Can I retire at age 53 with 2,980,000?

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 $2,980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.3%
1 years$246,086$243,894$241,755$239,668$237,629$230,577
2 years$121,825$119,556$117,357$115,225$113,157$106,110
3 years$80,410$78,131$75,938$73,826$71,791$64,971
4 years$59,706$57,435$55,263$53,187$51,202$44,660
5 years$47,287$45,029$42,886$40,853$38,923$32,678
6 years$39,011$36,770$34,659$32,670$30,799$24,855
7 years$33,101$30,879$28,801$26,860$25,047$19,406
8 years$28,671$26,469$24,426$22,532$20,779$15,436
9 years$25,228$23,046$21,038$19,193$17,499$12,449
10 years$22,474$20,314$18,341$16,544$14,910$10,146
11 years$20,223$18,084$16,148$14,398$12,823$8,337
12 years$18,348$16,232$14,331$12,629$11,112$6,895
13 years$16,763$14,669$12,803$11,150$9,690$5,732
14 years$15,405$13,333$11,504$9,898$8,494$4,785
15 years$14,230$12,180$10,386$8,827$7,479$4,008
16 years$13,203$11,175$9,417$7,903$6,610$3,367
17 years$12,297$10,292$8,569$7,101$5,861$2,835
18 years$11,493$9,510$7,822$6,400$5,211$2,392
19 years$10,774$8,814$7,161$5,783$4,645$2,021
20 years$10,128$8,190$6,572$5,237$4,149$1,711
21 years$9,544$7,629$6,045$4,753$3,713$1,449
22 years$9,014$7,121$5,571$4,322$3,328$1,229
23 years$8,531$6,661$5,144$3,936$2,987$1,043
24 years$8,089$6,240$4,757$3,590$2,685$886
25 years$7,683$5,856$4,406$3,278$2,416$753
26 years$7,309$5,504$4,087$2,998$2,176$640
27 years$6,963$5,180$3,795$2,744$1,962$544
28 years$6,642$4,881$3,528$2,514$1,771$463
29 years$6,344$4,605$3,283$2,305$1,599$394
30 years$6,066$4,349$3,058$2,116$1,445$335
31 years$5,807$4,111$2,851$1,943$1,306$286
32 years$5,564$3,890$2,660$1,786$1,181$243
33 years$5,337$3,684$2,484$1,642$1,069$207
34 years$5,123$3,491$2,320$1,511$968$176
35 years$4,922$3,311$2,169$1,391$877$150
36 years$4,733$3,143$2,029$1,281$794$128
37 years$4,554$2,985$1,900$1,180$720$109
38 years$4,385$2,837$1,779$1,088$653$93
39 years$4,226$2,698$1,667$1,003$592$79
40 years$4,074$2,567$1,562$925$537$68
41 years$3,930$2,443$1,465$854$487$58
42 years$3,794$2,327$1,374$788$442$49
43 years$3,664$2,217$1,289$727$401$42
44 years$3,541$2,113$1,210$671$364$36
45 years$3,423$2,015$1,136$620$331$30
46 years$3,311$1,922$1,067$573$300$26
47 years$3,204$1,835$1,003$529$273$22
48 years$3,101$1,751$942$489$247$19
49 years$3,003$1,672$886$452$225$16
50 years$2,910$1,598$833$418$204$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 53 starting with $2,980,000, adding $5,570 every year, while hoping to spend $31,616 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: 28/48/24 Blend
52$2,980,000$2,980,000$2,980,000$2,980,000
53$3,289,705$3,131,765$3,085,575$3,356,979
54$3,591,616$3,251,583$3,155,303$3,530,130
55$3,923,262$3,376,212$3,226,307$3,712,891
56$4,287,643$3,505,854$3,298,596$3,908,598
57$4,688,064$3,640,722$3,372,180$4,118,380
58$5,128,164$3,781,035$3,447,066$4,343,473
59$5,611,955$3,927,024$3,523,261$4,585,231
60$6,143,855$4,078,929$3,600,771$4,845,141
61$6,728,733$4,237,001$3,679,601$5,124,833
62$7,371,951$4,401,502$3,759,756$5,426,095
63$8,079,420$4,572,705$3,841,237$5,750,888
64$8,857,650$4,750,897$3,924,048$6,101,366
65$9,713,814$4,936,375$4,008,187$6,479,893
66$10,655,817$5,129,451$4,093,655$6,889,064
67$11,692,367$5,330,450$4,180,449$7,331,730
68$12,833,058$5,539,712$4,268,565$7,811,021
69$14,088,465$5,757,593$4,357,996$8,330,378
70$15,470,236$5,984,462$4,448,736$8,893,579
71$16,991,207$6,220,708$4,540,776$9,504,778
72$18,665,522$6,466,734$4,634,104$10,168,541
73$20,508,765$6,722,964$4,728,706$10,889,885
74$22,538,108$6,989,839$4,824,567$11,674,328
75$24,772,474$7,267,820$4,921,669$12,527,937
76$27,232,714$7,557,390$5,019,992$13,457,383
77$29,941,801$7,859,053$5,119,512$14,470,003
78$32,925,053$8,173,334$5,220,204$15,573,868
79$36,210,365$8,500,785$5,322,038$16,777,855
80$39,828,479$8,841,980$5,424,983$18,091,732
81$43,813,267$9,197,521$5,529,003$19,526,244
82$48,202,056$9,568,034$5,634,060$21,093,215
83$53,035,975$9,954,178$5,740,111$22,805,657
84$58,360,350$10,356,638$5,847,110$24,677,889
85$64,225,124$10,776,132$5,955,007$26,725,671
86$70,685,334$11,213,409$6,063,746$28,966,350
87$77,801,626$11,669,254$6,173,270$31,419,019
88$85,640,832$12,144,487$6,283,514$34,104,696
89$94,276,595$12,639,965$6,394,410$37,046,519
90$103,790,068$13,156,584$6,505,883$40,269,962
91$114,270,679$13,695,281$6,617,854$43,803,072
92$125,816,974$14,257,035$6,730,238$47,676,728
93$138,537,548$14,842,873$6,842,944$51,924,932
94$152,552,068$15,453,864$6,955,873$56,585,123
95$167,992,406$16,091,130$7,068,922$61,698,531
96$185,003,879$16,755,843$7,181,978$67,310,557
97$203,746,624$17,449,229$7,294,924$73,471,202
98$224,397,109$18,172,570$7,407,633$80,235,530
99$247,149,795$18,927,207$7,519,969$87,664,186
100$272,218,976$19,714,543$7,631,791$95,823,966