Can I retire at age 56 with 2,890,000?

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 $2,890,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.2%
1 years$238,653$236,528$234,454$232,429$230,453$229,289
2 years$118,145$115,945$113,812$111,745$109,739$108,565
3 years$77,981$75,771$73,644$71,596$69,623$68,474
4 years$57,903$55,700$53,594$51,581$49,656$48,541
5 years$45,859$43,669$41,591$39,619$37,748$36,671
6 years$37,833$35,659$33,612$31,684$29,868$28,831
7 years$32,102$29,947$27,932$26,049$24,291$23,293
8 years$27,805$25,670$23,688$21,852$20,152$19,194
9 years$24,466$22,350$20,403$18,613$16,971$16,052
10 years$21,795$19,701$17,788$16,044$14,460$13,580
11 years$19,612$17,538$15,660$13,964$12,436$11,595
12 years$17,794$15,741$13,898$12,248$10,777$9,974
13 years$16,257$14,226$12,417$10,813$9,398$8,631
14 years$14,940$12,931$11,156$9,599$8,238$7,508
15 years$13,800$11,812$10,073$8,560$7,253$6,559
16 years$12,804$10,838$9,132$7,665$6,410$5,750
17 years$11,925$9,981$8,310$6,887$5,684$5,057
18 years$11,146$9,223$7,586$6,206$5,054$4,459
19 years$10,449$8,548$6,945$5,608$4,505$3,941
20 years$9,822$7,943$6,374$5,079$4,024$3,490
21 years$9,256$7,399$5,862$4,610$3,601$3,096
22 years$8,742$6,906$5,403$4,191$3,228$2,751
23 years$8,274$6,459$4,989$3,817$2,897$2,448
24 years$7,845$6,052$4,614$3,481$2,604$2,180
25 years$7,451$5,679$4,273$3,179$2,343$1,944
26 years$7,088$5,338$3,963$2,907$2,111$1,735
27 years$6,752$5,024$3,680$2,661$1,903$1,550
28 years$6,441$4,734$3,421$2,438$1,717$1,385
29 years$6,152$4,466$3,184$2,236$1,551$1,239
30 years$5,883$4,217$2,966$2,052$1,401$1,109
31 years$5,631$3,987$2,765$1,884$1,267$993
32 years$5,396$3,772$2,580$1,732$1,146$889
33 years$5,176$3,572$2,409$1,593$1,037$797
34 years$4,968$3,386$2,250$1,465$939$714
35 years$4,774$3,211$2,104$1,349$850$641
36 years$4,590$3,048$1,968$1,242$770$575
37 years$4,417$2,895$1,842$1,145$698$516
38 years$4,253$2,751$1,725$1,055$633$463
39 years$4,098$2,616$1,616$973$574$415
40 years$3,951$2,489$1,515$897$521$373
41 years$3,812$2,369$1,421$828$472$335
42 years$3,679$2,257$1,332$764$429$301
43 years$3,554$2,150$1,250$705$389$270
44 years$3,434$2,049$1,174$651$353$243
45 years$3,320$1,954$1,102$601$321$218
46 years$3,211$1,864$1,035$555$291$196
47 years$3,107$1,779$972$513$264$176
48 years$3,007$1,698$914$474$240$158
49 years$2,913$1,622$859$438$218$142
50 years$2,822$1,549$808$405$198$128

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,890,000, adding $4,757 every year, while hoping to spend $29,752 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: 68/9/23 Blend
55$2,890,000$2,890,000$2,890,000$2,890,000
56$3,189,687$3,036,517$2,991,722$3,387,649
57$3,483,379$3,153,650$3,060,289$3,638,066
58$3,806,031$3,275,526$3,130,155$3,908,043
59$4,160,564$3,402,345$3,201,334$4,202,693
60$4,550,199$3,534,318$3,273,836$4,524,450
61$4,978,482$3,671,662$3,347,672$4,875,995
62$5,449,322$3,814,608$3,422,854$5,260,282
63$5,967,022$3,963,393$3,499,389$5,680,561
64$6,536,327$4,118,268$3,577,287$6,140,411
65$7,162,462$4,279,493$3,656,556$6,643,777
66$7,851,185$4,447,340$3,737,202$7,194,999
67$8,608,839$4,622,093$3,819,232$7,798,859
68$9,442,415$4,804,049$3,902,650$8,460,625
69$10,359,612$4,993,519$3,987,460$9,186,098
70$11,368,917$5,190,826$4,073,664$9,981,668
71$12,479,679$5,396,308$4,161,264$10,854,372
72$13,702,199$5,610,320$4,250,259$11,811,965
73$15,047,828$5,833,231$4,340,648$12,862,985
74$16,529,073$6,065,426$4,432,426$14,016,843
75$18,159,716$6,307,309$4,525,590$15,283,901
76$19,954,942$6,559,303$4,620,133$16,675,577
77$21,931,484$6,821,846$4,716,044$18,204,450
78$24,107,779$7,095,399$4,813,315$19,884,378
79$26,504,143$7,380,445$4,911,932$21,730,626
80$29,142,963$7,677,484$5,011,879$23,760,014
81$32,048,908$7,987,044$5,113,140$25,991,075
82$35,249,161$8,309,673$5,215,694$28,444,224
83$38,773,674$8,645,946$5,319,519$31,141,957
84$42,655,453$8,996,462$5,424,588$34,109,057
85$46,930,871$9,361,850$5,530,873$37,372,832
86$51,640,005$9,742,766$5,638,342$40,963,371
87$56,827,020$10,139,896$5,746,961$44,913,824
88$62,540,581$10,553,956$5,856,690$49,260,719
89$68,834,318$10,985,698$5,967,486$54,044,304
90$75,767,326$11,435,904$6,079,305$59,308,926
91$83,404,726$11,905,396$6,192,094$65,103,449
92$91,818,278$12,395,031$6,305,799$71,481,716
93$101,087,060$12,905,705$6,420,361$78,503,056
94$111,298,213$13,438,356$6,535,715$86,232,841
95$122,547,761$13,993,967$6,651,793$94,743,106
96$134,941,523$14,573,561$6,768,518$104,113,226
97$148,596,106$15,178,214$6,885,811$114,430,663
98$163,640,010$15,809,047$7,003,586$125,791,796
99$180,214,834$16,467,234$7,121,750$138,302,824
100$198,476,623$17,154,004$7,240,204$152,080,772