Can I retire at age 54 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%17.1%
1 years$242,782$240,620$238,510$236,451$234,440$227,665
2 years$120,189$117,951$115,782$113,678$111,638$104,866
3 years$79,330$77,082$74,918$72,835$70,828$64,271
4 years$58,905$56,664$54,521$52,473$50,515$44,224
5 years$46,653$44,425$42,311$40,305$38,401$32,393
6 years$38,487$36,276$34,193$32,232$30,385$24,666
7 years$32,657$30,465$28,415$26,500$24,711$19,280
8 years$28,287$26,114$24,098$22,230$20,500$15,354
9 years$24,889$22,737$20,756$18,935$17,264$12,398
10 years$22,172$20,041$18,095$16,322$14,710$10,117
11 years$19,951$17,842$15,931$14,205$12,651$8,324
12 years$18,102$16,014$14,138$12,460$10,963$6,893
13 years$16,538$14,472$12,632$11,000$9,560$5,738
14 years$15,199$13,154$11,349$9,765$8,380$4,797
15 years$14,039$12,017$10,247$8,708$7,379$4,024
16 years$13,025$11,025$9,290$7,797$6,521$3,385
17 years$12,132$10,154$8,454$7,006$5,782$2,855
18 years$11,338$9,383$7,717$6,314$5,141$2,412
19 years$10,629$8,696$7,065$5,705$4,583$2,041
20 years$9,992$8,080$6,484$5,167$4,093$1,730
21 years$9,416$7,527$5,964$4,689$3,663$1,468
22 years$8,893$7,026$5,497$4,264$3,283$1,247
23 years$8,417$6,571$5,075$3,883$2,947$1,060
24 years$7,981$6,157$4,694$3,542$2,649$901
25 years$7,580$5,778$4,347$3,234$2,384$767
26 years$7,210$5,430$4,032$2,957$2,147$653
27 years$6,869$5,110$3,744$2,707$1,936$556
28 years$6,553$4,816$3,480$2,480$1,747$474
29 years$6,259$4,543$3,239$2,274$1,577$404
30 years$5,985$4,290$3,017$2,087$1,425$345
31 years$5,729$4,056$2,813$1,917$1,289$294
32 years$5,489$3,838$2,624$1,762$1,166$251
33 years$5,265$3,634$2,450$1,620$1,055$214
34 years$5,054$3,444$2,289$1,491$955$183
35 years$4,856$3,267$2,140$1,372$865$156
36 years$4,669$3,101$2,002$1,264$784$133
37 years$4,493$2,945$1,874$1,164$710$113
38 years$4,327$2,799$1,755$1,073$644$97
39 years$4,169$2,661$1,644$990$584$83
40 years$4,019$2,532$1,541$913$530$71
41 years$3,878$2,410$1,445$842$481$60
42 years$3,743$2,296$1,356$777$436$51
43 years$3,615$2,187$1,272$717$396$44
44 years$3,493$2,085$1,194$662$359$38
45 years$3,377$1,988$1,121$612$326$32
46 years$3,266$1,897$1,053$565$296$27
47 years$3,161$1,810$989$522$269$23
48 years$3,060$1,728$930$482$244$20
49 years$2,963$1,650$874$446$222$17
50 years$2,870$1,576$821$412$201$15

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 54 starting with $2,940,000, adding $2,232 every year, while hoping to spend $50,823 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: 65/15/20 Blend
53$2,940,000$2,940,000$2,940,000$2,940,000
54$3,242,182$3,086,362$3,040,792$3,436,361
55$3,518,810$3,183,519$3,088,584$3,664,205
56$3,821,950$3,283,733$3,136,272$3,907,107
57$4,154,253$3,387,100$3,183,802$4,171,366
58$4,518,638$3,493,720$3,231,111$4,459,077
59$4,918,322$3,603,694$3,278,136$4,772,545
60$5,356,845$3,717,130$3,324,808$5,114,310
61$5,838,108$3,834,134$3,371,054$5,487,168
62$6,366,409$3,954,820$3,416,797$5,894,200
63$6,946,479$4,079,303$3,461,957$6,338,796
64$7,583,534$4,207,703$3,506,446$6,824,694
65$8,283,316$4,340,142$3,550,174$7,356,007
66$9,052,154$4,476,748$3,593,044$7,937,268
67$9,897,017$4,617,652$3,634,955$8,573,470
68$10,825,585$4,762,989$3,675,798$9,270,113
69$11,846,317$4,912,899$3,715,460$10,033,255
70$12,968,535$5,067,524$3,753,821$10,869,570
71$14,202,506$5,227,013$3,790,755$11,786,412
72$15,559,545$5,391,520$3,826,128$12,791,880
73$17,052,116$5,561,202$3,859,801$13,894,900
74$18,693,952$5,736,221$3,891,624$15,105,303
75$20,500,185$5,916,745$3,921,443$16,433,924
76$22,487,486$6,102,948$3,949,094$17,892,697
77$24,674,225$6,295,008$3,974,404$19,494,772
78$27,080,641$6,493,109$3,997,192$21,254,640
79$29,729,035$6,697,440$4,017,267$23,188,266
80$32,643,980$6,908,198$4,034,429$25,313,239
81$35,852,551$7,125,584$4,048,467$27,648,943
82$39,384,581$7,349,808$4,059,160$30,216,734
83$43,272,943$7,581,083$4,066,276$33,040,146
84$47,553,858$7,819,631$4,069,571$36,145,108
85$52,267,239$8,065,680$4,068,790$39,560,194
86$57,457,066$8,319,468$4,063,663$43,316,888
87$63,171,801$8,581,235$4,053,910$47,449,884
88$69,464,843$8,851,234$4,039,234$51,997,410
89$76,395,035$9,129,723$4,019,327$57,001,593
90$84,027,218$9,416,968$3,993,863$62,508,852
91$92,432,839$9,713,245$3,962,503$68,570,341
92$101,690,631$10,018,837$3,924,889$75,242,426
93$111,887,352$10,334,036$3,880,650$82,587,221
94$123,118,604$10,659,145$3,829,393$90,673,172
95$135,489,733$10,994,475$3,770,709$99,575,705
96$149,116,828$11,340,347$3,704,170$109,377,935
97$164,127,812$11,697,091$3,629,327$120,171,455
98$180,663,649$12,065,049$3,545,710$132,057,193
99$198,879,678$12,444,573$3,452,828$145,146,374
100$218,947,075$12,836,027$3,350,168$159,561,561