Can I retire at age 56 with 7,300,000?

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 $7,300,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.4%
1 years$602,827$597,458$592,219$587,105$582,112$566,890
2 years$298,429$292,871$287,485$282,262$277,196$261,964
3 years$196,977$191,395$186,022$180,848$175,865$161,099
4 years$146,260$140,695$135,376$130,291$125,428$111,242
5 years$115,838$110,307$105,057$100,076$95,349$81,782
6 years$95,564$90,074$84,902$80,031$75,446$62,512
7 years$81,087$75,644$70,554$65,798$61,358$49,057
8 years$70,235$64,841$59,835$55,197$50,902$39,229
9 years$61,799$56,456$51,536$47,015$42,867$31,810
10 years$55,054$49,763$44,930$40,528$36,525$26,072
11 years$49,539$44,301$39,556$35,271$31,413$21,547
12 years$44,947$39,762$35,105$30,938$27,221$17,926
13 years$41,064$35,933$31,364$27,313$23,738$14,993
14 years$37,738$32,662$28,181$24,246$20,808$12,594
15 years$34,859$29,838$25,443$21,623$18,321$10,617
16 years$32,342$27,376$23,068$19,361$16,192$8,977
17 years$30,123$25,212$20,991$17,396$14,357$7,609
18 years$28,153$23,297$19,162$15,677$12,766$6,462
19 years$26,393$21,591$17,542$14,165$11,378$5,498
20 years$24,810$20,064$16,099$12,830$10,163$4,684
21 years$23,381$18,689$14,808$11,644$9,095$3,996
22 years$22,082$17,445$13,648$10,587$8,153$3,412
23 years$20,899$16,316$12,602$9,642$7,318$2,916
24 years$19,816$15,287$11,654$8,794$6,578$2,494
25 years$18,821$14,346$10,794$8,031$5,919$2,135
26 years$17,904$13,483$10,011$7,343$5,332$1,828
27 years$17,056$12,689$9,296$6,721$4,807$1,566
28 years$16,270$11,957$8,642$6,158$4,337$1,342
29 years$15,540$11,280$8,042$5,647$3,916$1,151
30 years$14,860$10,653$7,491$5,183$3,539$987
31 years$14,225$10,070$6,984$4,760$3,199$847
32 years$13,630$9,529$6,516$4,374$2,894$726
33 years$13,073$9,024$6,084$4,023$2,619$623
34 years$12,550$8,552$5,684$3,701$2,371$535
35 years$12,058$8,112$5,314$3,407$2,148$459
36 years$11,594$7,699$4,972$3,138$1,946$394
37 years$11,156$7,313$4,653$2,891$1,764$339
38 years$10,743$6,950$4,358$2,665$1,599$291
39 years$10,351$6,608$4,083$2,457$1,450$250
40 years$9,980$6,287$3,827$2,266$1,315$214
41 years$9,628$5,985$3,588$2,091$1,193$184
42 years$9,294$5,700$3,366$1,930$1,083$158
43 years$8,976$5,431$3,158$1,781$983$136
44 years$8,673$5,177$2,965$1,645$892$117
45 years$8,385$4,936$2,784$1,519$810$100
46 years$8,110$4,709$2,615$1,403$735$86
47 years$7,848$4,494$2,456$1,296$668$74
48 years$7,597$4,290$2,308$1,198$606$64
49 years$7,357$4,097$2,170$1,107$551$55
50 years$7,127$3,913$2,040$1,023$500$47

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $7,300,000, adding $2,272 every year, while hoping to spend $39,501 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: 38/39/23 Blend
55$7,300,000$7,300,000$7,300,000$7,300,000
56$8,046,944$7,660,044$7,546,894$8,297,319
57$8,825,703$7,993,357$7,757,686$8,812,810
58$9,682,572$8,341,679$7,974,216$9,365,692
59$10,625,476$8,705,703$8,196,634$9,962,428
60$11,663,148$9,086,155$8,425,094$10,607,008
61$12,805,209$9,483,797$8,659,755$11,303,813
62$14,062,262$9,899,424$8,900,778$12,057,644
63$15,445,988$10,333,872$9,148,329$12,873,775
64$16,969,259$10,788,012$9,402,579$13,757,995
65$18,646,259$11,262,760$9,663,701$14,716,658
66$20,492,617$11,759,075$9,931,874$15,756,743
67$22,525,553$12,277,958$10,207,281$16,885,916
68$24,764,043$12,820,462$10,490,108$18,112,597
69$27,228,996$13,387,686$10,780,548$19,446,040
70$29,943,455$13,980,783$11,078,797$20,896,409
71$32,932,806$14,600,961$11,385,056$22,474,880
72$36,225,028$15,249,483$11,699,531$24,193,734
73$39,850,948$15,927,675$12,022,433$26,066,473
74$43,844,538$16,636,924$12,353,977$28,107,942
75$48,243,231$17,378,683$12,694,385$30,334,464
76$53,088,276$18,154,475$13,043,883$32,763,988
77$58,425,130$18,965,894$13,402,703$35,416,258
78$64,303,881$19,814,610$13,771,081$38,312,990
79$70,779,726$20,702,375$14,149,261$41,478,069
80$77,913,487$21,631,021$14,537,491$44,937,777
81$85,772,190$22,602,468$14,936,024$48,721,027
82$94,429,694$23,618,730$15,345,122$52,859,634
83$103,967,389$24,681,913$15,765,049$57,388,605
84$114,474,964$25,794,228$16,196,079$62,346,469
85$126,051,252$26,957,987$16,638,490$67,775,625
86$138,805,167$28,175,616$17,092,566$73,722,741
87$152,856,727$29,449,654$17,558,600$80,239,186
88$168,338,189$30,782,763$18,036,889$87,381,503
89$185,395,297$32,177,732$18,527,738$95,211,938
90$204,188,659$33,637,482$19,031,459$103,799,016
91$224,895,260$35,165,076$19,548,371$113,218,180
92$247,710,134$36,763,722$20,078,798$123,552,493
93$272,848,205$38,436,782$20,623,075$134,893,411
94$300,546,315$40,187,778$21,181,542$147,341,638
95$331,065,463$42,020,402$21,754,547$161,008,060
96$364,693,261$43,938,523$22,342,445$176,014,788
97$401,746,656$45,946,193$22,945,600$192,496,290
98$442,574,921$48,047,663$23,564,383$210,600,654
99$487,562,947$50,247,382$24,199,174$230,490,970
100$537,134,881$52,550,017$24,850,360$252,346,854