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

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 $2,970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.8%
1 years$245,260$243,075$240,944$238,863$236,832$229,343
2 years$121,416$119,154$116,963$114,838$112,777$105,300
3 years$80,140$77,869$75,683$73,578$71,550$64,319
4 years$59,506$57,242$55,078$53,009$51,030$44,101
5 years$47,129$44,878$42,743$40,716$38,792$32,184
6 years$38,880$36,646$34,542$32,561$30,695$24,412
7 years$32,990$30,776$28,705$26,770$24,963$19,006
8 years$28,575$26,380$24,344$22,457$20,710$15,074
9 years$25,143$22,969$20,967$19,128$17,440$12,120
10 years$22,399$20,246$18,280$16,489$14,860$9,847
11 years$20,155$18,024$16,093$14,350$12,780$8,065
12 years$18,286$16,177$14,282$12,587$11,075$6,648
13 years$16,707$14,619$12,760$11,112$9,658$5,508
14 years$15,354$13,289$11,465$9,864$8,466$4,582
15 years$14,182$12,139$10,352$8,797$7,454$3,825
16 years$13,158$11,138$9,385$7,877$6,588$3,202
17 years$12,256$10,257$8,540$7,077$5,841$2,686
18 years$11,454$9,478$7,796$6,378$5,194$2,258
19 years$10,738$8,784$7,137$5,763$4,629$1,901
20 years$10,094$8,163$6,550$5,220$4,135$1,602
21 years$9,512$7,603$6,025$4,737$3,700$1,352
22 years$8,984$7,098$5,553$4,307$3,317$1,142
23 years$8,503$6,638$5,127$3,923$2,977$965
24 years$8,062$6,220$4,742$3,578$2,676$817
25 years$7,657$5,837$4,392$3,267$2,408$691
26 years$7,284$5,486$4,073$2,987$2,169$585
27 years$6,939$5,163$3,782$2,735$1,956$496
28 years$6,619$4,865$3,516$2,505$1,765$420
29 years$6,322$4,589$3,272$2,298$1,593$356
30 years$6,046$4,334$3,048$2,109$1,440$302
31 years$5,787$4,097$2,841$1,937$1,302$256
32 years$5,545$3,877$2,651$1,780$1,177$217
33 years$5,319$3,671$2,475$1,637$1,066$184
34 years$5,106$3,480$2,313$1,506$965$156
35 years$4,906$3,300$2,162$1,386$874$133
36 years$4,717$3,132$2,023$1,277$792$112
37 years$4,539$2,975$1,893$1,176$718$95
38 years$4,371$2,827$1,773$1,084$651$81
39 years$4,211$2,689$1,661$1,000$590$69
40 years$4,060$2,558$1,557$922$535$58
41 years$3,917$2,435$1,460$851$485$49
42 years$3,781$2,319$1,369$785$441$42
43 years$3,652$2,210$1,285$725$400$36
44 years$3,529$2,106$1,206$669$363$30
45 years$3,411$2,008$1,133$618$329$26
46 years$3,300$1,916$1,064$571$299$22
47 years$3,193$1,828$999$527$272$19
48 years$3,091$1,745$939$487$247$16
49 years$2,993$1,667$883$450$224$13
50 years$2,900$1,592$830$416$203$11

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 $2,424 every year, while hoping to spend $53,021 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: 29/45/26 Blend
52$2,970,000$2,970,000$2,970,000$2,970,000
53$3,275,440$3,118,030$3,071,995$3,343,956
54$3,553,121$3,214,400$3,118,493$3,494,238
55$3,857,349$3,313,715$3,164,772$3,650,888
56$4,190,774$3,416,063$3,210,768$3,818,227
57$4,556,319$3,521,535$3,256,414$3,997,216
58$4,957,198$3,630,225$3,301,638$4,188,906
59$5,396,955$3,742,229$3,346,367$4,394,455
60$5,879,493$3,857,647$3,390,518$4,615,137
61$6,409,109$3,976,579$3,434,008$4,852,349
62$6,990,538$4,099,131$3,476,747$5,107,630
63$7,628,995$4,225,410$3,518,640$5,382,673
64$8,330,225$4,355,529$3,559,587$5,679,339
65$9,100,558$4,489,599$3,599,483$5,999,677
66$9,946,965$4,627,740$3,638,216$6,345,940
67$10,877,127$4,770,071$3,675,669$6,720,608
68$11,899,507$4,916,717$3,711,716$7,126,411
69$13,023,426$5,067,806$3,746,228$7,566,353
70$14,259,155$5,223,468$3,779,066$8,043,743
71$15,618,010$5,383,839$3,810,086$8,562,220
72$17,112,457$5,549,057$3,839,134$9,125,794
73$18,756,232$5,719,265$3,866,049$9,738,878
74$20,564,469$5,894,610$3,890,663$10,406,333
75$22,553,841$6,075,243$3,912,797$11,133,511
76$24,742,721$6,261,318$3,932,264$11,926,307
77$27,151,351$6,452,995$3,948,867$12,791,212
78$29,802,035$6,650,438$3,962,400$13,735,376
79$32,719,348$6,853,815$3,972,646$14,766,674
80$35,930,369$7,063,298$3,979,377$15,893,780
81$39,464,933$7,279,067$3,982,352$17,126,249
82$43,355,917$7,501,302$3,981,322$18,474,607
83$47,639,547$7,730,192$3,976,023$19,950,448
84$52,355,739$7,965,930$3,966,178$21,566,547
85$57,548,476$8,208,712$3,951,497$23,336,975
86$63,266,226$8,458,744$3,931,677$25,277,235
87$69,562,391$8,716,233$3,906,398$27,404,407
88$76,495,820$8,981,393$3,875,328$29,737,311
89$84,131,358$9,254,446$3,838,115$32,296,679
90$92,540,459$9,535,616$3,794,395$35,105,356
91$101,801,861$9,825,137$3,743,782$38,188,510
92$112,002,328$10,123,245$3,685,876$41,573,875
93$123,237,467$10,430,186$3,620,255$45,292,008
94$135,612,634$10,746,211$3,546,479$49,376,579
95$149,243,925$11,071,577$3,464,087$53,864,687
96$164,259,269$11,406,548$3,372,598$58,797,212
97$180,799,640$11,751,395$3,271,506$64,219,199
98$199,020,387$12,106,396$3,160,285$70,180,284
99$219,092,693$12,471,837$3,038,381$76,735,161
100$241,205,200$12,848,009$2,905,220$83,944,099