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%18.3%
1 years$611,085$605,642$600,331$595,148$590,086$570,285
2 years$302,517$296,883$291,423$286,129$280,994$261,239
3 years$199,675$194,016$188,570$183,325$178,274$159,187
4 years$148,264$142,623$137,231$132,076$127,146$108,873
5 years$117,425$111,818$106,497$101,447$96,655$79,243
6 years$96,873$91,308$86,065$81,128$76,480$59,944
7 years$82,198$76,680$71,520$66,700$62,198$46,536
8 years$71,197$65,729$60,655$55,953$51,600$36,799
9 years$62,646$57,229$52,242$47,659$43,454$29,498
10 years$55,808$50,444$45,546$41,083$37,025$23,890
11 years$50,218$44,908$40,098$35,754$31,843$19,504
12 years$45,562$40,307$35,586$31,361$27,594$16,024
13 years$41,626$36,426$31,794$27,687$24,063$13,231
14 years$38,255$33,110$28,567$24,578$21,093$10,969
15 years$35,336$30,246$25,792$21,919$18,572$9,124
16 years$32,785$27,751$23,384$19,626$16,414$7,609
17 years$30,536$25,557$21,279$17,634$14,554$6,361
18 years$28,539$23,616$19,425$15,892$12,941$5,326
19 years$26,754$21,887$17,782$14,360$11,534$4,467
20 years$25,150$20,339$16,320$13,005$10,303$3,751
21 years$23,701$18,945$15,011$11,803$9,220$3,153
22 years$22,385$17,684$13,835$10,732$8,264$2,653
23 years$21,185$16,540$12,774$9,774$7,418$2,234
24 years$20,087$15,496$11,814$8,914$6,668$1,882
25 years$19,078$14,543$10,942$8,141$6,000$1,587
26 years$18,149$13,668$10,148$7,444$5,405$1,338
27 years$17,289$12,863$9,423$6,813$4,873$1,129
28 years$16,493$12,121$8,760$6,242$4,397$953
29 years$15,753$11,434$8,152$5,724$3,970$804
30 years$15,063$10,799$7,594$5,254$3,587$679
31 years$14,419$10,208$7,079$4,825$3,243$573
32 years$13,817$9,659$6,605$4,434$2,934$484
33 years$13,252$9,147$6,167$4,078$2,655$409
34 years$12,722$8,670$5,762$3,752$2,404$346
35 years$12,223$8,223$5,387$3,454$2,177$292
36 years$11,753$7,805$5,040$3,181$1,973$247
37 years$11,309$7,413$4,717$2,931$1,788$208
38 years$10,890$7,045$4,417$2,701$1,621$176
39 years$10,493$6,699$4,139$2,491$1,470$149
40 years$10,117$6,373$3,879$2,297$1,333$126
41 years$9,760$6,067$3,637$2,120$1,210$106
42 years$9,421$5,778$3,412$1,956$1,098$90
43 years$9,099$5,505$3,202$1,806$996$76
44 years$8,792$5,248$3,005$1,667$904$64
45 years$8,500$5,004$2,822$1,540$821$54
46 years$8,221$4,774$2,650$1,422$745$46
47 years$7,955$4,556$2,490$1,314$677$39
48 years$7,701$4,349$2,340$1,214$615$33
49 years$7,458$4,153$2,199$1,122$558$28
50 years$7,225$3,967$2,068$1,037$507$23

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 $4,624 every year, while hoping to spend $51,691 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: 59/24/17 Blend
55$7,400,000$7,400,000$7,400,000$7,400,000
56$8,159,570$7,767,370$7,652,670$8,604,867
57$8,936,847$8,092,972$7,854,035$9,232,230
58$9,791,674$8,432,796$8,060,414$9,909,970
59$10,731,906$8,787,485$8,271,920$10,647,886
60$11,766,199$9,157,710$8,488,667$11,451,795
61$12,904,089$9,544,175$8,710,775$12,328,095
62$14,156,081$9,947,615$8,938,361$13,283,824
63$15,533,754$10,368,801$9,171,549$14,326,724
64$17,049,863$10,808,538$9,410,462$15,465,314
65$18,718,462$11,267,670$9,655,225$16,708,965
66$20,555,038$11,747,078$9,905,968$18,067,993
67$22,576,655$12,247,688$10,162,821$19,553,747
68$24,802,114$12,770,465$10,425,916$21,178,718
69$27,252,133$13,316,421$10,695,388$22,956,655
70$29,949,540$13,886,615$10,971,373$24,902,692
71$32,919,491$14,482,157$11,254,011$27,033,487
72$36,189,701$15,104,205$11,543,443$29,367,379
73$39,790,715$15,753,975$11,839,812$31,924,557
74$43,756,186$16,432,738$12,143,264$34,727,248
75$48,123,200$17,141,825$12,453,947$37,799,926
76$52,932,622$17,882,630$12,772,009$41,169,539
77$58,229,482$18,656,612$13,097,604$44,865,756
78$64,063,400$19,465,297$13,430,885$48,921,253
79$70,489,055$20,310,284$13,772,008$53,372,011
80$77,566,699$21,193,249$14,121,130$58,257,654
81$85,362,727$22,115,943$14,478,413$63,621,821
82$93,950,304$23,080,202$14,844,018$69,512,571
83$103,410,051$24,087,948$15,218,109$75,982,838
84$113,830,812$25,141,194$15,600,851$83,090,920
85$125,310,488$26,242,045$15,992,413$90,901,033
86$137,956,963$27,392,711$16,392,964$99,483,905
87$151,889,119$28,595,500$16,802,675$108,917,443
88$167,237,963$29,852,832$17,221,718$119,287,465
89$184,147,857$31,167,243$17,650,267$130,688,502
90$202,777,887$32,541,387$18,088,500$143,224,687
91$223,303,359$33,978,042$18,536,592$157,010,732
92$245,917,455$35,480,120$18,994,722$172,173,006
93$270,833,060$37,050,671$19,463,069$188,850,721
94$298,284,766$38,692,887$19,941,816$207,197,239
95$328,531,087$40,410,114$20,431,142$227,381,517
96$361,856,904$42,205,855$20,931,231$249,589,693
97$398,576,147$44,083,780$21,442,265$274,026,834
98$439,034,762$46,047,734$21,964,430$300,918,868
99$483,613,977$48,101,742$22,497,908$330,514,708
100$532,733,899$50,250,024$23,042,884$363,088,595