725$2,750
22 years$9,045$7,145$5,590$4,336$3,339$2,421
23 years$8,560$6,683$5,161$3,949$2,997$2,135
24 years$8,116$6,261$4,773$3,602$2,694$1,884
25 years$7,709$5,876$4,421$3,289$2,424$1,664
26 years$7,333$5,523$4,100$3,008$2,184$1,472
27 years$6,986$5,197$3,808$2,753$1,969$1,302
28 years$6,664$4,897$3,540$2,522$1,777$1,153
29 years$6,365$4,620$3,294$2,313$1,604$1,021
30 years$6,086$4,363$3,068$2,123$1,449$905
31 years$5,826$4,125$2,860$1,950$1,310$802
32 years$5,583$3,903$2,669$1,792$1,185$712
33 years$5,355$3,696$2,492$1,648$1,073$632
34 years$5,140$3,503$2,328$1,516$971$561
35 years$4,939$3,323$2,177$1,396$880$498
36 years$4,749$3,154$2,036$1,285$797$442
37 years$4,570$2,995$1,906$1,184$722$392
38 years$4,400$2,846$1,785$1,091$655$349
39 years$4,240$2,707$1,672$1,006$594$310
40 years$4,088$2,575$1,567$928$539$275
41 years$3,944$2,451$1,470$856$489$245
42 years$3,807$2,335$1,379$790$443$217
43 years$3,676$2,224$1,294$730$402$193
44 years$3,553$2,120$1,214$674$365$172
45 years$3,434$2,022$1,140$622$332$153
46 years$3,322$1,929$1,071$575$301$136
47 years$3,214$1,841$1,006$531$273$121
48 years$3,112$1,757$945$491$248$107
49 years$3,013$1,678$889$453$226$96
50 years$2,919$1,603$835$419$205$85

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 $6,638 every year, while hoping to spend $27,332 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: 39/39/22 Blend
55$2,990,000$2,990,000$2,990,000$2,990,000
56$3,301,827$3,143,357$3,097,012$3,408,752
57$3,609,532$3,268,301$3,171,681$3,611,471
58$3,947,708$3,398,450$3,247,935$3,827,456
59$4,319,432$3,534,032$3,325,799$4,060,450
60$4,728,097$3,675,283$3,405,297$4,312,014
61$5,177,441$3,822,450$3,486,452$4,583,859
62$5,671,581$3,975,791$3,569,289$4,877,867
63$6,215,053$4,135,576$3,653,831$5,196,104
64$6,812,857$4,302,087$3,740,103$5,540,838
65$7,470,498$4,475,619$3,828,126$5,914,561
66$8,194,044$4,656,480$3,917,923$6,320,014
67$8,990,181$4,844,992$4,009,519$6,760,206
68$9,866,275$5,041,492$4,102,933$7,238,447
69$10,830,442$5,246,332$4,198,188$7,758,372
70$11,891,625$5,459,880$4,295,305$8,323,982
71$13,059,678$5,682,521$4,394,305$8,939,672
72$14,345,458$5,914,658$4,495,207$9,610,280
73$15,760,929$6,156,710$4,598,031$10,341,123
74$17,319,273$6,409,118$4,702,794$11,138,050
75$19,035,016$6,672,343$4,809,515$12,007,498
76$20,924,164$6,946,864$4,918,211$12,956,546
77$23,004,354$7,233,186$5,028,896$13,992,983
78$25,295,021$7,531,834$5,141,586$15,125,381
79$27,817,577$7,843,358$5,256,294$16,363,171
80$30,595,623$8,168,335$5,373,032$17,716,733
81$33,655,160$8,507,367$5,491,812$19,197,493
82$37,024,841$8,861,083$5,612,642$20,818,024
83$40,736,240$9,230,141$5,735,531$22,592,168
84$44,824,150$9,615,232$5,860,486$24,535,161
85$49,326,911$10,017,076$5,987,510$26,663,778
86$54,286,771$10,436,427$6,116,606$28,996,484
87$59,750,284$10,874,075$6,247,775$31,553,612
88$65,768,753$11,330,845$6,381,015$34,357,548
89$72,398,710$11,807,600$6,516,323$37,432,940
90$79,702,452$12,305,246$6,653,693$40,806,931
91$87,748,625$12,824,726$6,793,115$44,509,410
92$96,612,879$13,367,032$6,934,579$48,573,290
93$106,378,574$13,933,198$7,078,069$53,034,820
94$117,137,573$14,524,309$7,223,568$57,933,919
95$128,991,103$15,141,498$7,371,056$63,314,553
96$142,050,717$15,785,953$7,520,507$69,225,145
97$156,439,341$16,458,915$7,671,895$75,719,028
98$172,292,437$17,161,685$7,825,187$82,854,946
99$189,759,282$17,895,624$7,980,347$90,697,603
100$209,004,375$18,662,156$8,137,335$99,318,273