Can I retire at age 54 with 2,940,000?

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 $2,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.3%
1 years$242,782$240,620$238,510$236,451$234,440$233,158
2 years$120,189$117,951$115,782$113,678$111,638$110,344
3 years$79,330$77,082$74,918$72,835$70,828$69,563
4 years$58,905$56,664$54,521$52,473$50,515$49,288
5 years$46,653$44,425$42,311$40,305$38,401$37,216
6 years$38,487$36,276$34,193$32,232$30,385$29,243
7 years$32,657$30,465$28,415$26,500$24,711$23,613
8 years$28,287$26,114$24,098$22,230$20,500$19,446
9 years$24,889$22,737$20,756$18,935$17,264$16,254
10 years$22,172$20,041$18,095$16,322$14,710$13,743
11 years$19,951$17,842$15,931$14,205$12,651$11,727
12 years$18,102$16,014$14,138$12,460$10,963$10,081
13 years$16,538$14,472$12,632$11,000$9,560$8,718
14 years$15,199$13,154$11,349$9,765$8,380$7,579
15 years$14,039$12,017$10,247$8,708$7,379$6,616
16 years$13,025$11,025$9,290$7,797$6,521$5,797
17 years$12,132$10,154$8,454$7,006$5,782$5,094
18 years$11,338$9,383$7,717$6,314$5,141$4,489
19 years$10,629$8,696$7,065$5,705$4,583$3,965
20 years$9,992$8,080$6,484$5,167$4,093$3,508
21 years$9,416$7,527$5,964$4,689$3,663$3,110
22 years$8,893$7,026$5,497$4,264$3,283$2,761
23 years$8,417$6,571$5,075$3,883$2,947$2,455
24 years$7,981$6,157$4,694$3,542$2,649$2,185
25 years$7,580$5,778$4,347$3,234$2,384$1,947
26 years$7,210$5,430$4,032$2,957$2,147$1,736
27 years$6,869$5,110$3,744$2,707$1,936$1,549
28 years$6,553$4,816$3,480$2,480$1,747$1,384
29 years$6,259$4,543$3,239$2,274$1,577$1,237
30 years$5,985$4,290$3,017$2,087$1,425$1,106
31 years$5,729$4,056$2,813$1,917$1,289$989
32 years$5,489$3,838$2,624$1,762$1,166$886
33 years$5,265$3,634$2,450$1,620$1,055$793
34 years$5,054$3,444$2,289$1,491$955$710
35 years$4,856$3,267$2,140$1,372$865$636
36 years$4,669$3,101$2,002$1,264$784$570
37 years$4,493$2,945$1,874$1,164$710$511
38 years$4,327$2,799$1,755$1,073$644$459
39 years$4,169$2,661$1,644$990$584$411
40 years$4,019$2,532$1,541$913$530$369
41 years$3,878$2,410$1,445$842$481$331
42 years$3,743$2,296$1,356$777$436$297
43 years$3,615$2,187$1,272$717$396$267
44 years$3,493$2,085$1,194$662$359$239
45 years$3,377$1,988$1,121$612$326$215
46 years$3,266$1,897$1,053$565$296$193
47 years$3,161$1,810$989$522$269$173
48 years$3,060$1,728$930$482$244$155
49 years$2,963$1,650$874$446$222$140
50 years$2,870$1,576$821$412$201$125

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 54 starting with $2,940,000, adding $5,058 every year, while hoping to spend $29,937 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: 50/44/6 Blend
53$2,940,000$2,940,000$2,940,000$2,940,000
54$3,245,097$3,089,277$3,043,707$3,402,287
55$3,544,245$3,208,799$3,113,819$3,629,395
56$3,872,901$3,333,174$3,185,276$3,872,398
57$4,234,046$3,462,609$3,258,091$4,135,723
58$4,630,960$3,597,318$3,332,279$4,421,279
59$5,067,258$3,737,527$3,407,850$4,731,162
60$5,546,923$3,883,470$3,484,817$5,067,676
61$6,074,342$4,035,392$3,563,191$5,433,353
62$6,654,349$4,193,551$3,642,982$5,830,974
63$7,292,270$4,358,212$3,724,200$6,263,599
64$7,993,973$4,529,656$3,806,852$6,734,590
65$8,765,923$4,708,174$3,890,947$7,247,645
66$9,615,244$4,894,072$3,976,490$7,806,830
67$10,549,785$5,087,667$4,063,488$8,416,618
68$11,578,192$5,289,292$4,151,945$9,081,927
69$12,709,996$5,499,296$4,241,863$9,808,168
70$13,955,695$5,718,040$4,333,245$10,601,294
71$15,326,858$5,945,906$4,426,090$11,467,854
72$16,836,231$6,183,289$4,520,398$12,415,056
73$18,497,860$6,430,604$4,616,165$13,450,830
74$20,327,222$6,688,284$4,713,386$14,583,902
75$22,341,370$6,956,781$4,812,056$15,823,879
76$24,559,095$7,236,569$4,912,166$17,181,331
77$27,001,104$7,528,142$5,013,705$18,667,897
78$29,690,213$7,832,017$5,116,660$20,296,385
79$32,651,563$8,148,734$5,221,017$22,080,896
80$35,912,859$8,478,859$5,326,757$24,036,957
81$39,504,628$8,822,981$5,433,861$26,181,659
82$43,460,511$9,181,717$5,542,306$28,533,821
83$47,817,576$9,555,714$5,652,066$31,114,164
84$52,616,670$9,945,645$5,763,111$33,945,506
85$57,902,805$10,352,216$5,875,410$37,052,971
86$63,725,582$10,776,166$5,988,927$40,464,228
87$70,139,658$11,218,265$6,103,623$44,209,747
88$77,205,262$11,679,319$6,219,454$48,323,084
89$84,988,767$12,160,173$6,336,373$52,841,197
90$93,563,308$12,661,709$6,454,329$57,804,787
91$103,009,482$13,184,849$6,573,266$63,258,686
92$113,416,101$13,730,559$6,693,122$69,252,272
93$124,881,035$14,299,848$6,813,833$75,839,932
94$137,512,131$14,893,771$6,935,327$83,081,574
95$151,428,236$15,513,433$7,057,528$91,043,188
96$166,760,314$16,159,989$7,180,353$99,797,463
97$183,652,686$16,834,649$7,303,714$109,424,472
98$202,264,388$17,538,675$7,427,517$120,012,422
99$222,770,677$18,273,391$7,551,660$131,658,485
100$245,364,679$19,040,181$7,676,035$144,469,705