Can I retire at age 56 with 6,800,000?

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 $6,800,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19%
1 years$561,538$556,536$551,656$546,893$542,242$522,587
2 years$277,989$272,812$267,794$262,929$258,210$238,624
3 years$183,485$178,285$173,280$168,461$163,819$144,917
4 years$136,242$131,059$126,104$121,367$116,837$98,764
5 years$107,904$102,752$97,862$93,221$88,818$71,621
6 years$89,018$83,904$79,087$74,550$70,279$53,970
7 years$75,534$70,463$65,722$61,292$57,155$41,731
8 years$65,425$60,400$55,737$51,416$47,416$32,863
9 years$57,566$52,589$48,006$43,795$39,931$26,230
10 years$51,283$46,354$41,853$37,752$34,023$21,150
11 years$46,146$41,267$36,847$32,855$29,261$17,188
12 years$41,868$37,039$32,701$28,819$25,357$14,056
13 years$38,251$33,472$29,216$25,442$22,112$11,550
14 years$35,153$30,425$26,250$22,585$19,383$9,529
15 years$32,471$27,794$23,701$20,142$17,066$7,887
16 years$30,127$25,500$21,488$18,035$15,083$6,545
17 years$28,060$23,485$19,553$16,204$13,374$5,442
18 years$26,225$21,701$17,850$14,603$11,891$4,534
19 years$24,585$20,112$16,341$13,195$10,599$3,782
20 years$23,111$18,689$14,997$11,951$9,467$3,159
21 years$21,779$17,408$13,794$10,846$8,472$2,641
22 years$20,570$16,250$12,713$9,862$7,594$2,210
23 years$19,467$15,198$11,738$8,981$6,817$1,851
24 years$18,458$14,240$10,856$8,191$6,127$1,551
25 years$17,531$13,364$10,055$7,481$5,514$1,300
26 years$16,677$12,560$9,325$6,840$4,966$1,090
27 years$15,888$11,820$8,659$6,261$4,478$914
28 years$15,156$11,138$8,050$5,736$4,040$767
29 years$14,476$10,507$7,491$5,260$3,648$644
30 years$13,842$9,923$6,978$4,828$3,296$541
31 years$13,250$9,381$6,505$4,434$2,980$454
32 years$12,697$8,876$6,070$4,075$2,696$381
33 years$12,178$8,406$5,667$3,747$2,440$320
34 years$11,690$7,967$5,295$3,448$2,209$269
35 years$11,232$7,556$4,950$3,174$2,001$226
36 years$10,800$7,172$4,631$2,923$1,813$190
37 years$10,392$6,812$4,335$2,693$1,643$159
38 years$10,007$6,474$4,059$2,482$1,489$134
39 years$9,642$6,156$3,803$2,289$1,351$112
40 years$9,297$5,857$3,565$2,111$1,225$95
41 years$8,969$5,575$3,342$1,948$1,111$79
42 years$8,657$5,309$3,135$1,798$1,009$67
43 years$8,361$5,059$2,942$1,659$915$56
44 years$8,079$4,822$2,762$1,532$831$47
45 years$7,811$4,598$2,593$1,415$754$40
46 years$7,555$4,387$2,435$1,307$685$33
47 years$7,310$4,186$2,288$1,208$622$28
48 years$7,076$3,996$2,150$1,116$565$23
49 years$6,853$3,816$2,021$1,031$513$20
50 years$6,639$3,645$1,900$953$466$17

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $6,800,000, adding $2,547 every year, while hoping to spend $23,509 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: 55/32/13 Blend
55$6,800,000$6,800,000$6,800,000$6,800,000
56$7,496,227$7,135,827$7,030,427$7,883,191
57$8,235,829$7,460,469$7,240,933$8,470,826
58$9,050,082$7,800,231$7,457,703$9,107,580
59$9,946,577$8,155,828$7,680,922$9,800,365
60$10,933,675$8,528,012$7,910,781$10,554,526
61$12,020,593$8,917,567$8,147,475$11,375,940
62$13,217,484$9,325,319$8,391,206$12,271,064
63$14,535,538$9,752,130$8,642,182$13,246,999
64$15,987,085$10,198,906$8,900,617$14,311,549
65$17,585,710$10,666,595$9,166,730$15,473,298
66$19,346,385$11,156,191$9,440,749$16,741,684
67$21,285,608$11,668,736$9,722,905$18,127,086
68$23,421,557$12,205,321$10,013,439$19,640,922
69$25,774,265$12,767,090$10,312,598$21,295,751
70$28,365,805$13,355,243$10,620,636$23,105,388
71$31,220,503$13,971,036$10,937,813$25,085,034
72$34,365,165$14,615,787$11,264,400$27,251,414
73$37,829,327$15,290,876$11,600,672$29,622,932
74$41,645,539$15,997,750$11,946,916$32,219,840
75$45,849,670$16,737,926$12,303,424$35,064,427
76$50,481,246$17,512,993$12,670,498$38,181,222
77$55,583,822$18,324,619$13,048,448$41,597,228
78$61,205,395$19,174,549$13,437,595$45,342,163
79$67,398,858$20,064,614$13,838,267$49,448,746
80$74,222,495$20,996,734$14,250,803$53,952,991
81$81,740,535$21,972,920$14,675,550$58,894,550
82$90,023,757$22,995,280$15,112,868$64,317,079
83$99,150,156$24,066,025$15,563,125$70,268,642
84$109,205,684$25,187,471$16,026,701$76,802,162
85$120,285,055$26,362,048$16,503,987$83,975,915
86$132,492,643$27,592,302$16,995,384$91,854,071
87$145,943,470$28,880,902$17,501,306$100,507,295
88$160,764,282$30,230,644$18,022,178$110,013,405
89$177,094,757$31,644,464$18,558,439$120,458,103
90$195,088,815$33,125,435$19,110,539$131,935,773
91$214,916,073$34,676,781$19,678,942$144,550,365
92$236,763,451$36,301,881$20,264,125$158,416,368
93$260,836,928$38,004,278$20,866,578$173,659,884
94$287,363,493$39,787,687$21,486,807$190,419,803
95$316,593,286$41,656,000$22,125,331$208,849,114
96$348,801,957$43,613,299$22,782,686$229,116,329
97$384,293,271$45,663,866$23,459,420$251,407,073
98$423,401,975$47,812,186$24,156,101$275,925,817
99$466,496,957$50,062,963$24,873,311$302,897,801
100$513,984,728$52,421,130$25,611,649$332,571,149