Can I retire at age 53 with 2,970,000?

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 $2,970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%20%
1 years$245,260$243,075$240,944$238,863$236,832$227,346
2 years$121,416$119,154$116,963$114,838$112,777$103,339
3 years$80,140$77,869$75,683$73,578$71,550$62,458
4 years$59,506$57,242$55,078$53,009$51,030$42,352
5 years$47,129$44,878$42,743$40,716$38,792$30,551
6 years$38,880$36,646$34,542$32,561$30,695$22,895
7 years$32,990$30,776$28,705$26,770$24,963$17,602
8 years$28,575$26,380$24,344$22,457$20,710$13,779
9 years$25,143$22,969$20,967$19,128$17,440$10,931
10 years$22,399$20,246$18,280$16,489$14,860$8,758
11 years$20,155$18,024$16,093$14,350$12,780$7,071
12 years$18,286$16,177$14,282$12,587$11,075$5,744
13 years$16,707$14,619$12,760$11,112$9,658$4,688
14 years$15,354$13,289$11,465$9,864$8,466$3,841
15 years$14,182$12,139$10,352$8,797$7,454$3,156
16 years$13,158$11,138$9,385$7,877$6,588$2,600
17 years$12,256$10,257$8,540$7,077$5,841$2,146
18 years$11,454$9,478$7,796$6,378$5,194$1,775
19 years$10,738$8,784$7,137$5,763$4,629$1,469
20 years$10,094$8,163$6,550$5,220$4,135$1,218
21 years$9,512$7,603$6,025$4,737$3,700$1,010
22 years$8,984$7,098$5,553$4,307$3,317$839
23 years$8,503$6,638$5,127$3,923$2,977$697
24 years$8,062$6,220$4,742$3,578$2,676$579
25 years$7,657$5,837$4,392$3,267$2,408$482
26 years$7,284$5,486$4,073$2,987$2,169$401
27 years$6,939$5,163$3,782$2,735$1,956$333
28 years$6,619$4,865$3,516$2,505$1,765$278
29 years$6,322$4,589$3,272$2,298$1,593$231
30 years$6,046$4,334$3,048$2,109$1,440$192
31 years$5,787$4,097$2,841$1,937$1,302$160
32 years$5,545$3,877$2,651$1,780$1,177$133
33 years$5,319$3,671$2,475$1,637$1,066$111
34 years$5,106$3,480$2,313$1,506$965$93
35 years$4,906$3,300$2,162$1,386$874$77
36 years$4,717$3,132$2,023$1,277$792$64
37 years$4,539$2,975$1,893$1,176$718$54
38 years$4,371$2,827$1,773$1,084$651$45
39 years$4,211$2,689$1,661$1,000$590$37
40 years$4,060$2,558$1,557$922$535$31
41 years$3,917$2,435$1,460$851$485$26
42 years$3,781$2,319$1,369$785$441$21
43 years$3,652$2,210$1,285$725$400$18
44 years$3,529$2,106$1,206$669$363$15
45 years$3,411$2,008$1,133$618$329$12
46 years$3,300$1,916$1,064$571$299$10
47 years$3,193$1,828$999$527$272$9
48 years$3,091$1,745$939$487$247$7
49 years$2,993$1,667$883$450$224$6
50 years$2,900$1,592$830$416$203$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 53 starting with $2,970,000, adding $6,087 every year, while hoping to spend $46,417 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: 27/49/24 Blend
52$2,970,000$2,970,000$2,970,000$2,970,000
53$3,279,219$3,121,809$3,075,774$3,342,880
54$3,564,312$3,225,390$3,129,425$3,497,574
55$3,876,928$3,332,491$3,183,318$3,659,101
56$4,219,827$3,443,235$3,237,411$3,831,564
57$4,596,047$3,557,751$3,291,661$4,015,921
58$5,008,933$3,676,170$3,346,021$4,213,225
59$5,462,173$3,798,631$3,400,442$4,424,632
60$5,959,826$3,925,276$3,454,868$4,651,408
61$6,506,367$4,056,252$3,509,244$4,894,948
62$7,106,721$4,191,714$3,563,509$5,156,781
63$7,766,318$4,331,819$3,617,598$5,438,588
64$8,491,137$4,476,733$3,671,442$5,742,216
65$9,287,766$4,626,626$3,724,968$6,069,694
66$10,163,463$4,781,675$3,778,100$6,423,256
67$11,126,224$4,942,065$3,830,754$6,805,352
68$12,184,859$5,107,986$3,882,844$7,218,683
69$13,349,072$5,279,636$3,934,277$7,666,213
70$14,629,559$5,457,219$3,984,957$8,151,206
71$16,038,099$5,640,948$4,034,778$8,677,252
72$17,587,675$5,831,044$4,083,633$9,248,300
73$19,292,589$6,027,737$4,131,406$9,868,693
74$21,168,600$6,231,263$4,177,975$10,543,214
75$23,233,071$6,441,868$4,223,211$11,277,123
76$25,505,134$6,659,810$4,266,978$12,076,211
77$28,005,870$6,885,353$4,309,134$12,946,851
78$30,758,507$7,118,773$4,349,528$13,896,058
79$33,788,637$7,360,355$4,388,000$14,931,557
80$37,124,462$7,610,397$4,424,382$16,061,848
81$40,797,058$7,869,207$4,458,499$17,296,293
82$44,840,664$8,137,104$4,490,165$18,645,198
83$49,293,010$8,414,421$4,519,184$20,119,911
84$54,195,672$8,701,502$4,545,352$21,732,930
85$59,594,460$8,998,706$4,568,451$23,498,016
86$65,539,856$9,306,403$4,588,255$25,430,324
87$72,087,486$9,624,981$4,604,526$27,546,543
88$79,298,644$9,954,840$4,617,012$29,865,057
89$87,240,875$10,296,396$4,625,451$32,406,112
90$95,988,607$10,650,083$4,629,567$35,192,006
91$105,623,857$11,016,349$4,629,069$38,247,302
92$116,237,001$11,395,660$4,623,654$41,599,055
93$127,927,630$11,788,503$4,613,001$45,277,069
94$140,805,489$12,195,380$4,596,777$49,314,173
95$154,991,510$12,616,815$4,574,631$53,746,531
96$170,618,958$13,053,352$4,546,194$58,613,983
97$187,834,682$13,505,557$4,511,082$63,960,419
98$206,800,506$13,974,016$4,468,890$69,834,189
99$227,694,755$14,459,340$4,419,195$76,288,562
100$250,713,936$14,962,164$4,361,554$83,382,223