Can I retire at age 56 with 2,920,000?

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 $2,920,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.3%
1 years$241,131$238,983$236,887$234,842$232,845$227,771
2 years$119,372$117,149$114,994$112,905$110,879$105,793
3 years$78,791$76,558$74,409$72,339$70,346$65,406
4 years$58,504$56,278$54,150$52,116$50,171$45,416
5 years$46,335$44,123$42,023$40,030$38,139$33,582
6 years$38,225$36,030$33,961$32,013$30,178$25,824
7 years$32,435$30,258$28,222$26,319$24,543$20,392
8 years$28,094$25,936$23,934$22,079$20,361$16,412
9 years$24,720$22,582$20,614$18,806$17,147$13,397
10 years$22,022$19,905$17,972$16,211$14,610$11,055
11 years$19,816$17,720$15,822$14,108$12,565$9,201
12 years$17,979$15,905$14,042$12,375$10,889$7,710
13 years$16,425$14,373$12,546$10,925$9,495$6,496
14 years$15,095$13,065$11,272$9,698$8,323$5,498
15 years$13,944$11,935$10,177$8,649$7,329$4,671
16 years$12,937$10,950$9,227$7,744$6,477$3,980
17 years$12,049$10,085$8,396$6,958$5,743$3,400
18 years$11,261$9,319$7,665$6,271$5,106$2,911
19 years$10,557$8,637$7,017$5,666$4,551$2,497
20 years$9,924$8,025$6,440$5,132$4,065$2,146
21 years$9,352$7,475$5,923$4,657$3,638$1,846
22 years$8,833$6,978$5,459$4,235$3,261$1,590
23 years$8,360$6,526$5,041$3,857$2,927$1,370
24 years$7,926$6,115$4,662$3,517$2,631$1,182
25 years$7,528$5,738$4,318$3,212$2,368$1,021
26 years$7,161$5,393$4,004$2,937$2,133$882
27 years$6,822$5,076$3,718$2,688$1,923$762
28 years$6,508$4,783$3,457$2,463$1,735$659
29 years$6,216$4,512$3,217$2,259$1,567$570
30 years$5,944$4,261$2,996$2,073$1,416$494
31 years$5,690$4,028$2,793$1,904$1,280$427
32 years$5,452$3,811$2,606$1,750$1,158$370
33 years$5,229$3,609$2,434$1,609$1,048$320
34 years$5,020$3,421$2,274$1,480$949$278
35 years$4,823$3,245$2,126$1,363$859$241
36 years$4,638$3,080$1,989$1,255$778$208
37 years$4,463$2,925$1,861$1,156$706$181
38 years$4,297$2,780$1,743$1,066$640$157
39 years$4,140$2,643$1,633$983$580$136
40 years$3,992$2,515$1,531$907$526$118
41 years$3,851$2,394$1,435$836$477$102
42 years$3,718$2,280$1,346$772$433$88
43 years$3,590$2,172$1,263$713$393$77
44 years$3,469$2,071$1,186$658$357$66
45 years$3,354$1,975$1,113$608$324$58
46 years$3,244$1,884$1,046$561$294$50
47 years$3,139$1,798$983$519$267$43
48 years$3,039$1,716$923$479$243$38
49 years$2,943$1,639$868$443$220$33
50 years$2,851$1,565$816$409$200$28

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,920,000, adding $4,710 every year, while hoping to spend $38,677 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: 80/11/9 Blend
55$2,920,000$2,920,000$2,920,000$2,920,000
56$3,222,698$3,067,938$3,022,678$3,475,857
57$3,510,262$3,177,115$3,082,786$3,751,703
58$3,825,860$3,290,346$3,143,611$4,048,775
59$4,172,312$3,407,787$3,205,137$4,373,602
60$4,552,723$3,529,604$3,267,344$4,728,939
61$4,970,514$3,655,967$3,330,213$5,117,820
62$5,429,451$3,787,055$3,393,720$5,543,585
63$5,933,687$3,923,052$3,457,841$6,009,912
64$6,487,793$4,064,151$3,522,549$6,520,852
65$7,096,807$4,210,554$3,587,813$7,080,868
66$7,766,279$4,362,469$3,653,603$7,694,874
67$8,502,324$4,520,115$3,719,883$8,368,281
68$9,311,678$4,683,717$3,786,616$9,107,052
69$10,201,763$4,853,513$3,853,761$9,917,752
70$11,180,755$5,029,748$3,921,275$10,807,617
71$12,257,665$5,212,678$3,989,110$11,784,613
72$13,442,418$5,402,571$4,057,217$12,857,519
73$14,745,953$5,599,704$4,125,541$14,036,003
74$16,180,318$5,804,368$4,194,025$15,330,717
75$17,758,792$6,016,864$4,262,607$16,753,397
76$19,496,006$6,237,507$4,331,221$18,316,970
77$21,408,078$6,466,625$4,399,797$20,035,680
78$23,512,772$6,704,559$4,468,259$21,925,218
79$25,829,658$6,951,665$4,536,529$24,002,872
80$28,380,301$7,208,315$4,604,521$26,287,689
81$31,188,465$7,474,896$4,672,146$28,800,656
82$34,280,333$7,751,810$4,739,307$31,564,892
83$37,684,756$8,039,478$4,805,904$34,605,874
84$41,433,528$8,338,339$4,871,828$37,951,669
85$45,561,679$8,648,849$4,936,965$41,633,206
86$50,107,813$8,971,485$5,001,196$45,684,558
87$55,114,465$9,306,744$5,064,392$50,143,274
88$60,628,510$9,655,143$5,126,418$55,050,722
89$66,701,596$10,017,224$5,187,132$60,452,488
90$73,390,641$10,393,549$5,246,382$66,398,800
91$80,758,360$10,784,707$5,304,010$72,945,002
92$88,873,866$11,191,311$5,359,847$80,152,079
93$97,813,315$11,614,000$5,413,717$88,087,227
94$107,660,629$12,053,442$5,465,433$96,824,493
95$118,508,286$12,510,333$5,514,797$106,445,467
96$130,458,191$12,985,399$5,561,602$117,040,054
97$143,622,640$13,479,398$5,605,630$128,707,322
98$158,125,382$13,993,121$5,646,651$141,556,436
99$174,102,781$14,527,393$5,684,424$155,707,690
100$191,705,105$15,083,076$5,718,692$171,293,636