Can I retire at age 56 with 2,390,000?

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 $2,390,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14%
1 years$197,364$195,606$193,891$192,217$190,582$187,425
2 years$97,705$95,885$94,122$92,412$90,753$87,582
3 years$64,490$62,662$60,903$59,209$57,578$54,490
4 years$47,885$46,063$44,322$42,657$41,065$38,086
5 years$37,925$36,114$34,396$32,765$31,217$28,354
6 years$31,287$29,490$27,797$26,202$24,701$21,958
7 years$26,548$24,766$23,099$21,542$20,088$17,467
8 years$22,995$21,229$19,590$18,071$16,665$14,164
9 years$20,233$18,483$16,873$15,393$14,035$11,652
10 years$18,025$16,292$14,710$13,269$11,958$9,692
11 years$16,219$14,504$12,951$11,548$10,284$8,133
12 years$14,715$13,018$11,493$10,129$8,912$6,873
13 years$13,444$11,764$10,268$8,942$7,772$5,841
14 years$12,355$10,694$9,226$7,938$6,813$4,987
15 years$11,413$9,769$8,330$7,079$5,998$4,275
16 years$10,589$8,963$7,552$6,339$5,301$3,676
17 years$9,862$8,254$6,872$5,695$4,701$3,170
18 years$9,217$7,627$6,274$5,133$4,180$2,740
19 years$8,641$7,069$5,743$4,638$3,725$2,373
20 years$8,123$6,569$5,271$4,200$3,327$2,059
21 years$7,655$6,119$4,848$3,812$2,978$1,789
22 years$7,230$5,711$4,468$3,466$2,669$1,556
23 years$6,842$5,342$4,126$3,157$2,396$1,355
24 years$6,488$5,005$3,816$2,879$2,154$1,181
25 years$6,162$4,697$3,534$2,629$1,938$1,031
26 years$5,862$4,414$3,278$2,404$1,746$900
27 years$5,584$4,154$3,044$2,201$1,574$786
28 years$5,327$3,915$2,829$2,016$1,420$687
29 years$5,088$3,693$2,633$1,849$1,282$601
30 years$4,865$3,488$2,453$1,697$1,159$525
31 years$4,657$3,297$2,286$1,558$1,047$460
32 years$4,463$3,120$2,133$1,432$948$402
33 years$4,280$2,954$1,992$1,317$858$352
34 years$4,109$2,800$1,861$1,212$776$309
35 years$3,948$2,656$1,740$1,115$703$270
36 years$3,796$2,521$1,628$1,027$637$237
37 years$3,653$2,394$1,523$947$577$207
38 years$3,517$2,275$1,427$872$524$182
39 years$3,389$2,164$1,337$804$475$159
40 years$3,268$2,058$1,253$742$431$140
41 years$3,152$1,959$1,175$685$391$122
42 years$3,043$1,866$1,102$632$354$107
43 years$2,939$1,778$1,034$583$322$94
44 years$2,840$1,695$971$538$292$83
45 years$2,745$1,616$911$497$265$72
46 years$2,655$1,542$856$459$241$63
47 years$2,569$1,471$804$424$219$56
48 years$2,487$1,405$756$392$198$49
49 years$2,409$1,341$710$362$180$43
50 years$2,333$1,281$668$335$164$38

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,390,000, adding $2,179 every year, while hoping to spend $24,084 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: 76/16/8 Blend
55$2,390,000$2,390,000$2,390,000$2,390,000
56$2,636,028$2,509,358$2,472,313$2,833,109
57$2,879,277$2,606,691$2,529,510$3,060,355
58$3,146,531$2,707,986$2,587,816$3,306,079
59$3,440,212$2,813,413$2,647,243$3,574,724
60$3,762,990$2,923,146$2,707,802$3,868,557
61$4,117,805$3,037,371$2,769,503$4,190,073
62$4,507,898$3,156,278$2,832,358$4,542,018
63$4,936,837$3,280,070$2,896,376$4,927,417
64$5,408,556$3,408,955$2,961,566$5,349,598
65$5,927,388$3,543,152$3,027,937$5,812,230
66$6,498,106$3,682,891$3,095,497$6,319,348
67$7,125,969$3,828,409$3,164,254$6,875,399
68$7,816,775$3,979,958$3,234,212$7,485,279
69$8,576,907$4,137,797$3,305,380$8,154,381
70$9,413,401$4,302,199$3,377,760$8,888,642
71$10,334,010$4,473,448$3,451,356$9,694,604
72$11,347,274$4,651,843$3,526,173$10,579,471
73$12,462,607$4,837,694$3,602,210$11,551,177
74$13,690,377$5,031,325$3,679,468$12,618,463
75$15,042,013$5,233,077$3,757,947$13,790,956
76$16,530,104$5,443,304$3,837,645$15,079,260
77$18,168,526$5,662,377$3,918,557$16,495,059
78$19,972,566$5,890,684$4,000,679$18,051,219
79$21,959,070$6,128,630$4,084,004$19,761,918
80$24,146,600$6,376,638$4,168,523$21,642,773
81$26,555,611$6,635,151$4,254,227$23,710,988
82$29,208,642$6,904,632$4,341,102$25,985,516
83$32,130,529$7,185,564$4,429,135$28,487,240
84$35,348,641$7,478,455$4,518,309$31,239,164
85$38,893,136$7,783,833$4,608,605$34,266,634
86$42,797,245$8,102,250$4,700,003$37,597,573
87$47,097,590$8,434,285$4,792,479$41,262,746
88$51,834,523$8,780,544$4,886,005$45,296,051
89$57,052,511$9,141,658$4,980,554$49,734,834
90$62,800,557$9,518,289$5,076,092$54,620,242
91$69,132,658$9,911,129$5,172,585$59,997,613
92$76,108,315$10,320,901$5,269,993$65,916,899
93$83,793,100$10,748,361$5,368,274$72,433,141
94$92,259,267$11,194,302$5,467,382$79,606,984
95$101,586,441$11,659,551$5,567,268$87,505,248
96$111,862,363$12,144,974$5,667,877$96,201,561
97$123,183,723$12,651,478$5,769,150$105,777,050
98$135,657,072$13,180,008$5,871,025$116,321,106
99$149,399,823$13,731,559$5,973,434$127,932,227
100$164,541,365$14,307,165$6,076,304$140,718,948