Can I retire at age 56 with 2,340,000?

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 $2,340,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.7%
1 years$193,235$191,514$189,834$188,195$186,595$180,046
2 years$95,661$93,879$92,153$90,479$88,855$82,326
3 years$63,140$61,351$59,629$57,970$56,373$50,069
4 years$46,883$45,100$43,395$41,764$40,206$34,175
5 years$37,132$35,359$33,676$32,079$30,564$24,822
6 years$30,633$28,873$27,215$25,654$24,184$18,735
7 years$25,992$24,247$22,616$21,092$19,668$14,512
8 years$22,514$20,785$19,180$17,693$16,317$11,448
9 years$19,810$18,097$16,520$15,071$13,741$9,154
10 years$17,647$15,951$14,402$12,991$11,708$7,395
11 years$15,880$14,201$12,680$11,306$10,069$6,022
12 years$14,408$12,746$11,253$9,917$8,726$4,934
13 years$13,163$11,518$10,054$8,755$7,609$4,063
14 years$12,097$10,470$9,033$7,772$6,670$3,359
15 years$11,174$9,564$8,156$6,931$5,873$2,786
16 years$10,367$8,775$7,394$6,206$5,190$2,317
17 years$9,656$8,082$6,729$5,576$4,602$1,931
18 years$9,024$7,468$6,142$5,025$4,092$1,612
19 years$8,460$6,921$5,623$4,541$3,647$1,348
20 years$7,953$6,431$5,161$4,112$3,258$1,129
21 years$7,495$5,991$4,747$3,732$2,915$946
22 years$7,078$5,592$4,375$3,394$2,613$793
23 years$6,699$5,230$4,039$3,091$2,346$666
24 years$6,352$4,900$3,736$2,819$2,108$559
25 years$6,033$4,599$3,460$2,574$1,897$470
26 years$5,739$4,322$3,209$2,354$1,709$395
27 years$5,467$4,067$2,980$2,154$1,541$332
28 years$5,215$3,833$2,770$1,974$1,390$279
29 years$4,981$3,616$2,578$1,810$1,255$235
30 years$4,763$3,415$2,401$1,661$1,134$198
31 years$4,560$3,228$2,239$1,526$1,026$166
32 years$4,369$3,054$2,089$1,402$928$140
33 years$4,191$2,893$1,950$1,289$840$118
34 years$4,023$2,741$1,822$1,186$760$99
35 years$3,865$2,600$1,704$1,092$688$84
36 years$3,716$2,468$1,594$1,006$624$70
37 years$3,576$2,344$1,492$927$565$59
38 years$3,444$2,228$1,397$854$513$50
39 years$3,318$2,118$1,309$788$465$42
40 years$3,199$2,015$1,227$726$422$35
41 years$3,086$1,918$1,150$670$382$30
42 years$2,979$1,827$1,079$619$347$25
43 years$2,877$1,741$1,012$571$315$21
44 years$2,780$1,659$950$527$286$18
45 years$2,688$1,582$892$487$260$15
46 years$2,600$1,510$838$450$236$13
47 years$2,516$1,441$787$416$214$11
48 years$2,435$1,375$740$384$194$9
49 years$2,358$1,313$695$355$177$8
50 years$2,285$1,254$654$328$160$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,340,000, adding $6,010 every year, while hoping to spend $28,512 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: 56/21/23 Blend
55$2,340,000$2,340,000$2,340,000$2,340,000
56$2,584,879$2,460,859$2,424,589$2,713,155
57$2,818,200$2,551,105$2,475,477$2,891,863
58$3,074,365$2,644,817$2,527,113$3,082,937
59$3,355,672$2,742,135$2,579,493$3,290,500
60$3,664,656$2,843,205$2,632,612$3,516,148
61$4,004,108$2,948,179$2,686,461$3,761,634
62$4,377,101$3,057,214$2,741,032$4,028,889
63$4,787,025$3,170,477$2,796,315$4,320,036
64$5,237,609$3,288,138$2,852,300$4,637,414
65$5,732,966$3,410,377$2,908,973$4,983,598
66$6,277,624$3,537,382$2,966,319$5,361,418
67$6,876,574$3,669,346$3,024,323$5,773,996
68$7,535,314$3,806,473$3,082,968$6,224,763
69$8,259,902$3,948,976$3,142,232$6,717,501
70$9,057,011$4,097,075$3,202,096$7,256,372
71$9,933,995$4,251,000$3,262,535$7,845,958
72$10,898,956$4,410,993$3,323,524$8,491,308
73$11,960,821$4,577,303$3,385,034$9,197,978
74$13,129,427$4,750,193$3,447,035$9,972,090
75$14,415,612$4,929,936$3,509,494$10,820,385
76$15,831,318$5,116,816$3,572,375$11,750,286
77$17,389,703$5,311,131$3,635,640$12,769,970
78$19,105,266$5,513,190$3,699,248$13,888,443
79$20,993,985$5,723,318$3,763,154$15,115,626
80$23,073,461$5,941,851$3,827,310$16,462,446
81$25,363,094$6,169,141$3,891,665$17,940,938
82$27,884,259$6,405,558$3,956,164$19,564,362
83$30,660,507$6,651,484$4,020,749$21,347,323
84$33,717,792$6,907,320$4,085,358$23,305,912
85$37,084,712$7,173,484$4,149,923$25,457,852
86$40,792,781$7,450,413$4,214,373$27,822,672
87$44,876,724$7,738,563$4,278,634$30,421,883
88$49,374,806$8,038,409$4,342,625$33,279,185
89$54,329,193$8,350,448$4,406,260$36,420,690
90$59,786,350$8,675,199$4,469,448$39,875,163
91$65,797,478$9,013,203$4,532,095$43,674,300
92$72,418,997$9,365,027$4,594,096$47,853,020
93$79,713,082$9,731,260$4,655,346$52,449,795
94$87,748,245$10,112,521$4,715,729$57,507,015
95$96,599,984$10,509,452$4,775,124$63,071,385
96$106,351,495$10,922,728$4,833,403$69,194,365
97$117,094,457$11,353,052$4,890,432$75,932,654
98$128,929,897$11,801,157$4,946,067$83,348,727
99$141,969,144$12,267,811$5,000,158$91,511,420
100$156,334,879$12,753,816$5,052,545$100,496,581