Can I retire at age 54 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%12.4%
1 years$245,260$243,075$240,944$238,863$236,832$234,456
2 years$121,416$119,154$116,963$114,838$112,777$110,384
3 years$80,140$77,869$75,683$73,578$71,550$69,215
4 years$59,506$57,242$55,078$53,009$51,030$48,770
5 years$47,129$44,878$42,743$40,716$38,792$36,614
6 years$38,880$36,646$34,542$32,561$30,695$28,601
7 years$32,990$30,776$28,705$26,770$24,963$22,954
8 years$28,575$26,380$24,344$22,457$20,710$18,786
9 years$25,143$22,969$20,967$19,128$17,440$15,601
10 years$22,399$20,246$18,280$16,489$14,860$13,104
11 years$20,155$18,024$16,093$14,350$12,780$11,106
12 years$18,286$16,177$14,282$12,587$11,075$9,481
13 years$16,707$14,619$12,760$11,112$9,658$8,142
14 years$15,354$13,289$11,465$9,864$8,466$7,027
15 years$14,182$12,139$10,352$8,797$7,454$6,089
16 years$13,158$11,138$9,385$7,877$6,588$5,295
17 years$12,256$10,257$8,540$7,077$5,841$4,618
18 years$11,454$9,478$7,796$6,378$5,194$4,038
19 years$10,738$8,784$7,137$5,763$4,629$3,538
20 years$10,094$8,163$6,550$5,220$4,135$3,106
21 years$9,512$7,603$6,025$4,737$3,700$2,731
22 years$8,984$7,098$5,553$4,307$3,317$2,405
23 years$8,503$6,638$5,127$3,923$2,977$2,120
24 years$8,062$6,220$4,742$3,578$2,676$1,871
25 years$7,657$5,837$4,392$3,267$2,408$1,653
26 years$7,284$5,486$4,073$2,987$2,169$1,462
27 years$6,939$5,163$3,782$2,735$1,956$1,293
28 years$6,619$4,865$3,516$2,505$1,765$1,145
29 years$6,322$4,589$3,272$2,298$1,593$1,014
30 years$6,046$4,334$3,048$2,109$1,440$899
31 years$5,787$4,097$2,841$1,937$1,302$797
32 years$5,545$3,877$2,651$1,780$1,177$707
33 years$5,319$3,671$2,475$1,637$1,066$627
34 years$5,106$3,480$2,313$1,506$965$557
35 years$4,906$3,300$2,162$1,386$874$494
36 years$4,717$3,132$2,023$1,277$792$439
37 years$4,539$2,975$1,893$1,176$718$390
38 years$4,371$2,827$1,773$1,084$651$346
39 years$4,211$2,689$1,661$1,000$590$308
40 years$4,060$2,558$1,557$922$535$273
41 years$3,917$2,435$1,460$851$485$243
42 years$3,781$2,319$1,369$785$441$216
43 years$3,652$2,210$1,285$725$400$192
44 years$3,529$2,106$1,206$669$363$171
45 years$3,411$2,008$1,133$618$329$152
46 years$3,300$1,916$1,064$571$299$135
47 years$3,193$1,828$999$527$272$120
48 years$3,091$1,745$939$487$247$107
49 years$2,993$1,667$883$450$224$95
50 years$2,900$1,592$830$416$203$84

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 54 starting with $2,970,000, adding $5,671 every year, while hoping to spend $42,057 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: 49/21/30 Blend
53$2,970,000$2,970,000$2,970,000$2,970,000
54$3,278,790$3,121,380$3,075,345$3,411,189
55$3,568,478$3,229,579$3,133,620$3,613,076
56$3,886,305$3,341,670$3,192,439$3,827,725
57$4,235,096$3,457,800$3,251,774$4,060,146
58$4,617,964$3,578,121$3,311,596$4,312,046
59$5,038,338$3,702,790$3,371,876$4,585,302
60$5,499,994$3,831,973$3,432,580$4,881,978
61$6,007,093$3,965,839$3,493,671$5,204,347
62$6,564,218$4,104,567$3,555,110$5,554,913
63$7,176,418$4,248,341$3,616,857$5,936,429
64$7,849,257$4,397,353$3,678,865$6,351,927
65$8,588,862$4,551,804$3,741,088$6,804,746
66$9,401,984$4,711,901$3,803,473$7,298,561
67$10,296,062$4,877,860$3,865,965$7,837,419
68$11,279,291$5,049,905$3,928,505$8,425,777
69$12,360,699$5,228,272$3,991,031$9,068,543
70$13,550,236$5,413,202$4,053,475$9,771,121
71$14,858,860$5,604,949$4,115,767$10,539,464
72$16,298,649$5,803,777$4,177,831$11,380,126
73$17,882,909$6,009,959$4,239,585$12,300,330
74$19,626,299$6,223,781$4,300,945$13,308,026
75$21,544,974$6,445,539$4,361,819$14,411,976
76$23,656,733$6,675,542$4,422,112$15,621,829
77$25,981,188$6,914,112$4,481,721$16,948,215
78$28,539,949$7,161,582$4,540,538$18,402,842
79$31,356,826$7,418,303$4,598,449$19,998,610
80$34,458,058$7,684,635$4,655,332$21,749,729
81$37,872,555$7,960,957$4,711,061$23,671,853
82$41,632,173$8,247,662$4,765,499$25,782,231
83$45,772,016$8,545,158$4,818,504$28,099,862
84$50,330,764$8,853,873$4,869,926$30,645,681
85$55,351,039$9,174,250$4,919,606$33,442,752
86$60,879,808$9,506,751$4,967,376$36,516,486
87$66,968,824$9,851,858$5,013,059$39,894,880
88$73,675,118$10,210,073$5,056,470$43,608,783
89$81,061,531$10,581,918$5,097,413$47,692,182
90$89,197,312$10,967,936$5,135,681$52,182,526
91$98,158,769$11,368,697$5,171,058$57,121,080
92$108,029,990$11,784,789$5,203,315$62,553,306
93$118,903,635$12,216,829$5,232,211$68,529,303
94$130,881,810$12,665,459$5,257,495$75,104,268
95$144,077,035$13,131,346$5,278,901$82,339,025
96$158,613,299$13,615,189$5,296,151$90,300,594
97$174,627,235$14,117,712$5,308,951$99,062,822
98$192,269,407$14,639,674$5,316,995$108,707,083
99$211,705,731$15,181,863$5,319,959$119,323,044
100$233,119,043$15,745,102$5,317,505$131,009,507