Can I retire at age 56 with 8,900,000?

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 $8,900,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.2%
1 years$734,954$728,407$722,020$715,786$709,698$683,431
2 years$363,838$357,062$350,495$344,128$337,952$311,784
3 years$240,150$233,344$226,794$220,486$214,410$189,166
4 years$178,317$171,533$165,048$158,848$152,919$128,790
5 years$141,228$134,484$128,084$122,010$116,247$93,296
6 years$116,509$109,816$103,511$97,573$91,982$70,226
7 years$98,860$92,223$86,018$80,220$74,806$54,239
8 years$85,629$79,052$72,950$67,294$62,059$42,662
9 years$75,344$68,829$62,832$57,320$52,263$34,009
10 years$67,121$60,670$54,778$49,410$44,530$27,388
11 years$60,397$54,011$48,226$43,002$38,298$22,229
12 years$54,798$48,477$42,799$37,718$33,188$18,153
13 years$50,064$43,809$38,238$33,300$28,940$14,897
14 years$46,010$39,821$34,357$29,560$25,369$12,273
15 years$42,499$36,377$31,020$26,362$22,337$10,144
16 years$39,430$33,376$28,124$23,604$19,741$8,405
17 years$36,726$30,738$25,592$21,208$17,504$6,979
18 years$34,324$28,403$23,362$19,113$15,564$5,805
19 years$32,178$26,324$21,387$17,270$13,872$4,836
20 years$30,248$24,461$19,628$15,642$12,391$4,033
21 years$28,505$22,785$18,054$14,196$11,089$3,367
22 years$26,922$21,269$16,639$12,907$9,939$2,813
23 years$25,479$19,892$15,363$11,755$8,922$2,352
24 years$24,159$18,638$14,209$10,721$8,019$1,967
25 years$22,946$17,490$13,160$9,791$7,216$1,646
26 years$21,828$16,438$12,205$8,952$6,500$1,378
27 years$20,794$15,470$11,334$8,194$5,860$1,154
28 years$19,836$14,578$10,536$7,508$5,288$967
29 years$18,946$13,752$9,805$6,885$4,775$810
30 years$18,117$12,988$9,133$6,319$4,314$679
31 years$17,342$12,278$8,514$5,803$3,901$569
32 years$16,618$11,617$7,944$5,333$3,528$477
33 years$15,939$11,002$7,417$4,904$3,193$400
34 years$15,301$10,427$6,930$4,512$2,891$336
35 years$14,701$9,890$6,479$4,154$2,619$281
36 years$14,135$9,387$6,061$3,826$2,373$236
37 years$13,602$8,915$5,673$3,525$2,150$198
38 years$13,097$8,473$5,313$3,249$1,949$166
39 years$12,620$8,057$4,977$2,996$1,768$139
40 years$12,168$7,665$4,665$2,763$1,604$117
41 years$11,739$7,297$4,375$2,549$1,455$98
42 years$11,331$6,949$4,104$2,353$1,320$82
43 years$10,943$6,621$3,851$2,172$1,198$69
44 years$10,574$6,311$3,614$2,005$1,087$58
45 years$10,223$6,018$3,394$1,852$987$48
46 years$9,888$5,741$3,188$1,711$896$41
47 years$9,568$5,479$2,995$1,580$814$34
48 years$9,262$5,230$2,814$1,460$739$29
49 years$8,969$4,995$2,645$1,350$671$24
50 years$8,690$4,771$2,487$1,248$610$20

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $8,900,000, adding $5,353 every year, while hoping to spend $47,691 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: 40/31/29 Blend
55$8,900,000$8,900,000$8,900,000$8,900,000
56$9,813,322$9,341,622$9,203,672$10,121,630
57$10,763,538$9,748,618$9,461,252$10,753,734
58$11,809,077$10,173,959$9,725,862$11,432,337
59$12,959,613$10,618,493$9,997,689$12,165,630
60$14,225,803$11,083,109$10,276,921$12,958,656
61$15,619,390$11,568,736$10,563,753$13,816,954
62$17,153,313$12,076,350$10,858,384$14,746,602
63$18,841,830$12,606,970$11,161,019$15,754,280
64$20,700,650$13,161,665$11,471,867$16,847,322
65$22,747,085$13,741,554$11,791,142$18,033,786
66$25,000,206$14,347,810$12,119,064$19,322,528
67$27,481,034$14,981,659$12,455,859$20,723,279
68$30,212,726$15,644,387$12,801,757$22,246,736
69$33,220,802$16,337,340$13,156,994$23,904,655
70$36,533,383$17,061,929$13,521,813$25,709,964
71$40,181,455$17,819,630$13,896,461$27,676,876
72$44,199,163$18,611,992$14,281,192$29,821,021
73$48,624,132$19,440,634$14,676,266$32,159,591
74$53,497,823$20,307,254$15,081,950$34,711,492
75$58,865,922$21,213,630$15,498,516$37,497,523
76$64,778,773$22,161,626$15,926,244$40,540,567
77$71,291,854$23,153,192$16,365,419$43,865,797
78$78,466,298$24,190,372$16,816,335$47,500,914
79$86,369,468$25,275,309$17,279,291$51,476,398
80$95,075,600$26,410,245$17,754,593$55,825,794
81$104,666,495$27,597,531$18,242,555$60,586,018
82$115,232,297$28,839,629$18,743,500$65,797,703
83$126,872,340$30,139,119$19,257,756$71,505,573
84$139,696,087$31,498,705$19,785,660$77,758,860
85$153,824,163$32,921,217$20,327,555$84,611,760
86$169,389,495$34,409,623$20,883,795$92,123,937
87$186,538,561$35,967,032$21,454,739$100,361,078
88$205,432,778$37,596,702$22,040,758$109,395,506
89$226,250,026$39,302,044$22,642,227$119,306,853
90$249,186,321$41,086,636$23,259,534$130,182,803
91$274,457,669$42,954,225$23,893,072$142,119,907
92$302,302,107$44,908,738$24,543,246$155,224,492
93$332,981,945$46,954,289$25,210,467$169,613,645
94$366,786,245$49,095,190$25,895,159$185,416,313
95$404,033,547$51,335,960$26,597,753$202,774,508
96$445,074,880$53,681,334$27,318,689$221,844,637
97$490,297,072$56,136,273$28,058,419$242,798,961
98$540,126,400$58,705,978$28,817,403$265,827,213
99$595,032,620$61,395,897$29,596,112$291,138,375
100$655,533,393$64,211,742$30,395,028$318,962,634