Can I retire at age 53 with 1,060,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $1,060,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.8%
1 years$87,534$86,754$85,993$85,251$84,526$82,516
2 years$43,334$42,527$41,744$40,986$40,250$38,237
3 years$28,602$27,792$27,011$26,260$25,537$23,583
4 years$21,238$20,430$19,657$18,919$18,213$16,334
5 years$16,820$16,017$15,255$14,532$13,845$12,046
6 years$13,876$13,079$12,328$11,621$10,955$9,238
7 years$11,774$10,984$10,245$9,554$8,909$7,274
8 years$10,199$9,415$8,688$8,015$7,391$5,837
9 years$8,974$8,198$7,483$6,827$6,225$4,751
10 years$7,994$7,226$6,524$5,885$5,304$3,908
11 years$7,193$6,433$5,744$5,122$4,561$3,242
12 years$6,526$5,774$5,097$4,492$3,953$2,708
13 years$5,963$5,218$4,554$3,966$3,447$2,274
14 years$5,480$4,743$4,092$3,521$3,021$1,918
15 years$5,062$4,333$3,695$3,140$2,660$1,624
16 years$4,696$3,975$3,350$2,811$2,351$1,379
17 years$4,374$3,661$3,048$2,526$2,085$1,174
18 years$4,088$3,383$2,782$2,276$1,854$1,001
19 years$3,832$3,135$2,547$2,057$1,652$856
20 years$3,603$2,913$2,338$1,863$1,476$732
21 years$3,395$2,714$2,150$1,691$1,321$628
22 years$3,206$2,533$1,982$1,537$1,184$538
23 years$3,035$2,369$1,830$1,400$1,063$462
24 years$2,877$2,220$1,692$1,277$955$397
25 years$2,733$2,083$1,567$1,166$859$342
26 years$2,600$1,958$1,454$1,066$774$294
27 years$2,477$1,843$1,350$976$698$253
28 years$2,363$1,736$1,255$894$630$218
29 years$2,256$1,638$1,168$820$569$188
30 years$2,158$1,547$1,088$753$514$162
31 years$2,065$1,462$1,014$691$465$140
32 years$1,979$1,384$946$635$420$120
33 years$1,898$1,310$883$584$380$104
34 years$1,822$1,242$825$537$344$90
35 years$1,751$1,178$772$495$312$77
36 years$1,684$1,118$722$456$283$67
37 years$1,620$1,062$676$420$256$58
38 years$1,560$1,009$633$387$232$50
39 years$1,503$960$593$357$211$43
40 years$1,449$913$556$329$191$37
41 years$1,398$869$521$304$173$32
42 years$1,350$828$489$280$157$28
43 years$1,303$789$459$259$143$24
44 years$1,259$752$430$239$130$21
45 years$1,218$717$404$221$118$18
46 years$1,178$684$380$204$107$15
47 years$1,140$653$357$188$97$13
48 years$1,103$623$335$174$88$11
49 years$1,068$595$315$161$80$10
50 years$1,035$568$296$149$73$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 53 starting with $1,060,000, adding $6,119 every year, while hoping to spend $56,188 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: 74/19/7 Blend
52$1,060,000$1,060,000$1,060,000$1,060,000
53$1,174,432$1,118,252$1,101,822$1,259,766
54$1,234,440$1,113,262$1,078,949$1,311,811
55$1,298,686$1,106,146$1,053,427$1,361,102
56$1,367,543$1,096,737$1,025,108$1,413,499
57$1,441,419$1,084,865$993,836$1,469,289
58$1,520,764$1,070,343$959,450$1,528,792
59$1,606,071$1,052,978$921,779$1,592,357
60$1,697,879$1,032,563$880,648$1,660,372
61$1,796,784$1,008,880$835,871$1,733,264
62$1,903,437$981,696$787,254$1,811,507
63$2,018,555$950,767$734,594$1,895,619
64$2,142,926$915,833$677,681$1,986,178
65$2,277,414$876,618$616,294$2,083,817
66$2,422,972$832,834$550,201$2,189,239
67$2,580,644$784,172$479,162$2,303,218
68$2,751,580$730,307$402,924$2,426,607
69$2,937,045$670,896$321,226$2,560,352
70$3,138,429$605,575$233,792$2,705,493
71$3,357,260$533,960$140,336$2,863,180
72$3,595,222$455,645$40,558$3,034,684
73$3,854,165$370,201$0$3,221,405
74$4,136,125$277,177$0$3,429,815
75$4,443,343$176,092$0$3,660,250
76$4,778,286$66,442$0$3,911,588
77$5,143,667$0$0$4,185,937
78$5,542,474$0$0$4,496,555
79$5,977,995$0$0$4,850,982
80$6,453,850$0$0$5,238,278
81$6,974,024$0$0$5,661,691
82$7,542,905$0$0$6,124,800
83$8,165,325$0$0$6,631,543
84$8,846,602$0$0$7,186,256
85$9,592,594$0$0$7,793,717
86$10,409,753$0$0$8,459,185
87$11,305,181$0$0$9,188,451
88$12,286,702$0$0$9,987,894
89$13,362,932$0$0$10,864,542
90$14,543,362$0$0$11,826,130
91$15,838,445$0$0$12,881,182
92$17,259,693$0$0$14,039,087
93$18,819,789$0$0$15,310,185
94$20,532,702$0$0$16,705,867
95$22,413,822$0$0$18,238,680
96$24,480,099$0$0$19,922,449
97$26,750,208$0$0$21,772,399
98$29,244,723$0$0$23,805,308
99$31,986,306$0$0$26,039,654
100$34,999,928$0$0$28,495,800