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

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 $2,980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.4%
1 years$246,086$243,894$241,755$239,668$237,629$236,231
2 years$121,825$119,556$117,357$115,225$113,157$111,746
3 years$80,410$78,131$75,938$73,826$71,791$70,412
4 years$59,706$57,435$55,263$53,187$51,202$49,864
5 years$47,287$45,029$42,886$40,853$38,923$37,631
6 years$39,011$36,770$34,659$32,670$30,799$29,554
7 years$33,101$30,879$28,801$26,860$25,047$23,851
8 years$28,671$26,469$24,426$22,532$20,779$19,631
9 years$25,228$23,046$21,038$19,193$17,499$16,399
10 years$22,474$20,314$18,341$16,544$14,910$13,857
11 years$20,223$18,084$16,148$14,398$12,823$11,817
12 years$18,348$16,232$14,331$12,629$11,112$10,152
13 years$16,763$14,669$12,803$11,150$9,690$8,774
14 years$15,405$13,333$11,504$9,898$8,494$7,622
15 years$14,230$12,180$10,386$8,827$7,479$6,650
16 years$13,203$11,175$9,417$7,903$6,610$5,822
17 years$12,297$10,292$8,569$7,101$5,861$5,113
18 years$11,493$9,510$7,822$6,400$5,211$4,502
19 years$10,774$8,814$7,161$5,783$4,645$3,974
20 years$10,128$8,190$6,572$5,237$4,149$3,514
21 years$9,544$7,629$6,045$4,753$3,713$3,113
22 years$9,014$7,121$5,571$4,322$3,328$2,762
23 years$8,531$6,661$5,144$3,936$2,987$2,453
24 years$8,089$6,240$4,757$3,590$2,685$2,182
25 years$7,683$5,856$4,406$3,278$2,416$1,942
26 years$7,309$5,504$4,087$2,998$2,176$1,731
27 years$6,963$5,180$3,795$2,744$1,962$1,544
28 years$6,642$4,881$3,528$2,514$1,771$1,378
29 years$6,344$4,605$3,283$2,305$1,599$1,230
30 years$6,066$4,349$3,058$2,116$1,445$1,099
31 years$5,807$4,111$2,851$1,943$1,306$983
32 years$5,564$3,890$2,660$1,786$1,181$879
33 years$5,337$3,684$2,484$1,642$1,069$786
34 years$5,123$3,491$2,320$1,511$968$704
35 years$4,922$3,311$2,169$1,391$877$630
36 years$4,733$3,143$2,029$1,281$794$564
37 years$4,554$2,985$1,900$1,180$720$505
38 years$4,385$2,837$1,779$1,088$653$453
39 years$4,226$2,698$1,667$1,003$592$406
40 years$4,074$2,567$1,562$925$537$364
41 years$3,930$2,443$1,465$854$487$326
42 years$3,794$2,327$1,374$788$442$292
43 years$3,664$2,217$1,289$727$401$262
44 years$3,541$2,113$1,210$671$364$235
45 years$3,423$2,015$1,136$620$331$211
46 years$3,311$1,922$1,067$573$300$189
47 years$3,204$1,835$1,003$529$273$170
48 years$3,101$1,751$942$489$247$152
49 years$3,003$1,672$886$452$225$136
50 years$2,910$1,598$833$418$204$122

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 $4,599 every year, while hoping to spend $47,926 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: 54/23/23 Blend
52$2,980,000$2,980,000$2,980,000$2,980,000
53$3,288,704$3,130,764$3,084,574$3,445,269
54$3,573,159$3,233,178$3,136,914$3,655,821
55$3,885,022$3,339,005$3,189,402$3,879,532
56$4,227,038$3,448,360$3,241,991$4,122,067
57$4,602,231$3,561,365$3,294,632$4,385,241
58$5,013,930$3,678,144$3,347,274$4,671,054
59$5,465,805$3,798,826$3,399,862$4,981,708
60$5,961,895$3,923,547$3,452,335$5,319,624
61$6,506,651$4,052,443$3,504,631$5,687,471
62$7,104,977$4,185,660$3,556,683$6,088,185
63$7,762,273$4,323,346$3,608,421$6,524,999
64$8,484,490$4,465,656$3,659,768$7,001,474
65$9,278,183$4,612,748$3,710,646$7,521,529
66$10,150,573$4,764,788$3,760,968$8,089,483
67$11,109,617$4,921,947$3,810,645$8,710,090
68$12,164,079$5,084,404$3,859,583$9,388,586
69$13,323,616$5,252,341$3,907,680$10,130,738
70$14,598,869$5,425,950$3,954,831$10,942,899
71$16,001,559$5,605,427$4,000,924$11,832,066
72$17,544,602$5,790,977$4,045,839$12,805,946
73$19,242,228$5,982,811$4,089,451$13,873,028
74$21,110,116$6,181,150$4,131,629$15,042,665
75$23,165,543$6,386,221$4,172,233$16,325,158
76$25,427,542$6,598,259$4,211,116$17,731,858
77$27,917,086$6,817,510$4,248,124$19,275,267
78$30,657,287$7,044,225$4,283,094$20,969,161
79$33,673,606$7,278,669$4,315,854$22,828,714
80$36,994,103$7,521,112$4,346,224$24,870,646
81$40,649,692$7,771,837$4,374,013$27,113,379
82$44,674,441$8,031,137$4,399,022$29,577,208
83$49,105,886$8,299,315$4,421,042$32,284,493
84$53,985,390$8,576,685$4,439,850$35,259,872
85$59,358,530$8,863,573$4,455,216$38,530,492
86$65,275,530$9,160,318$4,466,895$42,126,263
87$71,791,730$9,467,270$4,474,632$46,080,142
88$78,968,112$9,784,792$4,478,158$50,428,442
89$86,871,875$10,113,262$4,477,192$55,211,174
90$95,577,066$10,453,071$4,471,437$60,472,429
91$105,165,280$10,804,625$4,460,584$66,260,787
92$115,726,432$11,168,345$4,444,307$72,629,777
93$127,359,601$11,544,668$4,422,264$79,638,386
94$140,173,970$11,934,045$4,394,100$87,351,609
95$154,289,850$12,336,949$4,359,437$95,841,068
96$169,839,821$12,753,866$4,317,885$105,185,681
97$186,969,981$13,185,303$4,269,032$115,472,414
98$205,841,321$13,631,785$4,212,446$126,797,095
99$226,631,250$14,093,857$4,147,678$139,265,320
100$249,535,267$14,572,086$4,074,255$152,993,452