Can I retire at age 56 with 3,000,000?

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 $3,000,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.9%
1 years$247,737$245,530$243,378$241,276$239,224$236,333
2 years$122,642$120,358$118,144$115,998$113,916$111,007
3 years$80,949$78,655$76,447$74,321$72,273$69,435
4 years$60,107$57,820$55,634$53,544$51,546$48,802
5 years$47,605$45,332$43,174$41,127$39,184$36,542
6 years$39,273$37,017$34,891$32,890$31,005$28,468
7 years$33,324$31,087$28,995$27,040$25,216$22,784
8 years$28,864$26,647$24,590$22,684$20,919$18,593
9 years$25,397$23,201$21,179$19,321$17,617$15,396
10 years$22,625$20,450$18,465$16,655$15,010$12,893
11 years$20,359$18,206$16,256$14,495$12,909$10,893
12 years$18,471$16,341$14,427$12,714$11,187$9,270
13 years$16,875$14,767$12,889$11,225$9,755$7,935
14 years$15,509$13,423$11,581$9,964$8,551$6,826
15 years$14,326$12,262$10,456$8,886$7,529$5,895
16 years$13,291$11,250$9,480$7,957$6,654$5,108
17 years$12,379$10,361$8,626$7,149$5,900$4,440
18 years$11,570$9,574$7,875$6,443$5,246$3,868
19 years$10,846$8,873$7,209$5,821$4,676$3,377
20 years$10,196$8,245$6,616$5,272$4,177$2,954
21 years$9,608$7,680$6,086$4,785$3,738$2,588
22 years$9,075$7,169$5,609$4,351$3,350$2,270
23 years$8,589$6,705$5,179$3,962$3,007$1,994
24 years$8,143$6,282$4,789$3,614$2,703$1,753
25 years$7,734$5,896$4,436$3,300$2,432$1,542
26 years$7,358$5,541$4,114$3,018$2,191$1,358
27 years$7,009$5,215$3,820$2,762$1,975$1,197
28 years$6,686$4,914$3,551$2,531$1,782$1,056
29 years$6,386$4,636$3,305$2,321$1,610$931
30 years$6,107$4,378$3,078$2,130$1,454$822
31 years$5,846$4,139$2,870$1,956$1,315$726
32 years$5,601$3,916$2,678$1,798$1,189$641
33 years$5,373$3,708$2,500$1,653$1,076$567
34 years$5,158$3,515$2,336$1,521$975$501
35 years$4,955$3,334$2,184$1,400$883$443
36 years$4,765$3,164$2,043$1,290$800$391
37 years$4,585$3,005$1,912$1,188$725$346
38 years$4,415$2,856$1,791$1,095$657$306
39 years$4,254$2,716$1,678$1,010$596$271
40 years$4,101$2,584$1,573$931$541$240
41 years$3,957$2,460$1,475$859$490$212
42 years$3,819$2,342$1,383$793$445$188
43 years$3,689$2,232$1,298$732$404$166
44 years$3,564$2,127$1,218$676$367$147
45 years$3,446$2,029$1,144$624$333$130
46 years$3,333$1,935$1,074$577$302$115
47 years$3,225$1,847$1,009$533$274$102
48 years$3,122$1,763$949$492$249$90
49 years$3,023$1,684$892$455$226$80
50 years$2,929$1,608$838$421$206$71

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $3,000,000, adding $2,863 every year, while hoping to spend $30,426 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: 61/34/5 Blend
55$3,000,000$3,000,000$3,000,000$3,000,000
56$3,308,953$3,149,953$3,103,453$3,507,940
57$3,614,093$3,271,928$3,175,046$3,763,110
58$3,949,338$3,398,860$3,248,017$4,037,593
59$4,317,726$3,530,959$3,322,381$4,336,272
60$4,722,604$3,668,446$3,398,151$4,661,479
61$5,167,661$3,811,551$3,475,340$5,015,774
62$5,656,959$3,960,514$3,553,961$5,401,974
63$6,194,975$4,115,585$3,634,025$5,823,180
64$6,786,640$4,277,027$3,715,542$6,282,800
65$7,437,388$4,445,111$3,798,523$6,784,585
66$8,153,205$4,620,126$3,882,977$7,332,662
67$8,940,688$4,802,367$3,968,913$7,931,571
68$9,807,103$4,992,148$4,056,336$8,586,310
69$10,760,458$5,189,794$4,145,254$9,302,377
70$11,809,576$5,395,645$4,235,672$10,085,825
71$12,964,178$5,610,057$4,327,592$10,943,317
72$14,234,975$5,833,401$4,421,017$11,882,184
73$15,633,769$6,066,064$4,515,948$12,910,500
74$17,173,566$6,308,454$4,612,384$14,037,151
75$18,868,694$6,560,992$4,710,323$15,271,920
76$20,734,943$6,824,123$4,809,761$16,625,580
77$22,789,711$7,098,309$4,910,692$18,109,992
78$25,052,169$7,384,034$5,013,108$19,738,213
79$27,543,443$7,681,803$5,116,999$21,524,625
80$30,286,808$7,992,146$5,222,353$23,485,064
81$33,307,916$8,315,614$5,329,155$25,636,968
82$36,635,030$8,652,786$5,437,389$27,999,542
83$40,299,295$9,004,265$5,547,034$30,593,937
84$44,335,032$9,370,683$5,658,068$33,443,448
85$48,780,058$9,752,699$5,770,465$36,573,731
86$53,676,046$10,151,003$5,884,198$40,013,045
87$59,068,918$10,566,318$5,999,235$43,792,514
88$65,009,278$10,999,398$6,115,539$47,946,423
89$71,552,887$11,451,031$6,233,073$52,512,536
90$78,761,194$11,922,043$6,351,792$57,532,451
91$86,701,909$12,413,297$6,471,651$63,051,992
92$95,449,651$12,925,696$6,592,598$69,121,637
93$105,086,643$13,460,182$6,714,578$75,796,992
94$115,703,493$14,017,744$6,837,529$83,139,316
95$127,400,050$14,599,414$6,961,387$91,216,093
96$140,286,342$15,206,272$7,086,080$100,101,668
97$154,483,617$15,839,448$7,211,532$109,877,947
98$170,125,488$16,500,123$7,337,661$120,635,164
99$187,359,194$17,189,535$7,464,378$132,472,732
100$206,346,986$17,908,976$7,591,589$145,500,178