Can I retire at age 56 with 8,400,000?

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 $8,400,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.5%
1 years$693,664$687,485$681,457$675,573$669,828$652,048
2 years$343,398$337,003$330,804$324,795$318,966$301,177
3 years$226,658$220,235$214,052$208,099$202,365$185,124
4 years$168,299$161,896$155,775$149,924$144,328$127,768
5 years$133,293$126,928$120,888$115,156$109,716$93,881
6 years$109,964$103,647$97,695$92,091$86,815$71,721
7 years$93,306$87,042$81,185$75,713$70,604$56,252
8 years$80,819$74,611$68,852$63,514$58,572$44,956
9 years$71,111$64,963$59,302$54,100$49,326$36,433
10 years$63,350$57,261$51,701$46,634$42,029$29,841
11 years$57,004$50,976$45,517$40,586$36,146$24,647
12 years$51,719$45,754$40,395$35,599$31,323$20,491
13 years$47,251$41,348$36,090$31,429$27,315$17,127
14 years$43,425$37,584$32,427$27,899$23,944$14,377
15 years$40,111$34,334$29,277$24,881$21,082$12,112
16 years$37,215$31,501$26,544$22,278$18,632$10,233
17 years$34,662$29,011$24,154$20,017$16,521$8,667
18 years$32,396$26,807$22,050$18,039$14,689$7,356
19 years$30,370$24,845$20,185$16,300$13,093$6,253
20 years$28,549$23,087$18,525$14,763$11,695$5,324
21 years$26,904$21,505$17,040$13,398$10,466$4,538
22 years$25,410$20,074$15,705$12,182$9,381$3,872
23 years$24,048$18,775$14,500$11,094$8,421$3,307
24 years$22,802$17,591$13,410$10,119$7,569$2,826
25 years$21,656$16,508$12,421$9,241$6,811$2,417
26 years$20,601$15,515$11,520$8,449$6,135$2,068
27 years$19,626$14,601$10,697$7,734$5,531$1,770
28 years$18,722$13,759$9,944$7,086$4,991$1,516
29 years$17,882$12,980$9,254$6,498$4,507$1,299
30 years$17,099$12,258$8,620$5,964$4,072$1,113
31 years$16,368$11,588$8,036$5,477$3,682$954
32 years$15,684$10,964$7,498$5,034$3,330$818
33 years$15,043$10,383$7,001$4,629$3,014$701
34 years$14,441$9,841$6,541$4,259$2,729$601
35 years$13,875$9,334$6,115$3,921$2,471$516
36 years$13,341$8,860$5,721$3,611$2,239$442
37 years$12,837$8,415$5,354$3,327$2,030$380
38 years$12,361$7,997$5,014$3,066$1,840$326
39 years$11,911$7,604$4,698$2,827$1,669$279
40 years$11,484$7,235$4,403$2,608$1,513$240
41 years$11,079$6,887$4,129$2,406$1,373$206
42 years$10,694$6,559$3,873$2,221$1,246$177
43 years$10,329$6,249$3,634$2,050$1,131$151
44 years$9,980$5,957$3,411$1,893$1,026$130
45 years$9,649$5,680$3,203$1,748$932$112
46 years$9,332$5,419$3,009$1,615$846$96
47 years$9,030$5,171$2,826$1,492$768$82
48 years$8,741$4,937$2,656$1,378$698$71
49 years$8,465$4,714$2,497$1,274$634$61
50 years$8,201$4,503$2,347$1,177$575$52

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $8,400,000, adding $3,590 every year, while hoping to spend $27,585 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: 82/13/5 Blend
55$8,400,000$8,400,000$8,400,000$8,400,000
56$9,260,503$8,815,303$8,685,103$10,018,767
57$10,175,724$9,217,903$8,946,704$10,917,249
58$11,183,373$9,639,305$9,216,144$11,899,275
59$12,292,849$10,080,403$9,493,656$12,976,422
60$13,514,507$10,542,130$9,779,481$14,158,188
61$14,859,760$11,025,468$10,073,867$15,455,030
62$16,341,183$11,531,442$10,377,068$16,878,466
63$17,972,630$12,061,130$10,689,347$18,441,177
64$19,769,372$12,615,659$11,010,974$20,157,128
65$21,748,232$13,196,211$11,342,226$22,041,698
66$23,927,752$13,804,025$11,683,390$24,111,825
67$26,328,360$14,440,400$12,034,761$26,386,162
68$28,972,569$15,106,696$12,396,643$28,885,254
69$31,885,188$15,804,340$12,769,346$31,631,729
70$35,093,552$16,534,828$13,153,195$34,650,511
71$38,627,786$17,299,726$13,548,518$37,969,050
72$42,521,084$18,100,677$13,955,658$41,617,585
73$46,810,027$18,939,402$14,374,964$45,629,425
74$51,534,923$19,817,706$14,806,799$50,041,259
75$56,740,192$20,737,481$15,251,534$54,893,503
76$62,474,783$21,700,709$15,709,551$60,230,681
77$68,792,636$22,709,468$16,181,246$66,101,837
78$75,753,190$23,765,938$16,667,023$72,561,003
79$83,421,948$24,872,401$17,167,301$79,667,702
80$91,871,090$26,031,252$17,682,509$87,487,508
81$101,180,157$27,245,000$18,213,089$96,092,664
82$111,436,803$28,516,275$18,759,498$105,562,757
83$122,737,620$29,847,835$19,322,204$115,985,474
84$135,189,049$31,242,571$19,901,690$127,457,419
85$148,908,388$32,703,513$20,498,452$140,085,025
86$164,024,897$34,233,838$21,113,003$153,985,556
87$180,681,017$35,836,876$21,745,869$169,288,210
88$199,033,716$37,516,119$22,397,592$186,135,334
89$219,255,973$39,275,227$23,068,729$204,683,767
90$241,538,406$41,118,037$23,759,855$225,106,311
91$266,091,075$43,048,571$24,471,561$247,593,365
92$293,145,461$45,071,048$25,204,456$272,354,711
93$322,956,658$47,189,889$25,959,164$299,621,498
94$355,805,773$49,409,730$26,736,332$329,648,411
95$392,002,585$51,735,430$27,536,623$362,716,076
96$431,888,468$54,172,085$28,360,719$399,133,702
97$475,839,611$56,725,037$29,209,323$439,241,996
98$524,270,575$59,399,887$30,083,158$483,416,369
99$577,638,199$62,202,508$30,982,970$532,070,483
100$636,445,921$65,139,055$31,909,524$585,660,141