Can I retire at age 55 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%16.7%
1 years$246,086$243,894$241,755$239,668$237,629$231,135
2 years$121,825$119,556$117,357$115,225$113,157$106,661
3 years$80,410$78,131$75,938$73,826$71,791$65,498
4 years$59,706$57,435$55,263$53,187$51,202$45,159
5 years$47,287$45,029$42,886$40,853$38,923$33,147
6 years$39,011$36,770$34,659$32,670$30,799$25,295
7 years$33,101$30,879$28,801$26,860$25,047$19,817
8 years$28,671$26,469$24,426$22,532$20,779$15,819
9 years$25,228$23,046$21,038$19,193$17,499$12,804
10 years$22,474$20,314$18,341$16,544$14,910$10,475
11 years$20,223$18,084$16,148$14,398$12,823$8,640
12 years$18,348$16,232$14,331$12,629$11,112$7,174
13 years$16,763$14,669$12,803$11,150$9,690$5,988
14 years$15,405$13,333$11,504$9,898$8,494$5,020
15 years$14,230$12,180$10,386$8,827$7,479$4,223
16 years$13,203$11,175$9,417$7,903$6,610$3,563
17 years$12,297$10,292$8,569$7,101$5,861$3,013
18 years$11,493$9,510$7,822$6,400$5,211$2,553
19 years$10,774$8,814$7,161$5,783$4,645$2,168
20 years$10,128$8,190$6,572$5,237$4,149$1,843
21 years$9,544$7,629$6,045$4,753$3,713$1,568
22 years$9,014$7,121$5,571$4,322$3,328$1,336
23 years$8,531$6,661$5,144$3,936$2,987$1,139
24 years$8,089$6,240$4,757$3,590$2,685$972
25 years$7,683$5,856$4,406$3,278$2,416$830
26 years$7,309$5,504$4,087$2,998$2,176$709
27 years$6,963$5,180$3,795$2,744$1,962$606
28 years$6,642$4,881$3,528$2,514$1,771$518
29 years$6,344$4,605$3,283$2,305$1,599$443
30 years$6,066$4,349$3,058$2,116$1,445$379
31 years$5,807$4,111$2,851$1,943$1,306$324
32 years$5,564$3,890$2,660$1,786$1,181$278
33 years$5,337$3,684$2,484$1,642$1,069$238
34 years$5,123$3,491$2,320$1,511$968$203
35 years$4,922$3,311$2,169$1,391$877$174
36 years$4,733$3,143$2,029$1,281$794$149
37 years$4,554$2,985$1,900$1,180$720$128
38 years$4,385$2,837$1,779$1,088$653$109
39 years$4,226$2,698$1,667$1,003$592$94
40 years$4,074$2,567$1,562$925$537$80
41 years$3,930$2,443$1,465$854$487$69
42 years$3,794$2,327$1,374$788$442$59
43 years$3,664$2,217$1,289$727$401$50
44 years$3,541$2,113$1,210$671$364$43
45 years$3,423$2,015$1,136$620$331$37
46 years$3,311$1,922$1,067$573$300$32
47 years$3,204$1,835$1,003$529$273$27
48 years$3,101$1,751$942$489$247$23
49 years$3,003$1,672$886$452$225$20
50 years$2,910$1,598$833$418$204$17

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 $5,996 every year, while hoping to spend $23,633 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: 60/28/12 Blend
54$2,980,000$2,980,000$2,980,000$2,980,000
55$3,290,145$3,132,205$3,086,015$3,477,674
56$3,600,594$3,260,538$3,164,251$3,732,813
57$3,941,918$3,394,367$3,244,316$4,007,797
58$4,317,239$3,533,936$3,326,246$4,307,179
59$4,730,000$3,679,502$3,410,078$4,633,316
60$5,183,993$3,831,331$3,495,849$4,988,797
61$5,683,397$3,989,703$3,583,597$5,376,474
62$6,232,816$4,154,910$3,673,359$5,799,479
63$6,837,321$4,327,258$3,765,175$6,261,262
64$7,502,501$4,507,068$3,859,082$6,765,617
65$8,234,515$4,694,673$3,955,120$7,316,718
66$9,040,147$4,890,423$4,053,327$7,919,160
67$9,926,873$5,094,685$4,153,745$8,577,999
68$10,902,931$5,307,842$4,256,413$9,298,798
69$11,977,398$5,530,294$4,361,371$10,087,682
70$13,160,275$5,762,461$4,468,659$10,951,392
71$14,462,583$6,004,781$4,578,319$11,897,348
72$15,896,465$6,257,714$4,690,391$12,933,721
73$17,475,303$6,521,740$4,804,917$14,069,504
74$19,213,839$6,797,361$4,921,937$15,314,599
75$21,128,322$7,085,103$5,041,494$16,679,907
76$23,236,654$7,385,516$5,163,627$18,177,434
77$25,558,564$7,699,177$5,288,379$19,820,397
78$28,115,789$8,026,688$5,415,792$21,623,352
79$30,932,283$8,368,681$5,545,905$23,602,329
80$34,034,444$8,725,814$5,678,761$25,774,979
81$37,451,358$9,098,779$5,814,400$28,160,743
82$41,215,077$9,488,300$5,952,863$30,781,033
83$45,360,922$9,895,133$6,094,190$33,659,427
84$49,927,813$10,320,072$6,238,422$36,821,901
85$54,958,639$10,763,944$6,385,599$40,297,059
86$60,500,662$11,227,620$6,535,758$44,116,412
87$66,605,963$11,712,007$6,688,940$48,314,667
88$73,331,933$12,218,057$6,845,181$52,930,056
89$80,741,815$12,746,767$7,004,520$58,004,693
90$88,905,302$13,299,179$7,166,993$63,584,969
91$97,899,190$13,876,387$7,332,634$69,721,987
92$107,808,109$14,479,532$7,501,479$76,472,046
93$118,725,319$15,109,811$7,673,562$83,897,163
94$130,753,589$15,768,480$7,848,914$92,065,664
95$144,006,169$16,456,849$8,027,566$101,052,817
96$158,607,857$17,176,293$8,209,548$110,941,547
97$174,696,178$17,928,251$8,394,888$121,823,212
98$192,422,683$18,714,231$8,583,612$133,798,464
99$211,954,378$19,535,809$8,775,744$146,978,193
100$233,475,300$20,394,639$8,971,307$161,484,573