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

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 $2,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.8%
1 years$242,782$240,620$238,510$236,451$234,440$226,122
2 years$120,189$117,951$115,782$113,678$111,638$103,346
3 years$79,330$77,082$74,918$72,835$70,828$62,823
4 years$58,905$56,664$54,521$52,473$50,515$42,858
5 years$46,653$44,425$42,311$40,305$38,401$31,112
6 years$38,487$36,276$34,193$32,232$30,385$23,471
7 years$32,657$30,465$28,415$26,500$24,711$18,169
8 years$28,287$26,114$24,098$22,230$20,500$14,325
9 years$24,889$22,737$20,756$18,935$17,264$11,448
10 years$22,172$20,041$18,095$16,322$14,710$9,242
11 years$19,951$17,842$15,931$14,205$12,651$7,521
12 years$18,102$16,014$14,138$12,460$10,963$6,158
13 years$16,538$14,472$12,632$11,000$9,560$5,068
14 years$15,199$13,154$11,349$9,765$8,380$4,187
15 years$14,039$12,017$10,247$8,708$7,379$3,470
16 years$13,025$11,025$9,290$7,797$6,521$2,884
17 years$12,132$10,154$8,454$7,006$5,782$2,402
18 years$11,338$9,383$7,717$6,314$5,141$2,004
19 years$10,629$8,696$7,065$5,705$4,583$1,674
20 years$9,992$8,080$6,484$5,167$4,093$1,400
21 years$9,416$7,527$5,964$4,689$3,663$1,173
22 years$8,893$7,026$5,497$4,264$3,283$983
23 years$8,417$6,571$5,075$3,883$2,947$824
24 years$7,981$6,157$4,694$3,542$2,649$692
25 years$7,580$5,778$4,347$3,234$2,384$581
26 years$7,210$5,430$4,032$2,957$2,147$488
27 years$6,869$5,110$3,744$2,707$1,936$410
28 years$6,553$4,816$3,480$2,480$1,747$344
29 years$6,259$4,543$3,239$2,274$1,577$290
30 years$5,985$4,290$3,017$2,087$1,425$243
31 years$5,729$4,056$2,813$1,917$1,289$205
32 years$5,489$3,838$2,624$1,762$1,166$172
33 years$5,265$3,634$2,450$1,620$1,055$145
34 years$5,054$3,444$2,289$1,491$955$122
35 years$4,856$3,267$2,140$1,372$865$103
36 years$4,669$3,101$2,002$1,264$784$86
37 years$4,493$2,945$1,874$1,164$710$73
38 years$4,327$2,799$1,755$1,073$644$61
39 years$4,169$2,661$1,644$990$584$51
40 years$4,019$2,532$1,541$913$530$43
41 years$3,878$2,410$1,445$842$481$36
42 years$3,743$2,296$1,356$777$436$31
43 years$3,615$2,187$1,272$717$396$26
44 years$3,493$2,085$1,194$662$359$22
45 years$3,377$1,988$1,121$612$326$18
46 years$3,266$1,897$1,053$565$296$15
47 years$3,161$1,810$989$522$269$13
48 years$3,060$1,728$930$482$244$11
49 years$2,963$1,650$874$446$222$9
50 years$2,870$1,576$821$412$201$8

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 $3,990 every year, while hoping to spend $40,872 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: 36/36/28 Blend
53$2,940,000$2,940,000$2,940,000$2,940,000
54$3,243,996$3,088,176$3,042,606$3,333,384
55$3,531,396$3,196,009$3,101,045$3,508,069
56$3,846,741$3,307,756$3,160,073$3,692,541
57$4,192,838$3,423,566$3,219,665$3,890,914
58$4,572,780$3,543,592$3,279,796$4,104,465
59$4,989,972$3,667,997$3,340,438$4,334,598
60$5,448,167$3,796,947$3,401,561$4,582,856
61$5,951,498$3,930,616$3,463,131$4,850,936
62$6,504,519$4,069,184$3,525,114$5,140,701
63$7,112,246$4,212,840$3,587,472$5,454,203
64$7,780,206$4,361,780$3,650,163$5,793,695
65$8,514,487$4,516,207$3,713,143$6,161,657
66$9,321,796$4,676,333$3,776,365$6,560,817
67$10,209,525$4,842,378$3,839,778$6,994,175
68$11,185,814$5,014,572$3,903,328$7,465,033
69$12,259,634$5,193,154$3,966,957$7,977,022
70$13,440,869$5,378,371$4,030,603$8,534,139
71$14,740,409$5,570,483$4,094,200$9,140,785
72$16,170,253$5,769,758$4,157,677$9,801,799
73$17,743,619$5,976,476$4,220,959$10,522,510
74$19,475,075$6,190,930$4,283,968$11,308,786
75$21,380,669$6,413,423$4,346,618$12,167,083
76$23,478,088$6,644,271$4,408,820$13,104,510
77$25,786,815$6,883,802$4,470,478$14,128,895
78$28,328,323$7,132,361$4,531,491$15,248,857
79$31,126,268$7,390,304$4,591,753$16,473,884
80$34,206,721$7,658,002$4,651,150$17,814,427
81$37,598,405$7,935,843$4,709,562$19,281,992
82$41,332,973$8,224,229$4,766,863$20,889,254
83$45,445,302$8,523,583$4,822,919$22,650,168
84$49,973,825$8,834,340$4,877,588$24,580,106
85$54,960,889$9,156,956$4,930,722$26,695,997
86$60,453,160$9,491,908$4,982,162$29,016,489
87$66,502,060$9,839,689$5,031,742$31,562,121
88$73,164,253$10,200,816$5,079,287$34,355,516
89$80,502,177$10,575,826$5,124,614$37,421,596
90$88,584,637$10,965,280$5,167,526$40,787,812
91$97,487,452$11,369,761$5,207,821$44,484,403
92$107,294,170$11,789,877$5,245,281$48,544,684
93$118,096,858$12,226,264$5,279,681$53,005,354
94$129,996,969$12,679,582$5,310,781$57,906,840
95$143,106,300$13,150,521$5,338,332$63,293,684
96$157,548,045$13,639,800$5,362,069$69,214,956
97$173,457,964$14,148,168$5,381,716$75,724,716
98$190,985,654$14,676,406$5,396,982$82,882,524
99$210,295,971$15,225,330$5,407,561$90,754,001
100$231,570,578$15,795,790$5,413,132$99,411,445