Can I retire at age 56 with 2,950,000?

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 $2,950,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.6%
1 years$243,608$241,438$239,321$237,255$235,237$229,830
2 years$120,598$118,352$116,175$114,065$112,018$106,600
3 years$79,600$77,344$75,173$73,082$71,069$65,810
4 years$59,105$56,856$54,707$52,652$50,687$45,627
5 years$46,811$44,576$42,455$40,442$38,531$33,685
6 years$38,618$36,400$34,310$32,341$30,488$25,861
7 years$32,768$30,568$28,512$26,590$24,795$20,386
8 years$28,383$26,203$24,180$22,305$20,570$16,379
9 years$24,974$22,814$20,826$18,999$17,323$13,346
10 years$22,248$20,110$18,157$16,378$14,760$10,992
11 years$20,019$17,902$15,985$14,253$12,694$9,131
12 years$18,163$16,068$14,186$12,502$11,000$7,637
13 years$16,594$14,521$12,674$11,038$9,593$6,421
14 years$15,250$13,199$11,388$9,798$8,409$5,424
15 years$14,087$12,058$10,282$8,738$7,404$4,598
16 years$13,070$11,063$9,322$7,824$6,544$3,910
17 years$12,173$10,188$8,483$7,030$5,802$3,333
18 years$11,377$9,414$7,744$6,335$5,159$2,848
19 years$10,666$8,725$7,089$5,724$4,598$2,437
20 years$10,026$8,108$6,506$5,185$4,107$2,089
21 years$9,448$7,552$5,984$4,705$3,675$1,793
22 years$8,924$7,050$5,515$4,278$3,295$1,541
23 years$8,445$6,593$5,092$3,896$2,957$1,325
24 years$8,008$6,178$4,710$3,554$2,658$1,141
25 years$7,606$5,797$4,362$3,245$2,392$982
26 years$7,235$5,449$4,046$2,967$2,155$847
27 years$6,892$5,128$3,757$2,716$1,943$730
28 years$6,575$4,832$3,492$2,489$1,753$630
29 years$6,280$4,558$3,250$2,282$1,583$544
30 years$6,005$4,305$3,027$2,094$1,430$469
31 years$5,748$4,070$2,822$1,923$1,293$405
32 years$5,508$3,851$2,633$1,768$1,170$350
33 years$5,283$3,647$2,459$1,626$1,058$302
34 years$5,072$3,456$2,297$1,496$958$261
35 years$4,873$3,278$2,148$1,377$868$226
36 years$4,685$3,111$2,009$1,268$786$195
37 years$4,508$2,955$1,880$1,168$713$169
38 years$4,341$2,808$1,761$1,077$646$146
39 years$4,183$2,671$1,650$993$586$126
40 years$4,033$2,541$1,546$916$531$109
41 years$3,891$2,419$1,450$845$482$94
42 years$3,756$2,303$1,360$780$438$82
43 years$3,627$2,195$1,276$720$397$71
44 years$3,505$2,092$1,198$665$360$61
45 years$3,388$1,995$1,125$614$327$53
46 years$3,277$1,903$1,057$567$297$46
47 years$3,171$1,816$993$524$270$39
48 years$3,070$1,734$933$484$245$34
49 years$2,973$1,656$877$447$223$30
50 years$2,880$1,581$824$414$202$26

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,950,000, adding $3,075 every year, while hoping to spend $46,495 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: 32/47/21 Blend
55$2,950,000$2,950,000$2,950,000$2,950,000
56$3,254,072$3,097,722$3,051,997$3,336,977
57$3,536,517$3,200,040$3,104,768$3,501,778
58$3,846,213$3,305,813$3,157,750$3,674,736
59$4,185,891$3,415,162$3,210,898$3,860,068
60$4,558,557$3,528,211$3,264,169$4,058,887
61$4,967,526$3,645,089$3,317,514$4,272,415
62$5,416,445$3,765,930$3,370,883$4,501,993
63$5,909,334$3,890,872$3,424,219$4,749,096
64$6,450,621$4,020,060$3,477,465$5,015,343
65$7,045,183$4,153,641$3,530,559$5,302,514
66$7,698,393$4,291,771$3,583,434$5,612,565
67$8,416,171$4,434,609$3,636,021$5,947,648
68$9,205,037$4,582,322$3,688,244$6,310,128
69$10,072,175$4,735,080$3,740,025$6,702,605
70$11,025,501$4,893,063$3,791,279$7,127,942
71$12,073,734$5,056,454$3,841,919$7,589,285
72$13,226,480$5,225,447$3,891,849$8,090,095
73$14,494,326$5,400,238$3,940,970$8,634,182
74$15,888,932$5,581,035$3,989,178$9,225,737
75$17,423,148$5,768,050$4,036,360$9,869,373
76$19,111,131$5,961,506$4,082,400$10,570,166
77$20,968,478$6,161,632$4,127,172$11,333,703
78$23,012,378$6,368,667$4,170,548$12,166,134
79$25,261,766$6,582,858$4,212,387$13,074,228
80$27,737,509$6,804,461$4,252,545$14,065,440
81$30,462,598$7,033,742$4,290,868$15,147,975
82$33,462,365$7,270,978$4,327,194$16,330,867
83$36,764,725$7,516,454$4,361,354$17,624,064
84$40,400,436$7,770,469$4,393,168$19,038,522
85$44,403,389$8,033,330$4,422,447$20,586,302
86$48,810,929$8,305,358$4,448,994$22,280,689
87$53,664,208$8,586,885$4,472,599$24,136,314
88$59,008,570$8,878,255$4,493,044$26,169,289
89$64,893,981$9,179,827$4,510,098$28,397,362
90$71,375,501$9,491,972$4,523,520$30,840,078
91$78,513,798$9,815,075$4,533,054$33,518,968
92$86,375,729$10,149,537$4,538,435$36,457,748
93$95,034,963$10,495,774$4,539,382$39,682,540
94$104,572,680$10,854,217$4,535,602$43,222,121
95$115,078,334$11,225,315$4,526,785$47,108,192
96$126,650,501$11,609,532$4,512,610$51,375,672
97$139,397,806$12,007,353$4,492,736$56,063,034
98$153,439,948$12,419,279$4,466,808$61,212,657
99$168,908,830$12,845,831$4,434,454$66,871,234
100$185,949,806$13,287,552$4,395,283$73,090,203