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%11.4%
1 years$734,954$728,407$722,020$715,786$709,698$705,522
2 years$363,838$357,062$350,495$344,128$337,952$333,738
3 years$240,150$233,344$226,794$220,486$214,410$210,290
4 years$178,317$171,533$165,048$158,848$152,919$148,924
5 years$141,228$134,484$128,084$122,010$116,247$112,388
6 years$116,509$109,816$103,511$97,573$91,982$88,265
7 years$98,860$92,223$86,018$80,220$74,806$71,233
8 years$85,629$79,052$72,950$67,294$62,059$58,630
9 years$75,344$68,829$62,832$57,320$52,263$48,976
10 years$67,121$60,670$54,778$49,410$44,530$41,386
11 years$60,397$54,011$48,226$43,002$38,298$35,292
12 years$54,798$48,477$42,799$37,718$33,188$30,319
13 years$50,064$43,809$38,238$33,300$28,940$26,205
14 years$46,010$39,821$34,357$29,560$25,369$22,765
15 years$42,499$36,377$31,020$26,362$22,337$19,860
16 years$39,430$33,376$28,124$23,604$19,741$17,388
17 years$36,726$30,738$25,592$21,208$17,504$15,271
18 years$34,324$28,403$23,362$19,113$15,564$13,447
19 years$32,178$26,324$21,387$17,270$13,872$11,868
20 years$30,248$24,461$19,628$15,642$12,391$10,495
21 years$28,505$22,785$18,054$14,196$11,089$9,297
22 years$26,922$21,269$16,639$12,907$9,939$8,248
23 years$25,479$19,892$15,363$11,755$8,922$7,327
24 years$24,159$18,638$14,209$10,721$8,019$6,516
25 years$22,946$17,490$13,160$9,791$7,216$5,801
26 years$21,828$16,438$12,205$8,952$6,500$5,170
27 years$20,794$15,470$11,334$8,194$5,860$4,610
28 years$19,836$14,578$10,536$7,508$5,288$4,114
29 years$18,946$13,752$9,805$6,885$4,775$3,674
30 years$18,117$12,988$9,133$6,319$4,314$3,283
31 years$17,342$12,278$8,514$5,803$3,901$2,935
32 years$16,618$11,617$7,944$5,333$3,528$2,624
33 years$15,939$11,002$7,417$4,904$3,193$2,348
34 years$15,301$10,427$6,930$4,512$2,891$2,101
35 years$14,701$9,890$6,479$4,154$2,619$1,881
36 years$14,135$9,387$6,061$3,826$2,373$1,685
37 years$13,602$8,915$5,673$3,525$2,150$1,509
38 years$13,097$8,473$5,313$3,249$1,949$1,352
39 years$12,620$8,057$4,977$2,996$1,768$1,212
40 years$12,168$7,665$4,665$2,763$1,604$1,086
41 years$11,739$7,297$4,375$2,549$1,455$974
42 years$11,331$6,949$4,104$2,353$1,320$873
43 years$10,943$6,621$3,851$2,172$1,198$783
44 years$10,574$6,311$3,614$2,005$1,087$702
45 years$10,223$6,018$3,394$1,852$987$629
46 years$9,888$5,741$3,188$1,711$896$565
47 years$9,568$5,479$2,995$1,580$814$506
48 years$9,262$5,230$2,814$1,460$739$454
49 years$8,969$4,995$2,645$1,350$671$408
50 years$8,690$4,771$2,487$1,248$610$366

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 $2,419 every year, while hoping to spend $53,281 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: 48/29/23 Blend
55$8,900,000$8,900,000$8,900,000$8,900,000
56$9,810,295$9,338,595$9,200,645$10,217,010
57$10,754,255$9,739,496$9,452,176$10,902,270
58$11,792,712$10,158,255$9,710,348$11,640,459
59$12,935,251$10,595,691$9,975,326$12,441,005
60$14,192,428$11,052,661$10,247,281$13,309,797
61$15,575,877$11,530,064$10,526,387$14,253,300
62$17,098,417$12,028,837$10,812,821$15,278,625
63$18,774,170$12,549,965$11,106,765$16,393,583
64$20,618,700$13,094,477$11,408,406$17,606,765
65$22,649,152$13,663,451$11,717,933$18,927,615
66$24,884,422$14,258,017$12,035,540$20,366,515
67$27,345,329$14,879,356$12,361,426$21,934,886
68$30,054,813$15,528,705$12,695,795$23,645,287
69$33,038,153$16,207,360$13,038,853$25,511,533
70$36,323,203$16,916,679$13,390,812$27,548,820
71$39,940,655$17,658,082$13,751,890$29,773,869
72$43,924,331$18,433,056$14,122,307$32,205,075
73$48,311,498$19,243,161$14,502,290$34,862,678
74$53,143,222$20,090,028$14,892,069$37,768,953
75$58,464,758$20,975,366$15,291,879$40,948,412
76$64,325,969$21,900,965$15,701,963$44,428,035
77$70,781,804$22,868,699$16,122,566$48,237,516
78$77,892,814$23,880,532$16,553,938$52,409,540
79$85,725,723$24,938,519$16,996,336$56,980,088
80$94,354,054$26,044,814$17,450,021$61,988,770
81$103,858,832$27,201,674$17,915,260$67,479,194
82$114,329,337$28,411,460$18,392,326$73,499,369
83$125,863,957$29,676,649$18,881,496$80,102,157
84$138,571,108$30,999,832$19,383,054$87,345,764
85$152,570,263$32,383,726$19,897,288$95,294,279
86$167,993,076$33,831,175$20,424,494$104,018,280
87$184,984,626$35,345,159$20,964,971$113,595,485
88$203,704,787$36,928,801$21,519,026$124,111,483
89$224,329,733$38,585,370$22,086,972$135,660,534
90$247,053,606$40,318,294$22,669,126$148,346,449
91$272,090,345$42,131,161$23,265,812$162,283,563
92$299,675,706$44,027,733$23,877,362$177,597,803
93$330,069,485$46,011,950$24,504,112$194,427,872
94$363,557,976$48,087,939$25,146,403$212,926,543
95$400,456,668$50,260,026$25,804,585$233,262,097
96$441,113,223$52,532,742$26,479,014$255,619,898
97$485,910,761$54,910,836$27,170,050$280,204,131
98$535,271,473$57,399,282$27,878,062$307,239,719
99$589,660,610$60,003,292$28,603,423$336,974,435
100$649,590,868$62,728,330$29,346,514$369,681,231