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

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 $7,400,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.3%
1 years$611,085$605,642$600,331$595,148$590,086$572,574
2 years$302,517$296,883$291,423$286,129$280,994$263,495
3 years$199,675$194,016$188,570$183,325$178,274$161,337
4 years$148,264$142,623$137,231$132,076$127,146$110,902
5 years$117,425$111,818$106,497$101,447$96,655$81,146
6 years$96,873$91,308$86,065$81,128$76,480$61,721
7 years$82,198$76,680$71,520$66,700$62,198$48,190
8 years$71,197$65,729$60,655$55,953$51,600$38,332
9 years$62,646$57,229$52,242$47,659$43,454$30,914
10 years$55,808$50,444$45,546$41,083$37,025$25,195
11 years$50,218$44,908$40,098$35,754$31,843$20,703
12 years$45,562$40,307$35,586$31,361$27,594$17,122
13 years$41,626$36,426$31,794$27,687$24,063$14,234
14 years$38,255$33,110$28,567$24,578$21,093$11,882
15 years$35,336$30,246$25,792$21,919$18,572$9,954
16 years$32,785$27,751$23,384$19,626$16,414$8,362
17 years$30,536$25,557$21,279$17,634$14,554$7,041
18 years$28,539$23,616$19,425$15,892$12,941$5,940
19 years$26,754$21,887$17,782$14,360$11,534$5,020
20 years$25,150$20,339$16,320$13,005$10,303$4,248
21 years$23,701$18,945$15,011$11,803$9,220$3,598
22 years$22,385$17,684$13,835$10,732$8,264$3,051
23 years$21,185$16,540$12,774$9,774$7,418$2,590
24 years$20,087$15,496$11,814$8,914$6,668$2,199
25 years$19,078$14,543$10,942$8,141$6,000$1,869
26 years$18,149$13,668$10,148$7,444$5,405$1,589
27 years$17,289$12,863$9,423$6,813$4,873$1,351
28 years$16,493$12,121$8,760$6,242$4,397$1,150
29 years$15,753$11,434$8,152$5,724$3,970$978
30 years$15,063$10,799$7,594$5,254$3,587$833
31 years$14,419$10,208$7,079$4,825$3,243$709
32 years$13,817$9,659$6,605$4,434$2,934$604
33 years$13,252$9,147$6,167$4,078$2,655$514
34 years$12,722$8,670$5,762$3,752$2,404$438
35 years$12,223$8,223$5,387$3,454$2,177$373
36 years$11,753$7,805$5,040$3,181$1,973$318
37 years$11,309$7,413$4,717$2,931$1,788$271
38 years$10,890$7,045$4,417$2,701$1,621$231
39 years$10,493$6,699$4,139$2,491$1,470$197
40 years$10,117$6,373$3,879$2,297$1,333$168
41 years$9,760$6,067$3,637$2,120$1,210$143
42 years$9,421$5,778$3,412$1,956$1,098$122
43 years$9,099$5,505$3,202$1,806$996$104
44 years$8,792$5,248$3,005$1,667$904$89
45 years$8,500$5,004$2,822$1,540$821$75
46 years$8,221$4,774$2,650$1,422$745$64
47 years$7,955$4,556$2,490$1,314$677$55
48 years$7,701$4,349$2,340$1,214$615$47
49 years$7,458$4,153$2,199$1,122$558$40
50 years$7,225$3,967$2,068$1,037$507$34

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 $3,019 every year, while hoping to spend $31,947 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: 30/45/25 Blend
55$7,400,000$7,400,000$7,400,000$7,400,000
56$8,157,914$7,765,714$7,651,014$8,339,452
57$8,956,030$8,112,243$7,873,332$8,826,594
58$9,834,483$8,474,681$8,102,026$9,347,254
59$10,801,434$8,853,773$8,337,278$9,906,729
60$11,865,874$9,250,302$8,579,271$10,508,409
61$13,037,712$9,665,086$8,828,195$11,156,005
62$14,327,866$10,098,982$9,084,247$11,853,582
63$15,748,365$10,552,889$9,347,626$12,605,592
64$17,312,465$11,027,748$9,618,538$13,416,916
65$19,034,773$11,524,544$9,897,195$14,292,903
66$20,931,384$12,044,311$10,183,816$15,239,418
67$23,020,034$12,588,131$10,478,622$16,262,893
68$25,320,266$13,157,138$10,781,845$17,370,384
69$27,853,616$13,752,520$11,093,720$18,569,632
70$30,643,814$14,375,523$11,414,488$19,869,133
71$33,717,010$15,027,451$11,744,400$21,278,213
72$37,102,019$15,709,670$12,083,712$22,807,109
73$40,830,594$16,423,612$12,432,685$24,467,062
74$44,937,724$17,170,779$12,791,590$26,270,420
75$49,461,968$17,952,744$13,160,705$28,230,742
76$54,445,814$18,771,153$13,540,313$30,362,927
77$59,936,082$19,627,734$13,930,708$32,683,344
78$65,984,366$20,524,297$14,332,191$35,209,984
79$72,647,521$21,462,738$14,745,069$37,962,617
80$79,988,200$22,445,044$15,169,661$40,962,976
81$88,075,443$23,473,297$15,606,291$44,234,954
82$96,985,331$24,549,682$16,055,295$47,804,819
83$106,801,703$25,676,484$16,517,015$51,701,457
84$117,616,946$26,856,101$16,991,804$55,956,635
85$129,532,871$28,091,046$17,480,026$60,605,290
86$142,661,668$29,383,951$17,982,051$65,685,853
87$157,126,970$30,737,577$18,498,262$71,240,598
88$173,065,018$32,154,816$19,029,051$77,316,032
89$190,625,947$33,638,699$19,574,821$83,963,326
90$209,975,202$35,192,403$20,135,986$91,238,783
91$231,295,101$36,819,260$20,712,970$99,204,360
92$254,786,556$38,522,759$21,306,209$107,928,237
93$280,670,970$40,306,559$21,916,152$117,485,455
94$309,192,324$42,174,495$22,543,258$127,958,602
95$340,619,482$44,130,586$23,187,998$139,438,584
96$375,248,731$46,179,047$23,850,858$152,025,468
97$413,406,575$48,324,293$24,532,335$165,829,410
98$455,452,816$50,570,954$25,232,939$180,971,679
99$501,783,956$52,923,883$25,953,195$197,585,783
100$552,836,932$55,388,167$26,693,640$215,818,715