Can I retire at age 56 with 2,220,000?

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 $2,220,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.3%
1 years$183,326$181,693$180,099$178,544$177,026$171,772
2 years$90,755$89,065$87,427$85,839$84,298$79,048
3 years$59,902$58,205$56,571$54,998$53,482$48,401
4 years$44,479$42,787$41,169$39,623$38,144$33,271
5 years$35,228$33,545$31,949$30,434$28,996$24,344
6 years$29,062$27,392$25,820$24,338$22,944$18,516
7 years$24,659$23,004$21,456$20,010$18,660$14,457
8 years$21,359$19,719$18,197$16,786$15,480$11,500
9 years$18,794$17,169$15,673$14,298$13,036$9,274
10 years$16,742$15,133$13,664$12,325$11,108$7,559
11 years$15,065$13,472$12,029$10,726$9,553$6,211
12 years$13,669$12,092$10,676$9,408$8,278$5,136
13 years$12,488$10,928$9,538$8,306$7,219$4,270
14 years$11,477$9,933$8,570$7,373$6,328$3,565
15 years$10,601$9,074$7,738$6,576$5,572$2,986
16 years$9,835$8,325$7,015$5,888$4,924$2,509
17 years$9,161$7,667$6,384$5,290$4,366$2,112
18 years$8,562$7,085$5,827$4,768$3,882$1,782
19 years$8,026$6,566$5,335$4,308$3,460$1,506
20 years$7,545$6,102$4,896$3,902$3,091$1,274
21 years$7,110$5,683$4,503$3,541$2,766$1,080
22 years$6,715$5,305$4,150$3,220$2,479$915
23 years$6,356$4,962$3,832$2,932$2,226$777
24 years$6,026$4,649$3,544$2,674$2,000$660
25 years$5,724$4,363$3,283$2,442$1,800$561
26 years$5,445$4,100$3,044$2,233$1,621$477
27 years$5,187$3,859$2,827$2,044$1,462$405
28 years$4,948$3,636$2,628$1,873$1,319$345
29 years$4,726$3,430$2,446$1,717$1,191$294
30 years$4,519$3,240$2,278$1,576$1,076$250
31 years$4,326$3,062$2,124$1,448$973$213
32 years$4,145$2,898$1,982$1,330$880$181
33 years$3,976$2,744$1,850$1,223$797$154
34 years$3,817$2,601$1,729$1,126$721$131
35 years$3,667$2,467$1,616$1,036$653$112
36 years$3,526$2,341$1,512$954$592$95
37 years$3,393$2,224$1,415$879$536$81
38 years$3,267$2,113$1,325$810$486$69
39 years$3,148$2,010$1,242$747$441$59
40 years$3,035$1,912$1,164$689$400$50
41 years$2,928$1,820$1,091$636$363$43
42 years$2,826$1,733$1,024$587$329$37
43 years$2,730$1,652$960$542$299$31
44 years$2,638$1,574$902$500$271$27
45 years$2,550$1,501$847$462$246$23
46 years$2,466$1,432$795$427$224$19
47 years$2,387$1,367$747$394$203$16
48 years$2,310$1,305$702$364$184$14
49 years$2,237$1,246$660$337$167$12
50 years$2,167$1,190$620$311$152$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,220,000, adding $2,133 every year, while hoping to spend $32,248 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: 41/30/29 Blend
55$2,220,000$2,220,000$2,220,000$2,220,000
56$2,448,640$2,330,980$2,296,570$2,528,075
57$2,664,090$2,410,887$2,339,194$2,665,759
58$2,900,435$2,493,628$2,382,164$2,811,534
59$3,159,772$2,579,308$2,425,459$2,968,721
60$3,444,411$2,668,037$2,469,055$3,138,392
61$3,756,897$2,759,927$2,512,925$3,321,725
62$4,100,034$2,855,097$2,557,041$3,520,014
63$4,476,908$2,953,667$2,601,373$3,734,684
64$4,890,922$3,055,766$2,645,887$3,967,302
65$5,345,822$3,161,524$2,690,551$4,219,592
66$5,845,737$3,271,080$2,735,325$4,493,452
67$6,395,214$3,384,575$2,780,171$4,790,969
68$6,999,264$3,502,157$2,825,045$5,114,441
69$7,663,407$3,623,981$2,869,902$5,466,397
70$8,393,725$3,750,206$2,914,693$5,849,621
71$9,196,917$3,880,999$2,959,368$6,267,176
72$10,080,366$4,016,532$3,003,871$6,722,437
73$11,052,206$4,156,984$3,048,143$7,219,118
74$12,121,399$4,302,544$3,092,124$7,761,307
75$13,297,818$4,453,405$3,135,746$8,353,509
76$14,592,343$4,609,770$3,178,941$9,000,680
77$16,016,962$4,771,848$3,221,635$9,708,282
78$17,584,881$4,939,858$3,263,749$10,482,328
79$19,310,655$5,114,027$3,305,201$11,329,439
80$21,210,320$5,294,593$3,345,904$12,256,911
81$23,301,546$5,481,800$3,385,764$13,272,775
82$25,603,801$5,675,906$3,424,684$14,385,881
83$28,138,539$5,877,176$3,462,562$15,605,974
84$30,929,399$6,085,887$3,499,287$16,943,789
85$34,002,431$6,302,328$3,534,746$18,411,153
86$37,386,336$6,526,799$3,568,817$20,021,092
87$41,112,742$6,759,613$3,601,373$21,787,957
88$45,216,502$7,001,093$3,632,278$23,727,556
89$49,736,018$7,251,580$3,661,392$25,857,305
90$54,713,608$7,511,424$3,688,566$28,196,391
91$60,195,906$7,780,993$3,713,642$30,765,951
92$66,234,295$8,060,669$3,736,456$33,589,273
93$72,885,400$8,350,848$3,756,834$36,692,014
94$80,211,616$8,651,946$3,774,594$40,102,442
95$88,281,702$8,964,392$3,789,544$43,851,701
96$97,171,424$9,288,635$3,801,482$47,974,105
97$106,964,275$9,625,144$3,810,197$52,507,462
98$117,752,259$9,974,405$3,815,467$57,493,429
99$129,636,764$10,336,925$3,817,059$62,977,903
100$142,729,512$10,713,232$3,814,729$69,011,457