Can I retire at age 57 with 2,940,000?

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 $2,940,000?

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 57 starting with $2,940,000, adding $2,548 every year, while hoping to spend $45,810 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: 31/40/29 Blend
56$2,940,000$2,940,000$2,940,000$2,940,000
57$3,242,508$3,086,688$3,041,118$3,314,189
58$3,524,503$3,189,195$3,094,254$3,472,591
59$3,833,725$3,295,188$3,147,635$3,638,795
60$4,172,904$3,404,792$3,201,220$3,816,812
61$4,545,047$3,518,132$3,254,967$4,007,709
62$4,953,462$3,635,342$3,308,829$4,212,659
63$5,401,798$3,756,556$3,362,757$4,432,950
64$5,894,071$3,881,917$3,416,699$4,669,998
65$6,434,706$4,011,571$3,470,599$4,925,361
66$7,028,579$4,145,671$3,524,397$5,200,748
67$7,681,059$4,284,374$3,578,029$5,498,042
68$8,398,063$4,427,844$3,631,429$5,819,313
69$9,186,107$4,576,250$3,684,523$6,166,837
70$10,052,372$4,729,768$3,737,237$6,543,117
71$11,004,768$4,888,581$3,789,489$6,950,909
72$12,052,011$5,052,878$3,841,193$7,393,244
73$13,203,703$5,222,856$3,892,260$7,873,457
74$14,470,422$5,398,717$3,942,592$8,395,220
75$15,863,825$5,580,674$3,992,089$8,962,572
76$17,396,754$5,768,946$4,040,642$9,579,960
77$19,083,358$5,963,759$4,088,139$10,252,281
78$20,939,228$6,165,351$4,134,459$10,984,923
79$22,981,542$6,373,966$4,179,476$11,783,819
80$25,229,227$6,589,858$4,223,057$12,655,503
81$27,703,138$6,813,292$4,265,059$13,607,167
82$30,426,255$7,044,540$4,305,336$14,646,732
83$33,423,898$7,283,887$4,343,729$15,782,921
84$36,723,967$7,531,629$4,380,076$17,025,340
85$40,357,204$7,788,071$4,414,200$18,384,567
86$44,357,484$8,053,532$4,445,921$19,872,253
87$48,762,134$8,328,341$4,475,046$21,501,231
88$53,612,284$8,612,842$4,501,372$23,285,636
89$58,953,256$8,907,390$4,524,687$25,241,037
90$64,834,991$9,212,356$4,544,768$27,384,582
91$71,312,522$9,528,123$4,561,379$29,735,163
92$78,446,488$9,855,090$4,574,274$32,313,589
93$86,303,711$10,193,671$4,583,194$35,142,784
94$94,957,825$10,544,296$4,587,866$38,248,002
95$104,489,969$10,907,413$4,588,006$41,657,065
96$114,989,556$11,283,485$4,583,313$45,400,622
97$126,555,110$11,672,996$4,573,474$49,512,440
98$139,295,205$12,076,446$4,558,159$54,029,723
99$153,329,481$12,494,357$4,537,023$58,993,456
100$168,789,777$12,927,270$4,509,702$64,448,798