Can I retire at age 54 with 2,980,000?

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 $2,980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.1%
1 years$246,086$243,894$241,755$239,668$237,629$230,763
2 years$121,825$119,556$117,357$115,225$113,157$106,293
3 years$80,410$78,131$75,938$73,826$71,791$65,146
4 years$59,706$57,435$55,263$53,187$51,202$44,826
5 years$47,287$45,029$42,886$40,853$38,923$32,834
6 years$39,011$36,770$34,659$32,670$30,799$25,001
7 years$33,101$30,879$28,801$26,860$25,047$19,542
8 years$28,671$26,469$24,426$22,532$20,779$15,563
9 years$25,228$23,046$21,038$19,193$17,499$12,567
10 years$22,474$20,314$18,341$16,544$14,910$10,255
11 years$20,223$18,084$16,148$14,398$12,823$8,437
12 years$18,348$16,232$14,331$12,629$11,112$6,987
13 years$16,763$14,669$12,803$11,150$9,690$5,816
14 years$15,405$13,333$11,504$9,898$8,494$4,862
15 years$14,230$12,180$10,386$8,827$7,479$4,079
16 years$13,203$11,175$9,417$7,903$6,610$3,431
17 years$12,297$10,292$8,569$7,101$5,861$2,894
18 years$11,493$9,510$7,822$6,400$5,211$2,445
19 years$10,774$8,814$7,161$5,783$4,645$2,069
20 years$10,128$8,190$6,572$5,237$4,149$1,754
21 years$9,544$7,629$6,045$4,753$3,713$1,488
22 years$9,014$7,121$5,571$4,322$3,328$1,264
23 years$8,531$6,661$5,144$3,936$2,987$1,074
24 years$8,089$6,240$4,757$3,590$2,685$914
25 years$7,683$5,856$4,406$3,278$2,416$778
26 years$7,309$5,504$4,087$2,998$2,176$662
27 years$6,963$5,180$3,795$2,744$1,962$564
28 years$6,642$4,881$3,528$2,514$1,771$481
29 years$6,344$4,605$3,283$2,305$1,599$410
30 years$6,066$4,349$3,058$2,116$1,445$349
31 years$5,807$4,111$2,851$1,943$1,306$298
32 years$5,564$3,890$2,660$1,786$1,181$254
33 years$5,337$3,684$2,484$1,642$1,069$217
34 years$5,123$3,491$2,320$1,511$968$185
35 years$4,922$3,311$2,169$1,391$877$158
36 years$4,733$3,143$2,029$1,281$794$135
37 years$4,554$2,985$1,900$1,180$720$115
38 years$4,385$2,837$1,779$1,088$653$98
39 years$4,226$2,698$1,667$1,003$592$84
40 years$4,074$2,567$1,562$925$537$72
41 years$3,930$2,443$1,465$854$487$61
42 years$3,794$2,327$1,374$788$442$52
43 years$3,664$2,217$1,289$727$401$45
44 years$3,541$2,113$1,210$671$364$38
45 years$3,423$2,015$1,136$620$331$32
46 years$3,311$1,922$1,067$573$300$28
47 years$3,204$1,835$1,003$529$273$24
48 years$3,101$1,751$942$489$247$20
49 years$3,003$1,672$886$452$225$17
50 years$2,910$1,598$833$418$204$15

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 54 starting with $2,980,000, adding $5,421 every year, while hoping to spend $51,110 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: 62/10/28 Blend
53$2,980,000$2,980,000$2,980,000$2,980,000
54$3,289,552$3,131,612$3,085,422$3,468,485
55$3,570,705$3,230,680$3,134,403$3,689,796
56$3,878,824$3,332,890$3,183,312$3,925,323
57$4,216,603$3,438,341$3,232,092$4,181,422
58$4,587,013$3,547,136$3,280,684$4,460,117
59$4,993,326$3,659,383$3,329,024$4,763,634
60$5,439,142$3,775,190$3,377,043$5,094,429
61$5,928,432$3,894,672$3,424,672$5,455,202
62$6,465,566$4,017,944$3,471,832$5,848,932
63$7,055,359$4,145,129$3,518,444$6,278,898
64$7,703,116$4,276,351$3,564,422$6,748,712
65$8,414,680$4,411,738$3,609,676$7,262,353
66$9,196,487$4,551,422$3,654,110$7,824,208
67$10,055,629$4,695,543$3,697,623$8,439,105
68$10,999,918$4,844,239$3,740,108$9,112,366
69$12,037,961$4,997,658$3,781,453$9,849,855
70$13,179,240$5,155,950$3,821,539$10,658,033
71$14,434,202$5,319,271$3,860,239$11,544,016
72$15,814,356$5,487,781$3,897,423$12,515,647
73$17,332,384$5,661,646$3,932,950$13,581,569
74$19,002,257$5,841,037$3,966,674$14,751,302
75$20,839,369$6,026,129$3,998,439$16,035,338
76$22,860,681$6,217,106$4,028,084$17,445,239
77$25,084,882$6,414,156$4,055,436$18,993,742
78$27,532,562$6,617,471$4,080,315$20,694,885
79$30,226,409$6,827,254$4,102,532$22,564,135
80$33,191,423$7,043,709$4,121,887$24,618,538
81$36,455,149$7,267,052$4,138,171$26,876,876
82$40,047,939$7,497,502$4,151,164$29,359,845
83$44,003,235$7,735,286$4,160,634$32,090,252
84$48,357,890$7,980,639$4,166,340$35,093,232
85$53,152,508$8,233,804$4,168,026$38,396,478
86$58,431,834$8,495,031$4,165,425$42,030,511
87$64,245,171$8,764,577$4,158,257$46,028,964
88$70,646,847$9,042,710$4,146,227$50,428,899
89$77,696,727$9,329,705$4,129,027$55,271,157
90$85,460,778$9,625,845$4,106,334$60,600,746
91$94,011,690$9,931,424$4,077,809$66,467,265
92$103,429,563$10,246,744$4,043,097$72,925,370
93$113,802,663$10,572,119$4,001,825$80,035,294
94$125,228,252$10,907,871$3,953,603$87,863,411
95$137,813,510$11,254,332$3,898,025$96,482,868
96$151,676,541$11,611,847$3,834,662$105,974,272
97$166,947,492$11,980,772$3,763,067$116,426,452
98$183,769,778$12,361,472$3,682,772$127,937,299
99$202,301,437$12,754,325$3,593,286$140,614,689
100$222,716,620$13,159,724$3,494,098$154,577,501