Can I retire at age 56 with 7,400,000?

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 $7,400,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.7%
1 years$611,085$605,642$600,331$595,148$590,086$567,122
2 years$302,517$296,883$291,423$286,129$280,994$258,135
3 years$199,675$194,016$188,570$183,325$178,274$156,240
4 years$148,264$142,623$137,231$132,076$127,146$106,106
5 years$117,425$111,818$106,497$101,447$96,655$76,661
6 years$96,873$91,308$86,065$81,128$76,480$57,545
7 years$82,198$76,680$71,520$66,700$62,198$44,318
8 years$71,197$65,729$60,655$55,953$51,600$34,755
9 years$62,646$57,229$52,242$47,659$43,454$27,621
10 years$55,808$50,444$45,546$41,083$37,025$22,173
11 years$50,218$44,908$40,098$35,754$31,843$17,938
12 years$45,562$40,307$35,586$31,361$27,594$14,600
13 years$41,626$36,426$31,794$27,687$24,063$11,940
14 years$38,255$33,110$28,567$24,578$21,093$9,803
15 years$35,336$30,246$25,792$21,919$18,572$8,073
16 years$32,785$27,751$23,384$19,626$16,414$6,665
17 years$30,536$25,557$21,279$17,634$14,554$5,514
18 years$28,539$23,616$19,425$15,892$12,941$4,569
19 years$26,754$21,887$17,782$14,360$11,534$3,792
20 years$25,150$20,339$16,320$13,005$10,303$3,150
21 years$23,701$18,945$15,011$11,803$9,220$2,620
22 years$22,385$17,684$13,835$10,732$8,264$2,180
23 years$21,185$16,540$12,774$9,774$7,418$1,815
24 years$20,087$15,496$11,814$8,914$6,668$1,513
25 years$19,078$14,543$10,942$8,141$6,000$1,261
26 years$18,149$13,668$10,148$7,444$5,405$1,051
27 years$17,289$12,863$9,423$6,813$4,873$877
28 years$16,493$12,121$8,760$6,242$4,397$732
29 years$15,753$11,434$8,152$5,724$3,970$611
30 years$15,063$10,799$7,594$5,254$3,587$510
31 years$14,419$10,208$7,079$4,825$3,243$425
32 years$13,817$9,659$6,605$4,434$2,934$355
33 years$13,252$9,147$6,167$4,078$2,655$297
34 years$12,722$8,670$5,762$3,752$2,404$248
35 years$12,223$8,223$5,387$3,454$2,177$207
36 years$11,753$7,805$5,040$3,181$1,973$173
37 years$11,309$7,413$4,717$2,931$1,788$144
38 years$10,890$7,045$4,417$2,701$1,621$121
39 years$10,493$6,699$4,139$2,491$1,470$101
40 years$10,117$6,373$3,879$2,297$1,333$84
41 years$9,760$6,067$3,637$2,120$1,210$70
42 years$9,421$5,778$3,412$1,956$1,098$59
43 years$9,099$5,505$3,202$1,806$996$49
44 years$8,792$5,248$3,005$1,667$904$41
45 years$8,500$5,004$2,822$1,540$821$34
46 years$8,221$4,774$2,650$1,422$745$29
47 years$7,955$4,556$2,490$1,314$677$24
48 years$7,701$4,349$2,340$1,214$615$20
49 years$7,458$4,153$2,199$1,122$558$17
50 years$7,225$3,967$2,068$1,037$507$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $7,400,000, adding $6,641 every year, while hoping to spend $51,092 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: 45/28/27 Blend
55$7,400,000$7,400,000$7,400,000$7,400,000
56$8,161,650$7,769,450$7,654,750$8,464,955
57$8,939,777$8,095,792$7,856,823$9,007,271
58$9,795,560$8,436,412$8,063,953$9,589,617
59$10,736,867$8,791,956$8,276,255$10,220,205
60$11,772,366$9,163,099$8,493,847$10,903,564
61$12,911,605$9,550,550$8,716,849$11,644,672
62$14,165,109$9,955,046$8,945,384$12,448,997
63$15,544,470$10,377,364$9,179,574$13,322,553
64$17,062,464$10,818,313$9,419,548$14,271,946
65$18,733,166$11,278,740$9,665,433$15,304,443
66$20,572,084$11,759,534$9,917,360$16,428,031
67$22,596,308$12,261,623$10,175,464$17,651,495
68$24,824,668$12,785,979$10,439,878$18,984,497
69$27,277,913$13,333,620$10,710,742$20,437,663
70$29,978,904$13,905,611$10,988,196$22,022,682
71$32,952,833$14,503,067$11,272,381$23,752,414
72$36,227,459$15,127,155$11,563,444$25,641,010
73$39,833,371$15,779,096$11,861,530$27,704,036
74$43,804,273$16,460,170$12,166,789$29,958,626
75$48,177,305$17,171,715$12,479,374$32,423,632
76$52,993,395$17,915,133$12,799,437$35,119,805
77$58,297,639$18,691,893$13,127,136$38,069,984
78$64,139,731$19,503,529$13,462,628$41,299,308
79$70,574,433$20,351,651$13,806,075$44,835,449
80$77,662,086$21,237,943$14,157,640$48,708,873
81$85,469,185$22,164,168$14,517,487$52,953,118
82$94,069,004$23,132,174$14,885,785$57,605,110
83$103,542,286$24,143,895$15,262,703$62,705,506
84$113,978,008$25,201,354$15,648,411$68,299,071
85$125,474,217$26,306,673$16,043,085$74,435,098
86$138,138,959$27,462,071$16,446,900$81,167,870
87$152,091,295$28,669,875$16,860,034$88,557,161
88$167,462,427$29,932,519$17,282,665$96,668,801
89$184,396,936$31,252,554$17,714,976$105,575,287
90$203,054,145$32,632,651$18,157,150$115,356,462
91$223,609,625$34,075,608$18,609,371$126,100,267
92$246,256,848$35,584,354$19,071,826$137,903,557
93$271,209,018$37,161,958$19,544,703$150,873,014
94$298,701,079$38,811,635$20,028,192$165,126,145
95$328,991,935$40,536,752$20,522,483$180,792,382
96$362,366,894$42,340,834$21,027,768$198,014,298
97$399,140,360$44,227,577$21,544,240$216,948,947
98$439,658,798$46,200,850$22,072,094$237,769,332
99$484,304,009$48,264,706$22,611,523$260,666,032
100$533,496,733$50,423,391$23,162,724$285,848,995