Can I retire at age 56 with 2,940,000?

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 $2,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.9%
1 years$242,782$240,620$238,510$236,451$234,440$230,651
2 years$120,189$117,951$115,782$113,678$111,638$107,831
3 years$79,330$77,082$74,918$72,835$70,828$67,121
4 years$58,905$56,664$54,521$52,473$50,515$46,938
5 years$46,653$44,425$42,311$40,305$38,401$34,963
6 years$38,487$36,276$34,193$32,232$30,385$27,091
7 years$32,657$30,465$28,415$26,500$24,711$21,561
8 years$28,287$26,114$24,098$22,230$20,500$17,494
9 years$24,889$22,737$20,756$18,935$17,264$14,400
10 years$22,172$20,041$18,095$16,322$14,710$11,986
11 years$19,951$17,842$15,931$14,205$12,651$10,064
12 years$18,102$16,014$14,138$12,460$10,963$8,510
13 years$16,538$14,472$12,632$11,000$9,560$7,237
14 years$15,199$13,154$11,349$9,765$8,380$6,183
15 years$14,039$12,017$10,247$8,708$7,379$5,304
16 years$13,025$11,025$9,290$7,797$6,521$4,565
17 years$12,132$10,154$8,454$7,006$5,782$3,939
18 years$11,338$9,383$7,717$6,314$5,141$3,407
19 years$10,629$8,696$7,065$5,705$4,583$2,953
20 years$9,992$8,080$6,484$5,167$4,093$2,564
21 years$9,416$7,527$5,964$4,689$3,663$2,229
22 years$8,893$7,026$5,497$4,264$3,283$1,941
23 years$8,417$6,571$5,075$3,883$2,947$1,691
24 years$7,981$6,157$4,694$3,542$2,649$1,476
25 years$7,580$5,778$4,347$3,234$2,384$1,288
26 years$7,210$5,430$4,032$2,957$2,147$1,125
27 years$6,869$5,110$3,744$2,707$1,936$984
28 years$6,553$4,816$3,480$2,480$1,747$861
29 years$6,259$4,543$3,239$2,274$1,577$753
30 years$5,985$4,290$3,017$2,087$1,425$659
31 years$5,729$4,056$2,813$1,917$1,289$577
32 years$5,489$3,838$2,624$1,762$1,166$506
33 years$5,265$3,634$2,450$1,620$1,055$443
34 years$5,054$3,444$2,289$1,491$955$389
35 years$4,856$3,267$2,140$1,372$865$341
36 years$4,669$3,101$2,002$1,264$784$299
37 years$4,493$2,945$1,874$1,164$710$262
38 years$4,327$2,799$1,755$1,073$644$230
39 years$4,169$2,661$1,644$990$584$201
40 years$4,019$2,532$1,541$913$530$177
41 years$3,878$2,410$1,445$842$481$155
42 years$3,743$2,296$1,356$777$436$136
43 years$3,615$2,187$1,272$717$396$119
44 years$3,493$2,085$1,194$662$359$105
45 years$3,377$1,988$1,121$612$326$92
46 years$3,266$1,897$1,053$565$296$81
47 years$3,161$1,810$989$522$269$71
48 years$3,060$1,728$930$482$244$62
49 years$2,963$1,650$874$446$222$55
50 years$2,870$1,576$821$412$201$48

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,940,000, adding $2,808 every year, while hoping to spend $22,877 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: 42/37/21 Blend
55$2,940,000$2,940,000$2,940,000$2,940,000
56$3,242,776$3,086,956$3,041,386$3,358,917
57$3,549,199$3,213,876$3,118,932$3,568,686
58$3,886,109$3,346,249$3,198,308$3,793,279
59$4,256,594$3,484,316$3,279,553$4,036,029
60$4,664,052$3,628,333$3,362,704$4,298,616
61$5,112,229$3,778,566$3,447,799$4,582,886
62$5,605,253$3,935,292$3,534,876$4,890,865
63$6,147,669$4,098,802$3,623,975$5,224,778
64$6,744,489$4,269,400$3,715,135$5,587,073
65$7,401,231$4,447,405$3,808,397$5,980,434
66$8,123,979$4,633,150$3,903,800$6,407,816
67$8,919,433$4,826,983$4,001,386$6,872,465
68$9,794,978$5,029,267$4,101,195$7,377,948
69$10,758,750$5,240,386$4,203,269$7,928,189
70$11,819,714$5,460,737$4,307,650$8,527,500
71$12,987,749$5,690,737$4,414,381$9,180,626
72$14,273,740$5,930,824$4,523,504$9,892,783
73$15,689,682$6,181,454$4,635,061$10,669,709
74$17,248,790$6,443,106$4,749,096$11,517,717
75$18,965,628$6,716,279$4,865,652$12,443,750
76$20,856,243$7,001,498$4,984,772$13,455,449
77$22,938,319$7,299,311$5,106,501$14,561,221
78$25,231,341$7,610,290$5,230,883$15,770,315
79$27,756,781$7,935,038$5,357,960$17,092,914
80$30,538,298$8,274,180$5,487,778$18,540,221
81$33,601,966$8,628,376$5,620,379$20,124,569
82$36,976,513$8,998,314$5,755,809$21,859,531
83$40,693,600$9,384,714$5,894,111$23,760,051
84$44,788,112$9,788,330$6,035,329$25,842,576
85$49,298,493$10,209,951$6,179,506$28,125,217
86$54,267,106$10,650,405$6,326,686$30,627,910
87$59,740,633$11,110,557$6,476,911$33,372,608
88$65,770,515$11,591,312$6,630,226$36,383,481
89$72,413,439$12,093,618$6,786,670$39,687,143
90$79,731,873$12,618,469$6,946,287$43,312,900
91$87,794,654$13,166,904$7,109,118$47,293,027
92$96,677,638$13,740,011$7,275,202$51,663,063
93$106,464,416$14,338,930$7,444,580$56,462,149
94$117,247,103$14,964,855$7,617,291$61,733,392
95$129,127,210$15,619,034$7,793,371$67,524,267
96$142,216,595$16,302,777$7,972,859$73,887,063
97$156,638,527$17,017,452$8,155,790$80,879,375
98$172,528,846$17,764,496$8,342,197$88,564,637
99$190,037,242$18,545,411$8,532,115$97,012,725
100$209,328,674$19,361,770$8,725,575$106,300,604