Can I retire at age 53 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%14.8%
1 years$242,782$240,620$238,510$236,451$234,440$229,800
2 years$120,189$117,951$115,782$113,678$111,638$106,983
3 years$79,330$77,082$74,918$72,835$70,828$66,303
4 years$58,905$56,664$54,521$52,473$50,515$46,155
5 years$46,653$44,425$42,311$40,305$38,401$34,218
6 years$38,487$36,276$34,193$32,232$30,385$26,385
7 years$32,657$30,465$28,415$26,500$24,711$20,893
8 years$28,287$26,114$24,098$22,230$20,500$16,864
9 years$24,889$22,737$20,756$18,935$17,264$13,807
10 years$22,172$20,041$18,095$16,322$14,710$11,429
11 years$19,951$17,842$15,931$14,205$12,651$9,542
12 years$18,102$16,014$14,138$12,460$10,963$8,022
13 years$16,538$14,472$12,632$11,000$9,560$6,782
14 years$15,199$13,154$11,349$9,765$8,380$5,759
15 years$14,039$12,017$10,247$8,708$7,379$4,910
16 years$13,025$11,025$9,290$7,797$6,521$4,199
17 years$12,132$10,154$8,454$7,006$5,782$3,600
18 years$11,338$9,383$7,717$6,314$5,141$3,094
19 years$10,629$8,696$7,065$5,705$4,583$2,664
20 years$9,992$8,080$6,484$5,167$4,093$2,297
21 years$9,416$7,527$5,964$4,689$3,663$1,984
22 years$8,893$7,026$5,497$4,264$3,283$1,715
23 years$8,417$6,571$5,075$3,883$2,947$1,484
24 years$7,981$6,157$4,694$3,542$2,649$1,286
25 years$7,580$5,778$4,347$3,234$2,384$1,114
26 years$7,210$5,430$4,032$2,957$2,147$967
27 years$6,869$5,110$3,744$2,707$1,936$839
28 years$6,553$4,816$3,480$2,480$1,747$729
29 years$6,259$4,543$3,239$2,274$1,577$633
30 years$5,985$4,290$3,017$2,087$1,425$550
31 years$5,729$4,056$2,813$1,917$1,289$478
32 years$5,489$3,838$2,624$1,762$1,166$416
33 years$5,265$3,634$2,450$1,620$1,055$362
34 years$5,054$3,444$2,289$1,491$955$314
35 years$4,856$3,267$2,140$1,372$865$274
36 years$4,669$3,101$2,002$1,264$784$238
37 years$4,493$2,945$1,874$1,164$710$207
38 years$4,327$2,799$1,755$1,073$644$180
39 years$4,169$2,661$1,644$990$584$157
40 years$4,019$2,532$1,541$913$530$137
41 years$3,878$2,410$1,445$842$481$119
42 years$3,743$2,296$1,356$777$436$104
43 years$3,615$2,187$1,272$717$396$90
44 years$3,493$2,085$1,194$662$359$79
45 years$3,377$1,988$1,121$612$326$68
46 years$3,266$1,897$1,053$565$296$60
47 years$3,161$1,810$989$522$269$52
48 years$3,060$1,728$930$482$244$45
49 years$2,963$1,650$874$446$222$39
50 years$2,870$1,576$821$412$201$34

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 53 starting with $2,940,000, adding $4,750 every year, while hoping to spend $40,463 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: 47/36/17 Blend
52$2,940,000$2,940,000$2,940,000$2,940,000
53$3,244,780$3,088,960$3,043,390$3,381,475
54$3,532,695$3,197,266$3,102,291$3,585,265
55$3,848,621$3,309,524$3,161,809$3,801,843
56$4,195,373$3,425,883$3,221,922$4,036,043
57$4,576,051$3,546,501$3,282,607$4,289,526
58$4,994,070$3,671,541$3,343,835$4,564,118
59$5,453,191$3,801,173$3,405,580$4,861,827
60$5,957,559$3,935,573$3,467,809$5,184,861
61$6,511,739$4,074,925$3,530,490$5,535,646
62$7,120,760$4,219,420$3,593,585$5,916,856
63$7,790,163$4,369,258$3,657,056$6,331,427
64$8,526,053$4,524,644$3,720,861$6,782,592
65$9,335,155$4,685,796$3,784,953$7,273,907
66$10,224,877$4,852,936$3,849,286$7,809,288
67$11,203,383$5,026,299$3,913,805$8,393,040
68$12,279,667$5,206,126$3,978,457$9,029,904
69$13,463,639$5,392,672$4,043,181$9,725,099
70$14,766,216$5,586,199$4,107,914$10,484,366
71$16,199,429$5,786,982$4,172,588$11,314,030
72$17,776,532$5,995,305$4,237,130$12,221,049
73$19,512,129$6,211,466$4,301,465$13,213,088
74$21,422,312$6,435,774$4,365,511$14,298,582
75$23,524,813$6,668,552$4,429,180$15,486,824
76$25,839,167$6,910,134$4,492,381$16,788,041
77$28,386,903$7,160,871$4,555,016$18,213,500
78$31,191,740$7,421,127$4,616,982$19,775,604
79$34,279,815$7,691,280$4,678,169$21,488,017
80$37,679,930$7,971,727$4,738,461$23,365,783
81$41,423,819$8,262,877$4,797,736$25,425,473
82$45,546,451$8,565,161$4,855,863$27,685,340
83$50,086,361$8,879,025$4,912,705$30,165,485
84$55,086,007$9,204,935$4,968,118$32,888,052
85$60,592,178$9,543,375$5,021,949$35,877,430
86$66,656,433$9,894,853$5,074,037$39,160,486
87$73,335,582$10,259,894$5,124,210$42,766,815
88$80,692,231$10,639,048$5,172,290$46,729,018
89$88,795,365$11,032,888$5,218,089$51,083,009
90$97,721,003$11,442,011$5,261,406$55,868,352
91$107,552,915$11,867,038$5,302,032$61,128,633
92$118,383,409$12,308,620$5,339,747$66,911,869
93$130,314,207$12,767,433$5,374,319$73,270,960
94$143,457,400$13,244,181$5,405,503$80,264,188
95$157,936,510$13,739,601$5,433,042$87,955,761
96$173,887,652$14,254,460$5,456,668$96,416,423
97$191,460,823$14,789,558$5,476,095$105,724,114
98$210,821,310$15,345,730$5,491,028$115,964,708
99$232,151,259$15,923,846$5,501,153$127,232,818
100$255,651,387$16,524,814$5,506,141$139,632,691