Can I retire at age 56 with 2,640,000?

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 $2,640,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.2%
1 years$218,009$216,067$214,172$212,323$210,517$202,726
2 years$107,925$105,915$103,967$102,078$100,246$92,484
3 years$71,235$69,217$67,274$65,403$63,600$56,112
4 years$52,894$50,882$48,958$47,119$45,360$38,203
5 years$41,892$39,892$37,993$36,192$34,482$27,674
6 years$34,560$32,575$30,704$28,943$27,285$20,831
7 years$29,325$27,356$25,515$23,796$22,190$16,089
8 years$25,400$23,449$21,639$19,961$18,408$12,655
9 years$22,349$20,417$18,638$17,003$15,503$10,088
10 years$19,910$17,996$16,249$14,657$13,209$8,124
11 years$17,916$16,021$14,305$12,756$11,360$6,594
12 years$16,255$14,380$12,695$11,188$9,844$5,385
13 years$14,850$12,995$11,343$9,878$8,585$4,419
14 years$13,648$11,812$10,191$8,768$7,525$3,641
15 years$12,606$10,791$9,201$7,820$6,626$3,009
16 years$11,696$9,900$8,342$7,002$5,856$2,493
17 years$10,894$9,118$7,591$6,291$5,192$2,070
18 years$10,181$8,425$6,930$5,669$4,617$1,722
19 years$9,545$7,808$6,344$5,123$4,115$1,434
20 years$8,973$7,256$5,822$4,640$3,676$1,196
21 years$8,455$6,759$5,355$4,211$3,289$999
22 years$7,986$6,309$4,936$3,829$2,948$834
23 years$7,558$5,901$4,557$3,487$2,647$698
24 years$7,166$5,528$4,215$3,180$2,379$584
25 years$6,806$5,188$3,904$2,904$2,141$488
26 years$6,475$4,876$3,620$2,656$1,928$409
27 years$6,168$4,589$3,362$2,431$1,738$342
28 years$5,884$4,324$3,125$2,227$1,569$287
29 years$5,620$4,079$2,908$2,042$1,416$240
30 years$5,374$3,852$2,709$1,874$1,280$201
31 years$5,144$3,642$2,526$1,721$1,157$169
32 years$4,929$3,446$2,356$1,582$1,047$142
33 years$4,728$3,263$2,200$1,455$947$119
34 years$4,539$3,093$2,056$1,339$858$100
35 years$4,361$2,934$1,922$1,232$777$83
36 years$4,193$2,784$1,798$1,135$704$70
37 years$4,035$2,645$1,683$1,046$638$59
38 years$3,885$2,513$1,576$964$578$49
39 years$3,743$2,390$1,476$889$524$41
40 years$3,609$2,274$1,384$820$476$35
41 years$3,482$2,164$1,298$756$432$29
42 years$3,361$2,061$1,217$698$392$24
43 years$3,246$1,964$1,142$644$355$20
44 years$3,137$1,872$1,072$595$323$17
45 years$3,032$1,785$1,007$549$293$14
46 years$2,933$1,703$946$507$266$12
47 years$2,838$1,625$888$469$241$10
48 years$2,747$1,551$835$433$219$8
49 years$2,661$1,482$785$400$199$7
50 years$2,578$1,415$738$370$181$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,640,000, adding $6,459 every year, while hoping to spend $22,111 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: 72/8/20 Blend
55$2,640,000$2,640,000$2,640,000$2,640,000
56$2,915,942$2,776,022$2,735,102$3,111,375
57$3,189,843$2,888,522$2,803,202$3,354,753
58$3,490,940$3,005,792$2,872,843$3,617,954
59$3,821,984$3,128,045$2,944,052$3,905,660
60$4,186,007$3,255,499$3,016,857$4,220,301
61$4,586,346$3,388,385$3,091,289$4,564,552
62$5,026,681$3,526,944$3,167,375$4,941,357
63$5,511,065$3,671,426$3,245,144$5,353,959
64$6,043,963$3,822,096$3,324,627$5,805,930
65$6,630,297$3,979,228$3,405,851$6,301,203
66$7,275,486$4,143,109$3,488,846$6,844,110
67$7,985,506$4,314,041$3,573,642$7,439,422
68$8,766,936$4,492,339$3,660,268$8,092,394
69$9,627,031$4,678,330$3,748,754$8,808,813
70$10,573,779$4,872,360$3,839,129$9,595,055
71$11,615,987$5,074,788$3,931,422$10,458,143
72$12,763,356$5,285,991$4,025,663$11,405,811
73$14,026,577$5,506,363$4,121,881$12,446,582
74$15,417,429$5,736,316$4,220,105$13,589,843
75$16,948,893$5,976,281$4,320,365$14,845,934
76$18,635,270$6,226,709$4,422,687$16,226,249
77$20,492,323$6,488,073$4,527,102$17,743,337
78$22,537,416$6,760,865$4,633,637$19,411,025
79$24,789,688$7,045,603$4,742,319$21,244,547
80$27,270,225$7,342,827$4,853,176$23,260,685
81$30,002,265$7,653,102$4,966,234$25,477,929
82$33,011,413$7,977,021$5,081,520$27,916,651
83$36,325,885$8,315,203$5,199,058$30,599,297
84$39,976,773$8,668,295$5,318,875$33,550,595
85$43,998,340$9,036,978$5,440,993$36,797,792
86$48,428,340$9,421,959$5,565,436$40,370,910
87$53,308,379$9,823,984$5,692,226$44,303,027
88$58,684,303$10,243,828$5,821,385$48,630,588
89$64,606,633$10,682,306$5,952,932$53,393,752
90$71,131,041$11,140,271$6,086,887$58,636,768
91$78,318,877$11,618,614$6,223,267$64,408,390
92$86,237,744$12,118,268$6,362,089$70,762,340
93$94,962,142$12,640,211$6,503,367$77,757,814
94$104,574,165$13,185,466$6,647,114$85,460,039
95$115,164,280$13,755,104$6,793,342$93,940,885
96$126,832,179$14,350,246$6,942,061$103,279,549
97$139,687,719$14,972,066$7,093,278$113,563,297
98$153,851,961$15,621,792$7,246,998$124,888,289
99$169,458,314$16,300,712$7,403,225$137,360,482
100$186,653,788$17,010,174$7,561,959$151,096,637