Can I retire at age 56 with 2,470,000?

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 $2,470,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.9%
1 years$203,970$202,153$200,381$198,651$196,961$189,147
2 years$100,975$99,095$97,272$95,505$93,791$86,015
3 years$66,648$64,760$62,942$61,191$59,505$52,012
4 years$49,488$47,605$45,805$44,085$42,439$35,287
5 years$39,195$37,323$35,547$33,861$32,262$25,467
6 years$32,335$30,477$28,727$27,079$25,528$19,096
7 years$27,436$25,595$23,872$22,263$20,761$14,690
8 years$23,765$21,939$20,246$18,676$17,223$11,506
9 years$20,910$19,102$17,438$15,908$14,504$9,133
10 years$18,628$16,838$15,202$13,713$12,358$7,323
11 years$16,762$14,989$13,384$11,934$10,629$5,916
12 years$15,208$13,454$11,878$10,468$9,211$4,809
13 years$13,894$12,158$10,612$9,242$8,032$3,927
14 years$12,769$11,052$9,535$8,204$7,041$3,220
15 years$11,795$10,096$8,609$7,316$6,199$2,648
16 years$10,943$9,263$7,805$6,551$5,479$2,183
17 years$10,192$8,531$7,102$5,886$4,858$1,803
18 years$9,526$7,883$6,484$5,304$4,319$1,492
19 years$8,930$7,306$5,935$4,793$3,850$1,236
20 years$8,395$6,789$5,447$4,341$3,439$1,026
21 years$7,911$6,323$5,010$3,940$3,077$851
22 years$7,472$5,903$4,618$3,582$2,758$707
23 years$7,071$5,521$4,264$3,262$2,476$588
24 years$6,705$5,172$3,943$2,975$2,226$489
25 years$6,368$4,854$3,652$2,717$2,003$407
26 years$6,058$4,562$3,387$2,485$1,804$339
27 years$5,771$4,293$3,145$2,274$1,626$282
28 years$5,505$4,046$2,924$2,084$1,468$235
29 years$5,258$3,817$2,721$1,911$1,325$196
30 years$5,028$3,604$2,535$1,754$1,197$163
31 years$4,813$3,407$2,363$1,611$1,083$136
32 years$4,612$3,224$2,205$1,480$979$113
33 years$4,423$3,053$2,058$1,361$886$95
34 years$4,246$2,894$1,923$1,252$802$79
35 years$4,080$2,745$1,798$1,153$727$66
36 years$3,923$2,605$1,682$1,062$658$55
37 years$3,775$2,474$1,574$978$597$46
38 years$3,635$2,351$1,474$902$541$38
39 years$3,502$2,236$1,381$831$491$32
40 years$3,377$2,127$1,295$767$445$26
41 years$3,258$2,025$1,214$707$404$22
42 years$3,145$1,929$1,139$653$366$18
43 years$3,037$1,838$1,069$603$332$15
44 years$2,935$1,752$1,003$557$302$13
45 years$2,837$1,670$942$514$274$11
46 years$2,744$1,593$885$475$249$9
47 years$2,655$1,521$831$439$226$7
48 years$2,570$1,452$781$405$205$6
49 years$2,489$1,386$734$375$186$5
50 years$2,412$1,324$690$346$169$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,470,000, adding $6,034 every year, while hoping to spend $54,972 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: 76/7/17 Blend
55$2,470,000$2,470,000$2,470,000$2,470,000
56$2,728,164$2,597,254$2,558,969$2,924,667
57$2,947,947$2,666,030$2,586,205$3,124,182
58$3,188,305$2,736,333$2,612,510$3,335,431
59$3,451,280$2,808,181$2,637,797$3,565,560
60$3,739,117$2,881,588$2,661,970$3,816,437
61$4,054,292$2,956,571$2,684,931$4,090,118
62$4,399,529$3,033,142$2,706,575$4,388,867
63$4,777,829$3,111,314$2,726,793$4,715,179
64$5,192,496$3,191,097$2,745,469$5,071,803
65$5,647,170$3,272,500$2,762,482$5,461,766
66$6,145,859$3,355,530$2,777,703$5,888,405
67$6,692,979$3,440,194$2,790,998$6,355,392
68$7,293,393$3,526,493$2,802,227$6,866,778
69$7,952,457$3,614,430$2,811,240$7,427,023
70$8,676,073$3,704,002$2,817,882$8,041,042
71$9,470,741$3,795,206$2,821,989$8,714,250
72$10,343,620$3,888,035$2,823,389$9,452,612
73$11,302,600$3,982,479$2,821,903$10,262,705
74$12,356,369$4,078,524$2,817,340$11,151,771
75$13,514,500$4,176,154$2,809,503$12,127,792
76$14,787,542$4,275,348$2,798,184$13,199,564
77$16,187,112$4,376,081$2,783,164$14,376,777
78$17,726,013$4,478,325$2,764,216$15,670,113
79$19,418,348$4,582,044$2,741,098$17,091,338
80$21,279,656$4,687,200$2,713,561$18,653,420
81$23,327,057$4,793,749$2,681,342$20,370,648
82$25,579,414$4,901,641$2,644,165$22,258,769
83$28,057,512$5,010,819$2,601,742$24,335,136
84$30,784,249$5,121,220$2,553,771$26,618,869
85$33,784,857$5,232,774$2,499,936$29,131,039
86$37,087,136$5,345,403$2,439,908$31,894,868
87$40,721,718$5,459,023$2,373,339$34,935,943
88$44,722,356$5,573,538$2,299,869$38,282,463
89$49,126,241$5,688,845$2,219,119$41,965,501
90$53,974,351$5,804,832$2,130,693$46,019,302
91$59,311,841$5,921,376$2,034,178$50,481,602
92$65,188,467$6,038,341$1,929,141$55,393,986
93$71,659,053$6,155,582$1,815,129$60,802,282
94$78,784,012$6,272,941$1,691,672$66,756,992
95$86,629,913$6,390,246$1,558,274$73,313,770
96$95,270,108$6,507,313$1,414,420$80,533,947
97$104,785,427$6,623,939$1,259,572$88,485,110
98$115,264,939$6,739,910$1,093,165$97,241,741
99$126,806,789$6,854,993$914,613$106,885,921
100$139,519,131$6,968,936$723,302$117,508,103