Can I retire at age 53 with 1,240,000?

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 $1,240,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.9%
1 years$102,398$101,486$100,596$99,727$98,879$96,489
2 years$50,692$49,748$48,833$47,946$47,085$44,692
3 years$33,459$32,511$31,598$30,719$29,873$27,550
4 years$24,844$23,899$22,995$22,132$21,306$19,072
5 years$19,677$18,737$17,845$16,999$16,196$14,058
6 years$16,233$15,300$14,422$13,594$12,815$10,775
7 years$13,774$12,849$11,985$11,177$10,422$8,480
8 years$11,930$11,014$10,164$9,376$8,646$6,801
9 years$10,497$9,590$8,754$7,986$7,282$5,531
10 years$9,352$8,453$7,632$6,884$6,204$4,548
11 years$8,415$7,525$6,719$5,991$5,336$3,770
12 years$7,635$6,754$5,963$5,255$4,624$3,147
13 years$6,975$6,104$5,328$4,640$4,032$2,641
14 years$6,410$5,548$4,787$4,118$3,535$2,226
15 years$5,921$5,068$4,322$3,673$3,112$1,883
16 years$5,494$4,650$3,918$3,289$2,750$1,598
17 years$5,117$4,283$3,566$2,955$2,439$1,359
18 years$4,782$3,957$3,255$2,663$2,168$1,159
19 years$4,483$3,668$2,980$2,406$1,933$990
20 years$4,214$3,408$2,735$2,179$1,726$846
21 years$3,971$3,174$2,515$1,978$1,545$725
22 years$3,751$2,963$2,318$1,798$1,385$621
23 years$3,550$2,771$2,141$1,638$1,243$533
24 years$3,366$2,597$1,980$1,494$1,117$458
25 years$3,197$2,437$1,834$1,364$1,005$393
26 years$3,041$2,290$1,701$1,247$906$338
27 years$2,897$2,155$1,579$1,142$817$291
28 years$2,764$2,031$1,468$1,046$737$250
29 years$2,640$1,916$1,366$959$665$216
30 years$2,524$1,810$1,272$880$601$186
31 years$2,416$1,711$1,186$809$543$160
32 years$2,315$1,619$1,107$743$492$138
33 years$2,221$1,533$1,033$683$445$119
34 years$2,132$1,453$966$629$403$102
35 years$2,048$1,378$903$579$365$88
36 years$1,969$1,308$844$533$331$76
37 years$1,895$1,242$790$491$300$66
38 years$1,825$1,180$740$453$272$57
39 years$1,758$1,123$693$417$246$49
40 years$1,695$1,068$650$385$223$42
41 years$1,635$1,017$609$355$203$36
42 years$1,579$968$572$328$184$31
43 years$1,525$922$536$303$167$27
44 years$1,473$879$504$279$152$23
45 years$1,424$839$473$258$138$20
46 years$1,378$800$444$238$125$17
47 years$1,333$763$417$220$113$15
48 years$1,290$729$392$203$103$13
49 years$1,250$696$369$188$94$11
50 years$1,211$665$346$174$85$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 53 starting with $1,240,000, adding $6,915 every year, while hoping to spend $42,829 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: 33/39/28 Blend
52$1,240,000$1,240,000$1,240,000$1,240,000
53$1,373,613$1,307,893$1,288,673$1,407,073
54$1,468,152$1,326,410$1,286,274$1,451,610
55$1,570,898$1,344,399$1,282,359$1,495,290
56$1,682,644$1,361,788$1,276,832$1,541,534
57$1,804,260$1,378,503$1,269,593$1,590,600
58$1,936,706$1,394,461$1,260,535$1,642,770
59$2,081,037$1,409,576$1,249,550$1,698,363
60$2,238,413$1,423,755$1,236,520$1,757,729
61$2,410,112$1,436,901$1,221,324$1,821,257
62$2,597,541$1,448,906$1,203,836$1,889,380
63$2,802,248$1,459,661$1,183,923$1,962,575
64$3,025,938$1,469,045$1,161,445$2,041,374
65$3,270,486$1,476,931$1,136,256$2,126,366
66$3,537,960$1,483,184$1,108,204$2,218,201
67$3,830,633$1,487,662$1,077,131$2,317,604
68$4,151,010$1,490,210$1,042,867$2,425,373
69$4,501,850$1,490,667$1,005,241$2,542,396
70$4,886,191$1,488,861$964,067$2,669,654
71$5,307,376$1,484,609$919,157$2,808,233
72$5,769,089$1,477,716$870,311$2,959,336
73$6,275,390$1,467,978$817,319$3,124,294
74$6,830,745$1,455,174$759,965$3,304,580
75$7,440,077$1,439,074$698,020$3,501,823
76$8,108,808$1,419,431$631,246$3,717,826
77$8,842,909$1,395,986$559,396$3,954,582
78$9,648,959$1,368,463$482,209$4,214,296
79$10,534,205$1,336,570$399,415$4,499,406
80$11,506,629$1,299,997$310,731$4,812,605
81$12,575,026$1,258,417$215,860$5,156,874
82$13,749,082$1,211,483$114,496$5,535,503
83$15,039,471$1,158,829$6,314$5,952,131
84$16,457,952$1,100,066$0$6,410,780
85$18,017,477$1,034,784$0$6,948,494
86$19,732,320$962,548$0$7,541,708
87$21,618,205$882,901$0$8,194,065
88$23,692,455$795,356$0$8,911,663
89$25,974,158$699,402$0$9,701,235
90$28,484,345$594,495$0$10,570,205
91$31,246,187$480,064$0$11,526,766
92$34,285,214$355,503$0$12,579,952
93$37,629,558$220,174$0$13,739,731
94$41,310,213$73,403$0$15,017,099
95$45,361,331$0$0$16,424,183
96$49,820,544$0$0$18,011,062
97$54,729,317$0$0$19,792,825
98$60,133,337$0$0$21,754,585
99$66,082,948$0$0$23,914,645
100$72,633,624$0$0$26,293,176