Can I retire at age 53 with 2,970,000?

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 $2,970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.3%
1 years$245,260$243,075$240,944$238,863$236,832$228,885
2 years$121,416$119,154$116,963$114,838$112,777$104,849
3 years$80,140$77,869$75,683$73,578$71,550$63,890
4 years$59,506$57,242$55,078$53,009$51,030$43,696
5 years$47,129$44,878$42,743$40,716$38,792$31,804
6 years$38,880$36,646$34,542$32,561$30,695$24,059
7 years$32,990$30,776$28,705$26,770$24,963$18,677
8 years$28,575$26,380$24,344$22,457$20,710$14,769
9 years$25,143$22,969$20,967$19,128$17,440$11,839
10 years$22,399$20,246$18,280$16,489$14,860$9,588
11 years$20,155$18,024$16,093$14,350$12,780$7,828
12 years$18,286$16,177$14,282$12,587$11,075$6,431
13 years$16,707$14,619$12,760$11,112$9,658$5,310
14 years$15,354$13,289$11,465$9,864$8,466$4,402
15 years$14,182$12,139$10,352$8,797$7,454$3,662
16 years$13,158$11,138$9,385$7,877$6,588$3,054
17 years$12,256$10,257$8,540$7,077$5,841$2,553
18 years$11,454$9,478$7,796$6,378$5,194$2,138
19 years$10,738$8,784$7,137$5,763$4,629$1,793
20 years$10,094$8,163$6,550$5,220$4,135$1,506
21 years$9,512$7,603$6,025$4,737$3,700$1,266
22 years$8,984$7,098$5,553$4,307$3,317$1,065
23 years$8,503$6,638$5,127$3,923$2,977$897
24 years$8,062$6,220$4,742$3,578$2,676$755
25 years$7,657$5,837$4,392$3,267$2,408$637
26 years$7,284$5,486$4,073$2,987$2,169$537
27 years$6,939$5,163$3,782$2,735$1,956$453
28 years$6,619$4,865$3,516$2,505$1,765$382
29 years$6,322$4,589$3,272$2,298$1,593$323
30 years$6,046$4,334$3,048$2,109$1,440$272
31 years$5,787$4,097$2,841$1,937$1,302$230
32 years$5,545$3,877$2,651$1,780$1,177$194
33 years$5,319$3,671$2,475$1,637$1,066$164
34 years$5,106$3,480$2,313$1,506$965$139
35 years$4,906$3,300$2,162$1,386$874$117
36 years$4,717$3,132$2,023$1,277$792$99
37 years$4,539$2,975$1,893$1,176$718$84
38 years$4,371$2,827$1,773$1,084$651$71
39 years$4,211$2,689$1,661$1,000$590$60
40 years$4,060$2,558$1,557$922$535$50
41 years$3,917$2,435$1,460$851$485$43
42 years$3,781$2,319$1,369$785$441$36
43 years$3,652$2,210$1,285$725$400$30
44 years$3,529$2,106$1,206$669$363$26
45 years$3,411$2,008$1,133$618$329$22
46 years$3,300$1,916$1,064$571$299$18
47 years$3,193$1,828$999$527$272$16
48 years$3,091$1,745$939$487$247$13
49 years$2,993$1,667$883$450$224$11
50 years$2,900$1,592$830$416$203$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 53 starting with $2,970,000, adding $6,236 every year, while hoping to spend $31,059 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: 54/33/13 Blend
52$2,970,000$2,970,000$2,970,000$2,970,000
53$3,279,372$3,121,962$3,075,927$3,444,999
54$3,580,822$3,241,892$3,145,924$3,678,290
55$3,911,978$3,366,657$3,217,225$3,928,203
56$4,275,839$3,496,462$3,289,841$4,199,501
57$4,675,705$3,631,520$3,363,782$4,494,225
58$5,115,216$3,772,053$3,439,057$4,814,618
59$5,598,378$3,918,294$3,515,676$5,163,145
60$6,129,608$4,070,485$3,593,646$5,542,521
61$6,713,768$4,228,880$3,672,974$5,955,727
62$7,356,220$4,393,742$3,753,666$6,406,047
63$8,062,868$4,565,349$3,835,727$6,897,090
64$8,840,218$4,743,988$3,919,161$7,432,829
65$9,695,438$4,929,961$4,003,971$8,017,634
66$10,636,426$5,123,583$4,090,157$8,656,313
67$11,671,884$5,325,182$4,177,721$9,354,160
68$12,811,402$5,535,101$4,266,660$10,116,999
69$14,065,543$5,753,699$4,356,971$10,951,241
70$15,445,950$5,981,351$4,448,650$11,863,942
71$16,965,447$6,218,448$4,541,691$12,862,871
72$18,638,170$6,465,400$4,636,085$13,956,577
73$20,479,692$6,722,632$4,731,822$15,154,477
74$22,507,172$6,990,593$4,828,890$16,466,933
75$24,739,519$7,269,748$4,927,274$17,905,358
76$27,197,570$7,560,585$5,026,957$19,482,317
77$29,904,282$7,863,614$5,127,920$21,211,648
78$32,884,954$8,179,366$5,230,140$23,108,585
79$36,167,464$8,508,399$5,333,594$25,189,907
80$39,782,529$8,851,295$5,438,254$27,474,093
81$43,763,999$9,208,661$5,544,088$29,981,491
82$48,149,175$9,581,133$5,651,062$32,734,514
83$52,979,157$9,969,375$5,759,139$35,757,846
84$58,299,239$10,374,082$5,868,279$39,078,675
85$64,159,330$10,795,981$5,978,434$42,726,946
86$70,614,428$11,235,830$6,089,558$46,735,644
87$77,725,137$11,694,423$6,201,595$51,141,101
88$85,558,242$12,172,590$6,314,490$55,983,339
89$94,187,335$12,671,200$6,428,178$61,306,444
90$103,693,514$13,191,159$6,542,592$67,158,980
91$114,166,143$13,733,417$6,657,660$73,594,447
92$125,703,702$14,298,967$6,773,304$80,671,778
93$138,414,708$14,888,845$6,889,438$88,455,901
94$152,418,748$15,504,138$7,005,974$97,018,342
95$167,847,601$16,145,981$7,122,815$106,437,901
96$184,846,484$16,815,562$7,239,857$116,801,391
97$203,575,424$17,514,123$7,356,991$128,204,457
98$224,210,766$18,242,964$7,474,098$140,752,471
99$246,946,837$19,003,443$7,591,054$154,561,530
100$271,997,786$19,796,982$7,707,725$169,759,540