Can I retire at age 54 with 1,060,000?

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 $1,060,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11%
1 years$87,534$86,754$85,993$85,251$84,526$84,170
2 years$43,334$42,527$41,744$40,986$40,250$39,891
3 years$28,602$27,792$27,011$26,260$25,537$25,185
4 years$21,238$20,430$19,657$18,919$18,213$17,871
5 years$16,820$16,017$15,255$14,532$13,845$13,515
6 years$13,876$13,079$12,328$11,621$10,955$10,637
7 years$11,774$10,984$10,245$9,554$8,909$8,603
8 years$10,199$9,415$8,688$8,015$7,391$7,097
9 years$8,974$8,198$7,483$6,827$6,225$5,943
10 years$7,994$7,226$6,524$5,885$5,304$5,033
11 years$7,193$6,433$5,744$5,122$4,561$4,303
12 years$6,526$5,774$5,097$4,492$3,953$3,706
13 years$5,963$5,218$4,554$3,966$3,447$3,211
14 years$5,480$4,743$4,092$3,521$3,021$2,797
15 years$5,062$4,333$3,695$3,140$2,660$2,446
16 years$4,696$3,975$3,350$2,811$2,351$2,148
17 years$4,374$3,661$3,048$2,526$2,085$1,891
18 years$4,088$3,383$2,782$2,276$1,854$1,670
19 years$3,832$3,135$2,547$2,057$1,652$1,478
20 years$3,603$2,913$2,338$1,863$1,476$1,311
21 years$3,395$2,714$2,150$1,691$1,321$1,165
22 years$3,206$2,533$1,982$1,537$1,184$1,036
23 years$3,035$2,369$1,830$1,400$1,063$923
24 years$2,877$2,220$1,692$1,277$955$824
25 years$2,733$2,083$1,567$1,166$859$736
26 years$2,600$1,958$1,454$1,066$774$658
27 years$2,477$1,843$1,350$976$698$588
28 years$2,363$1,736$1,255$894$630$527
29 years$2,256$1,638$1,168$820$569$472
30 years$2,158$1,547$1,088$753$514$423
31 years$2,065$1,462$1,014$691$465$379
32 years$1,979$1,384$946$635$420$340
33 years$1,898$1,310$883$584$380$305
34 years$1,822$1,242$825$537$344$274
35 years$1,751$1,178$772$495$312$246
36 years$1,684$1,118$722$456$283$221
37 years$1,620$1,062$676$420$256$199
38 years$1,560$1,009$633$387$232$179
39 years$1,503$960$593$357$211$161
40 years$1,449$913$556$329$191$145
41 years$1,398$869$521$304$173$130
42 years$1,350$828$489$280$157$117
43 years$1,303$789$459$259$143$105
44 years$1,259$752$430$239$130$95
45 years$1,218$717$404$221$118$85
46 years$1,178$684$380$204$107$77
47 years$1,140$653$357$188$97$69
48 years$1,103$623$335$174$88$62
49 years$1,068$595$315$161$80$56
50 years$1,035$568$296$149$73$50

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 54 starting with $1,060,000, adding $5,428 every year, while hoping to spend $46,258 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: 66/19/15 Blend
53$1,060,000$1,060,000$1,060,000$1,060,000
54$1,173,719$1,117,539$1,101,109$1,246,648
55$1,244,220$1,123,080$1,088,778$1,301,594
56$1,320,362$1,127,343$1,074,484$1,355,734
57$1,402,671$1,130,215$1,058,111$1,413,764
58$1,491,726$1,131,578$1,039,540$1,476,063
59$1,588,164$1,131,306$1,018,646$1,543,049
60$1,692,682$1,129,266$995,297$1,615,185
61$1,806,052$1,125,316$969,355$1,692,979
62$1,929,117$1,119,305$940,676$1,776,996
63$2,062,809$1,111,072$909,111$1,867,855
64$2,208,150$1,100,450$874,501$1,966,245
65$2,366,267$1,087,257$836,682$2,072,921
66$2,538,397$1,071,304$795,482$2,188,721
67$2,725,904$1,052,388$750,721$2,314,567
68$2,930,287$1,030,296$702,211$2,451,480
69$3,153,197$1,004,802$649,756$2,600,583
70$3,396,451$975,664$593,150$2,763,119
71$3,662,048$942,631$532,180$2,940,458
72$3,952,189$905,432$466,620$3,134,114
73$4,269,298$863,784$396,237$3,345,756
74$4,616,042$817,385$320,787$3,577,227
75$4,995,360$765,918$240,015$3,830,561
76$5,410,485$709,047$153,654$4,108,002
77$5,864,979$646,415$61,426$4,412,027
78$6,362,764$577,646$0$4,745,369
79$6,908,160$502,345$0$5,116,963
80$7,505,922$420,089$0$5,535,094
81$8,161,289$330,437$0$5,993,640
82$8,880,032$232,920$0$6,496,705
83$9,668,505$127,042$0$7,048,812
84$10,533,707$12,282$0$7,654,947
85$11,483,348$0$0$8,320,607
86$12,525,922$0$0$9,075,252
87$13,670,784$0$0$9,906,827
88$14,928,239$0$0$10,820,259
89$16,309,639$0$0$11,823,803
90$17,827,493$0$0$12,926,554
91$19,495,577$0$0$14,138,534
92$21,329,070$0$0$15,470,779
93$23,344,696$0$0$16,935,452
94$25,560,877$0$0$18,545,951
95$27,997,912$0$0$20,317,038
96$30,678,164$0$0$22,264,977
97$33,626,272$0$0$24,407,687
98$36,869,384$0$0$26,764,912
99$40,437,410$0$0$29,358,405
100$44,363,306$0$0$32,212,133