Can I retire at age 55 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%14.2%
1 years$242,782$240,620$238,510$236,451$234,440$230,366
2 years$120,189$117,951$115,782$113,678$111,638$107,547
3 years$79,330$77,082$74,918$72,835$70,828$66,847
4 years$58,905$56,664$54,521$52,473$50,515$46,675
5 years$46,653$44,425$42,311$40,305$38,401$34,713
6 years$38,487$36,276$34,193$32,232$30,385$26,853
7 years$32,657$30,465$28,415$26,500$24,711$21,336
8 years$28,287$26,114$24,098$22,230$20,500$17,282
9 years$24,889$22,737$20,756$18,935$17,264$14,200
10 years$22,172$20,041$18,095$16,322$14,710$11,798
11 years$19,951$17,842$15,931$14,205$12,651$9,887
12 years$18,102$16,014$14,138$12,460$10,963$8,344
13 years$16,538$14,472$12,632$11,000$9,560$7,082
14 years$15,199$13,154$11,349$9,765$8,380$6,039
15 years$14,039$12,017$10,247$8,708$7,379$5,169
16 years$13,025$11,025$9,290$7,797$6,521$4,439
17 years$12,132$10,154$8,454$7,006$5,782$3,823
18 years$11,338$9,383$7,717$6,314$5,141$3,300
19 years$10,629$8,696$7,065$5,705$4,583$2,853
20 years$9,992$8,080$6,484$5,167$4,093$2,472
21 years$9,416$7,527$5,964$4,689$3,663$2,144
22 years$8,893$7,026$5,497$4,264$3,283$1,863
23 years$8,417$6,571$5,075$3,883$2,947$1,619
24 years$7,981$6,157$4,694$3,542$2,649$1,409
25 years$7,580$5,778$4,347$3,234$2,384$1,228
26 years$7,210$5,430$4,032$2,957$2,147$1,070
27 years$6,869$5,110$3,744$2,707$1,936$933
28 years$6,553$4,816$3,480$2,480$1,747$814
29 years$6,259$4,543$3,239$2,274$1,577$711
30 years$5,985$4,290$3,017$2,087$1,425$621
31 years$5,729$4,056$2,813$1,917$1,289$542
32 years$5,489$3,838$2,624$1,762$1,166$474
33 years$5,265$3,634$2,450$1,620$1,055$414
34 years$5,054$3,444$2,289$1,491$955$362
35 years$4,856$3,267$2,140$1,372$865$317
36 years$4,669$3,101$2,002$1,264$784$277
37 years$4,493$2,945$1,874$1,164$710$242
38 years$4,327$2,799$1,755$1,073$644$212
39 years$4,169$2,661$1,644$990$584$185
40 years$4,019$2,532$1,541$913$530$162
41 years$3,878$2,410$1,445$842$481$142
42 years$3,743$2,296$1,356$777$436$124
43 years$3,615$2,187$1,272$717$396$109
44 years$3,493$2,085$1,194$662$359$95
45 years$3,377$1,988$1,121$612$326$83
46 years$3,266$1,897$1,053$565$296$73
47 years$3,161$1,810$989$522$269$64
48 years$3,060$1,728$930$482$244$56
49 years$2,963$1,650$874$446$222$49
50 years$2,870$1,576$821$412$201$43

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 55 starting with $2,940,000, adding $3,769 every year, while hoping to spend $50,484 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: 82/13/5 Blend
54$2,940,000$2,940,000$2,940,000$2,940,000
55$3,243,768$3,087,948$3,042,378$3,509,160
56$3,520,917$3,185,543$3,090,583$3,780,685
57$3,824,644$3,286,228$3,138,711$4,071,517
58$4,157,606$3,390,101$3,186,706$4,389,200
59$4,522,730$3,497,264$3,234,508$4,736,390
60$4,923,239$3,607,820$3,282,055$5,116,010
61$5,362,685$3,721,879$3,329,279$5,531,281
62$5,844,978$3,839,550$3,376,109$5,985,748
63$6,374,427$3,960,950$3,422,471$6,483,317
64$6,955,778$4,086,196$3,468,282$7,028,289
65$7,594,258$4,215,410$3,513,461$7,625,400
66$8,295,627$4,348,719$3,557,915$8,279,866
67$9,066,227$4,486,253$3,601,552$8,997,433
68$9,913,049$4,628,146$3,644,271$9,784,431
69$10,843,792$4,774,537$3,685,966$10,647,830
70$11,866,938$4,925,569$3,726,525$11,595,311
71$12,991,833$5,081,389$3,765,831$12,635,331
72$14,228,774$5,242,150$3,803,760$13,777,210
73$15,589,103$5,408,010$3,840,180$15,031,212
74$17,085,319$5,579,130$3,874,954$16,408,648
75$18,731,192$5,755,678$3,907,935$17,921,976
76$20,541,894$5,937,826$3,938,972$19,584,922
77$22,534,141$6,125,754$3,967,901$21,412,608
78$24,726,353$6,319,645$3,994,555$23,421,693
79$27,138,822$6,519,689$4,018,754$25,630,534
80$29,793,910$6,726,082$4,040,310$28,059,355
81$32,716,255$6,939,026$4,059,027$30,730,436
82$35,933,006$7,158,731$4,074,697$33,668,328
83$39,474,076$7,385,412$4,087,103$36,900,081
84$43,372,425$7,619,291$4,096,014$40,455,499
85$47,664,374$7,860,598$4,101,193$44,367,420
86$52,389,943$8,109,570$4,102,385$48,672,028
87$57,593,229$8,366,451$4,099,327$53,409,192
88$63,322,826$8,631,494$4,091,742$58,622,842
89$69,632,276$8,904,959$4,079,337$64,361,384
90$76,580,582$9,187,116$4,061,808$70,678,154
91$84,232,758$9,478,241$4,038,836$77,631,926
92$92,660,446$9,778,622$4,010,084$85,287,458
93$101,942,590$10,088,554$3,975,200$93,716,112
94$112,166,183$10,408,342$3,933,818$102,996,519
95$123,427,084$10,738,301$3,885,552$113,215,326
96$135,830,926$11,078,756$3,829,996$124,468,011
97$149,494,109$11,430,044$3,766,730$136,859,782
98$164,544,902$11,792,510$3,695,309$150,506,572
99$181,124,652$12,166,513$3,615,272$165,536,135
100$199,389,115$12,552,421$3,526,132$182,089,243