Can I retire at age 56 with 8,800,000?

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 $8,800,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14%
1 years$726,696$720,223$713,907$707,743$701,724$690,099
2 years$359,750$353,050$346,557$340,261$334,154$322,476
3 years$237,451$230,722$224,245$218,009$212,001$200,634
4 years$176,314$169,605$163,193$157,063$151,201$140,231
5 years$139,641$132,973$126,645$120,639$114,941$104,401
6 years$115,200$108,582$102,348$96,476$90,949$80,850
7 years$97,749$91,187$85,051$79,318$73,966$64,312
8 years$84,667$78,164$72,130$66,538$61,362$52,151
9 years$74,498$68,056$62,126$56,676$51,675$42,902
10 years$66,367$59,988$54,163$48,855$44,030$35,687
11 years$59,718$53,404$47,684$42,519$37,867$29,946
12 years$54,182$47,932$42,318$37,295$32,815$25,305
13 years$49,501$43,317$37,809$32,925$28,615$21,506
14 years$45,493$39,374$33,971$29,228$25,084$18,363
15 years$42,022$35,969$30,671$26,066$22,086$15,740
16 years$38,987$33,001$27,808$23,339$19,520$13,537
17 years$36,313$30,392$25,304$20,970$17,307$11,673
18 years$33,938$28,084$23,100$18,898$15,389$10,090
19 years$31,816$26,028$21,147$17,076$13,717$8,739
20 years$29,908$24,186$19,407$15,466$12,252$7,581
21 years$28,185$22,529$17,851$14,036$10,964$6,587
22 years$26,620$21,030$16,452$12,762$9,828$5,730
23 years$25,193$19,669$15,191$11,623$8,822$4,990
24 years$23,887$18,428$14,049$10,601$7,929$4,350
25 years$22,688$17,294$13,012$9,681$7,135$3,794
26 years$21,582$16,254$12,068$8,852$6,427$3,312
27 years$20,560$15,296$11,206$8,102$5,795$2,894
28 years$19,613$14,414$10,418$7,423$5,229$2,529
29 years$18,733$13,598$9,695$6,807$4,721$2,211
30 years$17,913$12,842$9,030$6,248$4,266$1,934
31 years$17,147$12,140$8,419$5,738$3,857$1,693
32 years$16,431$11,487$7,855$5,273$3,489$1,481
33 years$15,760$10,878$7,334$4,849$3,157$1,297
34 years$15,129$10,310$6,852$4,462$2,859$1,136
35 years$14,536$9,779$6,407$4,107$2,589$995
36 years$13,976$9,281$5,993$3,783$2,346$872
37 years$13,449$8,815$5,609$3,485$2,126$764
38 years$12,950$8,378$5,253$3,212$1,928$669
39 years$12,478$7,966$4,922$2,962$1,748$587
40 years$12,031$7,579$4,613$2,732$1,585$514
41 years$11,607$7,215$4,325$2,521$1,438$451
42 years$11,204$6,871$4,057$2,326$1,305$395
43 years$10,820$6,547$3,807$2,147$1,185$346
44 years$10,456$6,240$3,574$1,983$1,075$304
45 years$10,108$5,951$3,356$1,831$976$266
46 years$9,777$5,677$3,152$1,691$886$234
47 years$9,460$5,417$2,961$1,563$805$205
48 years$9,158$5,172$2,783$1,444$731$180
49 years$8,869$4,939$2,615$1,335$664$158
50 years$8,592$4,718$2,459$1,233$603$138

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $8,800,000, adding $3,847 every year, while hoping to spend $50,172 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: 36/48/16 Blend
55$8,800,000$8,800,000$8,800,000$8,800,000
56$9,701,568$9,235,168$9,098,768$10,003,210
57$10,637,746$9,634,309$9,350,194$10,620,924
58$11,667,731$10,051,326$9,608,362$11,282,317
59$12,801,041$10,487,042$9,873,443$11,995,263
60$14,048,160$10,942,319$10,145,616$12,764,385
61$15,420,639$11,418,060$10,425,060$13,594,749
62$16,931,207$11,915,207$10,711,963$14,491,913
63$18,593,889$12,434,752$11,006,513$15,461,969
64$20,424,140$12,977,729$11,308,905$16,511,602
65$22,438,987$13,545,222$11,619,338$17,648,147
66$24,657,193$14,138,367$11,938,015$18,879,652
67$27,099,433$14,758,354$12,265,145$20,214,953
68$29,788,489$15,406,427$12,600,941$21,663,751
69$32,749,463$16,083,890$12,945,621$23,236,696
70$36,010,017$16,792,109$13,299,408$24,945,488
71$39,600,631$17,532,515$13,662,530$26,802,976
72$43,554,891$18,306,604$14,035,221$28,823,278
73$47,909,808$19,115,946$14,417,720$31,021,907
74$52,706,166$19,962,184$14,810,270$33,415,908
75$57,988,902$20,847,039$15,213,122$36,024,020
76$63,807,539$21,772,313$15,626,530$38,866,838
77$70,216,646$22,739,894$16,050,757$41,967,004
78$77,276,354$23,751,760$16,486,068$45,349,414
79$85,052,928$24,809,981$16,932,737$49,041,445
80$93,619,386$25,916,729$17,391,042$53,073,204
81$103,056,190$27,074,276$17,861,269$57,477,802
82$113,452,009$28,285,003$18,343,709$62,291,665
83$124,904,550$29,551,404$18,838,660$67,554,860
84$137,521,484$30,876,093$19,346,425$73,311,469
85$151,421,460$32,261,807$19,867,315$79,609,991
86$166,735,227$33,711,413$20,401,648$86,503,795
87$183,606,864$35,227,916$20,949,747$94,051,605
88$202,195,145$36,814,465$21,511,944$102,318,051
89$222,675,032$38,474,356$22,088,577$111,374,261
90$245,239,332$40,211,045$22,679,990$121,298,521
91$270,100,510$42,028,153$23,286,536$132,177,004
92$297,492,701$43,929,472$23,908,575$144,104,563
93$327,673,918$45,918,977$24,546,473$157,185,620
94$360,928,482$48,000,832$25,200,604$171,535,131
95$397,569,715$50,179,400$25,871,352$187,279,656
96$437,942,889$52,459,254$26,559,105$204,558,538
97$482,428,490$54,845,184$27,264,262$223,525,204
98$531,445,809$57,342,210$27,987,227$244,348,588
99$585,456,897$59,955,594$28,728,415$267,214,714
100$644,970,929$62,690,847$29,488,246$292,328,428