Can I retire at age 54 with 2,960,000?

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 $2,960,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.2%
1 years$244,434$242,257$240,132$238,059$236,035$228,205
2 years$121,007$118,753$116,569$114,451$112,397$104,585
3 years$79,870$77,607$75,428$73,330$71,310$63,760
4 years$59,306$57,049$54,892$52,830$50,859$43,629
5 years$46,970$44,727$42,599$40,579$38,662$31,772
6 years$38,749$36,523$34,426$32,451$30,592$24,048
7 years$32,879$30,672$28,608$26,680$24,879$18,680
8 years$28,479$26,292$24,262$22,381$20,640$14,780
9 years$25,058$22,892$20,897$19,064$17,382$11,855
10 years$22,323$20,178$18,218$16,433$14,810$9,607
11 years$20,087$17,963$16,039$14,302$12,737$7,848
12 years$18,225$16,123$14,234$12,545$11,038$6,452
13 years$16,650$14,570$12,717$11,075$9,625$5,331
14 years$15,302$13,244$11,427$9,831$8,437$4,423
15 years$14,135$12,099$10,317$8,768$7,429$3,681
16 years$13,114$11,100$9,354$7,850$6,566$3,073
17 years$12,214$10,223$8,511$7,054$5,822$2,570
18 years$11,416$9,446$7,770$6,357$5,176$2,154
19 years$10,702$8,755$7,113$5,744$4,614$1,808
20 years$10,060$8,135$6,528$5,202$4,121$1,519
21 years$9,480$7,578$6,004$4,721$3,688$1,278
22 years$8,954$7,074$5,534$4,293$3,306$1,076
23 years$8,474$6,616$5,110$3,909$2,967$907
24 years$8,035$6,199$4,726$3,566$2,667$765
25 years$7,631$5,817$4,377$3,256$2,400$645
26 years$7,260$5,467$4,059$2,977$2,162$545
27 years$6,916$5,145$3,769$2,725$1,949$460
28 years$6,597$4,848$3,504$2,497$1,759$388
29 years$6,301$4,574$3,261$2,290$1,588$328
30 years$6,025$4,319$3,037$2,101$1,435$277
31 years$5,768$4,083$2,832$1,930$1,297$234
32 years$5,527$3,864$2,642$1,774$1,173$198
33 years$5,301$3,659$2,467$1,631$1,062$167
34 years$5,089$3,468$2,305$1,501$962$142
35 years$4,889$3,289$2,155$1,382$871$120
36 years$4,701$3,122$2,016$1,272$789$101
37 years$4,524$2,965$1,887$1,172$715$86
38 years$4,356$2,818$1,767$1,081$648$72
39 years$4,197$2,680$1,655$996$588$61
40 years$4,047$2,549$1,552$919$533$52
41 years$3,904$2,427$1,455$848$484$44
42 years$3,769$2,311$1,365$782$439$37
43 years$3,640$2,202$1,281$722$398$31
44 years$3,517$2,099$1,202$667$362$27
45 years$3,400$2,002$1,129$616$328$22
46 years$3,288$1,909$1,060$569$298$19
47 years$3,182$1,822$996$526$271$16
48 years$3,080$1,740$936$486$246$14
49 years$2,983$1,661$880$449$223$11
50 years$2,890$1,587$827$415$203$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 54 starting with $2,960,000, adding $3,722 every year, while hoping to spend $46,315 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: 79/8/13 Blend
53$2,960,000$2,960,000$2,960,000$2,960,000
54$3,265,759$3,108,879$3,062,999$3,515,190
55$3,549,588$3,211,936$3,116,331$3,782,819
56$3,860,815$3,318,489$3,169,897$4,070,044
57$4,202,186$3,428,663$3,223,656$4,383,845
58$4,576,725$3,542,584$3,277,565$4,726,861
59$4,987,763$3,660,383$3,331,576$5,101,997
60$5,438,970$3,782,197$3,385,639$5,512,451
61$5,934,388$3,908,167$3,439,700$5,961,748
62$6,478,468$4,038,440$3,493,703$6,453,767
63$7,076,116$4,173,167$3,547,586$6,992,785
64$7,732,734$4,312,507$3,601,285$7,583,508
65$8,454,276$4,456,623$3,654,730$8,231,125
66$9,247,298$4,605,683$3,707,850$8,941,348
67$10,119,024$4,759,864$3,760,565$9,720,472
68$11,077,415$4,919,348$3,812,794$10,575,429
69$12,131,239$5,084,323$3,864,450$11,513,858
70$13,290,156$5,254,986$3,915,440$12,544,174
71$14,564,811$5,431,539$3,965,667$13,675,647
72$15,966,931$5,614,194$4,015,026$14,918,492
73$17,509,438$5,803,169$4,063,409$16,283,960
74$19,206,567$5,998,691$4,110,700$17,784,450
75$21,074,006$6,200,995$4,156,777$19,433,621
76$23,129,036$6,410,326$4,201,511$21,246,523
77$25,390,703$6,626,937$4,244,766$23,239,739
78$27,879,988$6,851,091$4,286,400$25,431,539
79$30,620,013$7,083,060$4,326,260$27,842,053
80$33,636,252$7,323,128$4,364,188$30,493,464
81$36,956,778$7,571,589$4,400,016$33,410,211
82$40,612,520$7,828,748$4,433,567$36,619,224
83$44,637,562$8,094,921$4,464,657$40,150,178
84$49,069,459$8,370,438$4,493,088$44,035,769
85$53,949,593$8,655,639$4,518,656$48,312,024
86$59,323,565$8,950,879$4,541,145$53,018,645
87$65,241,623$9,256,526$4,560,327$58,199,375
88$71,759,135$9,572,962$4,575,964$63,902,419
89$78,937,113$9,900,584$4,587,806$70,180,892
90$86,842,789$10,239,803$4,595,588$77,093,324
91$95,550,248$10,591,048$4,599,034$84,704,212
92$105,141,127$10,954,763$4,597,855$93,084,625
93$115,705,385$11,331,409$4,591,747$102,312,879
94$127,342,153$11,721,467$4,580,389$112,475,272
95$140,160,668$12,125,435$4,563,448$123,666,903
96$154,281,305$12,543,830$4,540,572$135,992,562
97$169,836,711$12,977,190$4,511,394$149,567,726
98$186,973,057$13,426,074$4,475,528$164,519,645
99$205,851,420$13,891,063$4,432,569$180,988,545
100$226,649,301$14,372,761$4,382,096$199,128,946