Can I retire at age 56 with 2,980,000?

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 $2,980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19%
1 years$246,086$243,894$241,755$239,668$237,629$229,016
2 years$121,825$119,556$117,357$115,225$113,157$104,573
3 years$80,410$78,131$75,938$73,826$71,791$63,508
4 years$59,706$57,435$55,263$53,187$51,202$43,282
5 years$47,287$45,029$42,886$40,853$38,923$31,387
6 years$39,011$36,770$34,659$32,670$30,799$23,651
7 years$33,101$30,879$28,801$26,860$25,047$18,288
8 years$28,671$26,469$24,426$22,532$20,779$14,402
9 years$25,228$23,046$21,038$19,193$17,499$11,495
10 years$22,474$20,314$18,341$16,544$14,910$9,269
11 years$20,223$18,084$16,148$14,398$12,823$7,533
12 years$18,348$16,232$14,331$12,629$11,112$6,160
13 years$16,763$14,669$12,803$11,150$9,690$5,062
14 years$15,405$13,333$11,504$9,898$8,494$4,176
15 years$14,230$12,180$10,386$8,827$7,479$3,456
16 years$13,203$11,175$9,417$7,903$6,610$2,868
17 years$12,297$10,292$8,569$7,101$5,861$2,385
18 years$11,493$9,510$7,822$6,400$5,211$1,987
19 years$10,774$8,814$7,161$5,783$4,645$1,658
20 years$10,128$8,190$6,572$5,237$4,149$1,384
21 years$9,544$7,629$6,045$4,753$3,713$1,158
22 years$9,014$7,121$5,571$4,322$3,328$969
23 years$8,531$6,661$5,144$3,936$2,987$811
24 years$8,089$6,240$4,757$3,590$2,685$680
25 years$7,683$5,856$4,406$3,278$2,416$570
26 years$7,309$5,504$4,087$2,998$2,176$478
27 years$6,963$5,180$3,795$2,744$1,962$401
28 years$6,642$4,881$3,528$2,514$1,771$336
29 years$6,344$4,605$3,283$2,305$1,599$282
30 years$6,066$4,349$3,058$2,116$1,445$237
31 years$5,807$4,111$2,851$1,943$1,306$199
32 years$5,564$3,890$2,660$1,786$1,181$167
33 years$5,337$3,684$2,484$1,642$1,069$140
34 years$5,123$3,491$2,320$1,511$968$118
35 years$4,922$3,311$2,169$1,391$877$99
36 years$4,733$3,143$2,029$1,281$794$83
37 years$4,554$2,985$1,900$1,180$720$70
38 years$4,385$2,837$1,779$1,088$653$59
39 years$4,226$2,698$1,667$1,003$592$49
40 years$4,074$2,567$1,562$925$537$41
41 years$3,930$2,443$1,465$854$487$35
42 years$3,794$2,327$1,374$788$442$29
43 years$3,664$2,217$1,289$727$401$25
44 years$3,541$2,113$1,210$671$364$21
45 years$3,423$2,015$1,136$620$331$17
46 years$3,311$1,922$1,067$573$300$15
47 years$3,204$1,835$1,003$529$273$12
48 years$3,101$1,751$942$489$247$10
49 years$3,003$1,672$886$452$225$9
50 years$2,910$1,598$833$418$204$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $2,980,000, adding $2,917 every year, while hoping to spend $23,441 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: 58/26/16 Blend
55$2,980,000$2,980,000$2,980,000$2,980,000
56$3,286,969$3,129,029$3,082,839$3,463,856
57$3,597,299$3,257,410$3,161,173$3,712,334
58$3,938,496$3,391,297$3,241,346$3,980,248
59$4,313,686$3,530,933$3,323,394$4,271,769
60$4,726,309$3,676,576$3,407,354$4,589,172
61$5,180,157$3,828,493$3,493,265$4,934,960
62$5,679,409$3,986,964$3,581,165$5,311,887
63$6,228,666$4,152,284$3,671,092$5,722,981
64$6,833,002$4,324,757$3,763,085$6,171,574
65$7,498,003$4,504,706$3,857,184$6,661,331
66$8,229,828$4,692,465$3,953,428$7,196,286
67$9,035,261$4,888,385$4,051,858$7,780,878
68$9,921,776$5,092,835$4,152,514$8,419,992
69$10,897,611$5,306,198$4,255,437$9,119,004
70$11,971,841$5,528,875$4,360,668$9,883,831
71$13,154,467$5,761,288$4,468,248$10,720,987
72$14,456,507$6,003,876$4,578,219$11,637,641
73$15,890,105$6,257,100$4,690,624$12,641,688
74$17,468,640$6,521,442$4,805,504$13,741,817
75$19,206,854$6,797,405$4,922,901$14,947,595
76$21,120,992$7,085,517$5,042,857$16,269,558
77$23,228,957$7,386,331$5,165,416$17,719,304
78$25,550,473$7,700,424$5,290,620$19,309,607
79$28,107,277$8,028,400$5,418,512$21,054,530
80$30,923,320$8,370,893$5,549,133$22,969,564
81$34,024,997$8,728,565$5,682,527$25,071,765
82$37,441,391$9,102,109$5,818,736$27,379,919
83$41,204,551$9,492,250$5,957,802$29,914,715
84$45,349,794$9,899,749$6,099,767$32,698,941
85$49,916,036$10,325,400$6,244,672$35,757,694
86$54,946,163$10,770,036$6,392,560$39,118,620
87$60,487,432$11,234,528$6,543,471$42,812,166
88$66,591,918$11,719,788$6,697,445$46,871,874
89$73,317,006$12,226,770$6,854,523$51,334,690
90$80,725,935$12,756,476$7,014,743$56,241,310
91$88,888,387$13,309,951$7,178,144$61,636,567
92$97,881,155$13,888,290$7,344,764$67,569,847
93$107,788,859$14,492,642$7,514,640$74,095,556
94$118,704,749$15,124,208$7,687,807$81,273,630
95$130,731,585$15,784,246$7,864,300$89,170,097
96$143,982,605$16,474,072$8,044,152$97,857,700
97$158,582,595$17,195,067$8,227,396$107,416,579
98$174,669,069$17,948,674$8,414,062$117,935,025
99$192,393,560$18,736,405$8,604,180$129,510,311
100$211,923,060$19,559,846$8,797,776$142,249,608