Can I retire at age 55 with 2,980,000?

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 $2,980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.1%
1 years$246,086$243,894$241,755$239,668$237,629$233,597
2 years$121,825$119,556$117,357$115,225$113,157$109,106
3 years$80,410$78,131$75,938$73,826$71,791$67,849
4 years$59,706$57,435$55,263$53,187$51,202$47,399
5 years$47,287$45,029$42,886$40,853$38,923$35,269
6 years$39,011$36,770$34,659$32,670$30,799$27,299
7 years$33,101$30,879$28,801$26,860$25,047$21,702
8 years$28,671$26,469$24,426$22,532$20,779$17,588
9 years$25,228$23,046$21,038$19,193$17,499$14,461
10 years$22,474$20,314$18,341$16,544$14,910$12,021
11 years$20,223$18,084$16,148$14,398$12,823$10,081
12 years$18,348$16,232$14,331$12,629$11,112$8,513
13 years$16,763$14,669$12,803$11,150$9,690$7,230
14 years$15,405$13,333$11,504$9,898$8,494$6,170
15 years$14,230$12,180$10,386$8,827$7,479$5,285
16 years$13,203$11,175$9,417$7,903$6,610$4,542
17 years$12,297$10,292$8,569$7,101$5,861$3,914
18 years$11,493$9,510$7,822$6,400$5,211$3,380
19 years$10,774$8,814$7,161$5,783$4,645$2,926
20 years$10,128$8,190$6,572$5,237$4,149$2,536
21 years$9,544$7,629$6,045$4,753$3,713$2,202
22 years$9,014$7,121$5,571$4,322$3,328$1,914
23 years$8,531$6,661$5,144$3,936$2,987$1,665
24 years$8,089$6,240$4,757$3,590$2,685$1,451
25 years$7,683$5,856$4,406$3,278$2,416$1,264
26 years$7,309$5,504$4,087$2,998$2,176$1,103
27 years$6,963$5,180$3,795$2,744$1,962$963
28 years$6,642$4,881$3,528$2,514$1,771$841
29 years$6,344$4,605$3,283$2,305$1,599$734
30 years$6,066$4,349$3,058$2,116$1,445$642
31 years$5,807$4,111$2,851$1,943$1,306$561
32 years$5,564$3,890$2,660$1,786$1,181$491
33 years$5,337$3,684$2,484$1,642$1,069$429
34 years$5,123$3,491$2,320$1,511$968$376
35 years$4,922$3,311$2,169$1,391$877$329
36 years$4,733$3,143$2,029$1,281$794$288
37 years$4,554$2,985$1,900$1,180$720$252
38 years$4,385$2,837$1,779$1,088$653$221
39 years$4,226$2,698$1,667$1,003$592$193
40 years$4,074$2,567$1,562$925$537$169
41 years$3,930$2,443$1,465$854$487$148
42 years$3,794$2,327$1,374$788$442$130
43 years$3,664$2,217$1,289$727$401$114
44 years$3,541$2,113$1,210$671$364$100
45 years$3,423$2,015$1,136$620$331$87
46 years$3,311$1,922$1,067$573$300$76
47 years$3,204$1,835$1,003$529$273$67
48 years$3,101$1,751$942$489$247$59
49 years$3,003$1,672$886$452$225$51
50 years$2,910$1,598$833$418$204$45

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 55 starting with $2,980,000, adding $3,455 every year, while hoping to spend $29,791 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: 72/8/20 Blend
54$2,980,000$2,980,000$2,980,000$2,980,000
55$3,287,524$3,129,584$3,083,394$3,508,126
56$3,591,154$3,251,236$3,154,990$3,777,010
57$3,924,756$3,377,851$3,227,986$4,067,501
58$4,291,355$3,509,640$3,302,398$4,384,902
59$4,694,285$3,646,824$3,378,240$4,731,882
60$5,137,218$3,789,634$3,455,527$5,111,374
61$5,624,200$3,938,312$3,534,273$5,526,614
62$6,159,688$4,093,109$3,614,491$5,981,162
63$6,748,594$4,254,288$3,696,194$6,478,938
64$7,396,327$4,422,125$3,779,393$7,024,261
65$8,108,849$4,596,906$3,864,099$7,621,889
66$8,892,728$4,778,931$3,950,323$8,277,059
67$9,755,202$4,968,514$4,038,075$8,995,543
68$10,704,243$5,165,983$4,127,361$9,783,696
69$11,748,639$5,371,678$4,218,190$10,648,518
70$12,898,068$5,585,958$4,310,567$11,597,724
71$14,163,197$5,809,197$4,404,498$12,639,808
72$15,555,780$6,041,784$4,499,986$13,784,128
73$17,088,766$6,284,128$4,597,032$15,040,996
74$18,776,426$6,536,656$4,695,637$16,421,768
75$20,634,481$6,799,812$4,795,802$17,938,958
76$22,680,259$7,074,063$4,897,521$19,606,352
77$24,932,849$7,359,896$5,000,792$21,439,136
78$27,413,288$7,657,819$5,105,607$23,454,044
79$30,144,756$7,968,366$5,211,958$25,669,510
80$33,152,797$8,292,091$5,319,834$28,105,846
81$36,465,556$8,629,577$5,429,222$30,785,431
82$40,114,049$8,981,432$5,540,107$33,732,920
83$44,132,451$9,348,292$5,652,470$36,975,482
84$48,558,423$9,730,821$5,766,290$40,543,048
85$53,433,466$10,129,714$5,881,544$44,468,600
86$58,803,308$10,545,699$5,998,204$48,788,477
87$64,718,343$10,979,535$6,116,241$53,542,720
88$71,234,099$11,432,018$6,235,621$58,775,450
89$78,411,769$11,903,979$6,356,306$64,535,279
90$86,318,783$12,396,287$6,478,256$70,875,776
91$95,029,446$12,909,853$6,601,425$77,855,963
92$104,625,641$13,445,627$6,725,764$85,540,879
93$115,197,598$14,004,604$6,851,218$94,002,189
94$126,844,749$14,587,825$6,977,730$103,318,863
95$139,676,664$15,196,380$7,105,235$113,577,916
96$153,814,088$15,831,407$7,233,665$124,875,233
97$169,390,078$16,494,098$7,362,945$137,316,471
98$186,551,257$17,185,700$7,492,995$151,018,057
99$205,459,203$17,907,518$7,623,728$166,108,284
100$226,291,971$18,660,915$7,755,052$182,728,524