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%11.3%
1 years$734,954$728,407$722,020$715,786$709,698$705,818
2 years$363,838$357,062$350,495$344,128$337,952$334,036
3 years$240,150$233,344$226,794$220,486$214,410$210,581
4 years$178,317$171,533$165,048$158,848$152,919$149,205
5 years$141,228$134,484$128,084$122,010$116,247$112,659
6 years$116,509$109,816$103,511$97,573$91,982$88,526
7 years$98,860$92,223$86,018$80,220$74,806$71,483
8 years$85,629$79,052$72,950$67,294$62,059$58,869
9 years$75,344$68,829$62,832$57,320$52,263$49,205
10 years$67,121$60,670$54,778$49,410$44,530$41,603
11 years$60,397$54,011$48,226$43,002$38,298$35,499
12 years$54,798$48,477$42,799$37,718$33,188$30,516
13 years$50,064$43,809$38,238$33,300$28,940$26,393
14 years$46,010$39,821$34,357$29,560$25,369$22,942
15 years$42,499$36,377$31,020$26,362$22,337$20,028
16 years$39,430$33,376$28,124$23,604$19,741$17,547
17 years$36,726$30,738$25,592$21,208$17,504$15,421
18 years$34,324$28,403$23,362$19,113$15,564$13,589
19 years$32,178$26,324$21,387$17,270$13,872$12,002
20 years$30,248$24,461$19,628$15,642$12,391$10,621
21 years$28,505$22,785$18,054$14,196$11,089$9,415
22 years$26,922$21,269$16,639$12,907$9,939$8,359
23 years$25,479$19,892$15,363$11,755$8,922$7,431
24 years$24,159$18,638$14,209$10,721$8,019$6,614
25 years$22,946$17,490$13,160$9,791$7,216$5,893
26 years$21,828$16,438$12,205$8,952$6,500$5,255
27 years$20,794$15,470$11,334$8,194$5,860$4,691
28 years$19,836$14,578$10,536$7,508$5,288$4,189
29 years$18,946$13,752$9,805$6,885$4,775$3,744
30 years$18,117$12,988$9,133$6,319$4,314$3,348
31 years$17,342$12,278$8,514$5,803$3,901$2,995
32 years$16,618$11,617$7,944$5,333$3,528$2,681
33 years$15,939$11,002$7,417$4,904$3,193$2,401
34 years$15,301$10,427$6,930$4,512$2,891$2,150
35 years$14,701$9,890$6,479$4,154$2,619$1,927
36 years$14,135$9,387$6,061$3,826$2,373$1,727
37 years$13,602$8,915$5,673$3,525$2,150$1,548
38 years$13,097$8,473$5,313$3,249$1,949$1,388
39 years$12,620$8,057$4,977$2,996$1,768$1,245
40 years$12,168$7,665$4,665$2,763$1,604$1,117
41 years$11,739$7,297$4,375$2,549$1,455$1,002
42 years$11,331$6,949$4,104$2,353$1,320$899
43 years$10,943$6,621$3,851$2,172$1,198$807
44 years$10,574$6,311$3,614$2,005$1,087$724
45 years$10,223$6,018$3,394$1,852$987$650
46 years$9,888$5,741$3,188$1,711$896$584
47 years$9,568$5,479$2,995$1,580$814$524
48 years$9,262$5,230$2,814$1,460$739$470
49 years$8,969$4,995$2,645$1,350$671$422
50 years$8,690$4,771$2,487$1,248$610$379

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 $5,660 every year, while hoping to spend $34,710 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: 86/9/5 Blend
55$8,900,000$8,900,000$8,900,000$8,900,000
56$9,813,638$9,341,938$9,203,988$10,657,622
57$10,777,698$9,762,762$9,475,391$11,629,048
58$11,838,929$10,203,043$9,754,722$12,690,908
59$13,007,205$10,663,698$10,042,211$13,856,565
60$14,293,408$11,145,686$10,338,092$15,136,436
61$15,709,526$11,650,016$10,642,609$16,541,989
62$17,268,772$12,177,741$10,956,011$18,085,859
63$18,985,702$12,729,966$11,278,553$19,781,958
64$20,876,358$13,307,848$11,610,498$21,645,613
65$22,958,416$13,912,602$11,952,119$23,693,704
66$25,251,352$14,545,497$12,303,693$25,944,825
67$27,776,630$15,207,867$12,665,507$28,419,457
68$30,557,900$15,901,106$13,037,855$31,140,160
69$33,621,223$16,626,677$13,421,040$34,131,789
70$36,995,318$17,386,114$13,815,375$37,421,720
71$40,711,828$18,181,022$14,221,178$41,040,112
72$44,805,628$19,013,085$14,638,780$45,020,190
73$49,315,142$19,884,066$15,068,520$49,398,557
74$54,282,716$20,795,815$15,510,745$54,215,535
75$59,755,011$21,750,268$15,965,813$59,515,550
76$65,783,448$22,749,457$16,434,093$65,347,542
77$72,424,688$23,795,509$16,915,964$71,765,433
78$79,741,171$24,890,654$17,411,814$78,828,629
79$87,801,704$26,037,230$17,922,043$86,602,582
80$96,682,111$27,237,686$18,447,064$95,159,402
81$106,465,944$28,494,591$18,987,299$104,578,540
82$117,245,280$29,810,635$19,543,183$114,947,535
83$129,121,581$31,188,640$20,115,163$126,362,835
84$142,206,660$32,631,561$20,703,698$138,930,709
85$156,623,730$34,142,497$21,309,262$152,768,246
86$172,508,568$35,724,697$21,932,340$168,004,458
87$190,010,800$37,381,566$22,573,432$184,781,495
88$209,295,310$39,116,671$23,233,050$203,255,985
89$230,543,798$40,933,753$23,911,723$223,600,508
90$253,956,492$42,836,735$24,609,993$246,005,225
91$279,754,045$44,829,725$25,328,418$270,679,668
92$308,179,608$46,917,032$26,067,571$297,854,714
93$339,501,134$49,103,172$26,828,040$327,784,765
94$374,013,903$51,392,881$27,610,433$360,750,141
95$412,043,309$53,791,120$28,415,371$397,059,726
96$453,947,934$56,303,093$29,243,493$437,053,881
97$500,122,932$58,934,253$30,095,459$481,107,649
98$551,003,757$61,690,318$30,971,943$529,634,294
99$607,070,278$64,577,280$31,873,640$583,089,199
100$668,851,303$67,601,424$32,801,264$641,974,159