Can I retire at age 54 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%13.1%
1 years$246,086$243,894$241,755$239,668$237,629$234,563
2 years$121,825$119,556$117,357$115,225$113,157$110,072
3 years$80,410$78,131$75,938$73,826$71,791$68,783
4 years$59,706$57,435$55,263$53,187$51,202$48,295
5 years$47,287$45,029$42,886$40,853$38,923$36,125
6 years$39,011$36,770$34,659$32,670$30,799$28,112
7 years$33,101$30,879$28,801$26,860$25,047$22,475
8 years$28,671$26,469$24,426$22,532$20,779$18,319
9 years$25,228$23,046$21,038$19,193$17,499$15,151
10 years$22,474$20,314$18,341$16,544$14,910$12,673
11 years$20,223$18,084$16,148$14,398$12,823$10,694
12 years$18,348$16,232$14,331$12,629$11,112$9,089
13 years$16,763$14,669$12,803$11,150$9,690$7,770
14 years$15,405$13,333$11,504$9,898$8,494$6,675
15 years$14,230$12,180$10,386$8,827$7,479$5,757
16 years$13,203$11,175$9,417$7,903$6,610$4,982
17 years$12,297$10,292$8,569$7,101$5,861$4,324
18 years$11,493$9,510$7,822$6,400$5,211$3,761
19 years$10,774$8,814$7,161$5,783$4,645$3,279
20 years$10,128$8,190$6,572$5,237$4,149$2,864
21 years$9,544$7,629$6,045$4,753$3,713$2,505
22 years$9,014$7,121$5,571$4,322$3,328$2,194
23 years$8,531$6,661$5,144$3,936$2,987$1,924
24 years$8,089$6,240$4,757$3,590$2,685$1,689
25 years$7,683$5,856$4,406$3,278$2,416$1,484
26 years$7,309$5,504$4,087$2,998$2,176$1,305
27 years$6,963$5,180$3,795$2,744$1,962$1,148
28 years$6,642$4,881$3,528$2,514$1,771$1,011
29 years$6,344$4,605$3,283$2,305$1,599$890
30 years$6,066$4,349$3,058$2,116$1,445$785
31 years$5,807$4,111$2,851$1,943$1,306$692
32 years$5,564$3,890$2,660$1,786$1,181$610
33 years$5,337$3,684$2,484$1,642$1,069$538
34 years$5,123$3,491$2,320$1,511$968$475
35 years$4,922$3,311$2,169$1,391$877$419
36 years$4,733$3,143$2,029$1,281$794$370
37 years$4,554$2,985$1,900$1,180$720$327
38 years$4,385$2,837$1,779$1,088$653$288
39 years$4,226$2,698$1,667$1,003$592$255
40 years$4,074$2,567$1,562$925$537$225
41 years$3,930$2,443$1,465$854$487$199
42 years$3,794$2,327$1,374$788$442$176
43 years$3,664$2,217$1,289$727$401$155
44 years$3,541$2,113$1,210$671$364$137
45 years$3,423$2,015$1,136$620$331$121
46 years$3,311$1,922$1,067$573$300$107
47 years$3,204$1,835$1,003$529$273$95
48 years$3,101$1,751$942$489$247$84
49 years$3,003$1,672$886$452$225$74
50 years$2,910$1,598$833$418$204$65

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 54 starting with $2,980,000, adding $2,168 every year, while hoping to spend $40,163 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: 61/15/24 Blend
53$2,980,000$2,980,000$2,980,000$2,980,000
54$3,286,196$3,128,256$3,082,066$3,465,580
55$3,578,655$3,238,808$3,142,582$3,698,073
56$3,899,599$3,353,430$3,203,780$3,947,137
57$4,251,890$3,472,280$3,265,639$4,218,107
58$4,638,683$3,595,522$3,328,138$4,513,122
59$5,063,451$3,723,326$3,391,253$4,834,540
60$5,530,022$3,855,867$3,454,959$5,184,953
61$6,042,611$3,993,332$3,519,227$5,567,219
62$6,605,863$4,135,911$3,584,026$5,984,482
63$7,224,895$4,283,803$3,649,324$6,440,204
64$7,905,342$4,437,218$3,715,085$6,938,199
65$8,653,415$4,596,370$3,781,268$7,482,666
66$9,475,956$4,761,485$3,847,834$8,078,228
67$10,380,503$4,932,797$3,914,736$8,729,980
68$11,375,361$5,110,550$3,981,926$9,443,530
69$12,469,680$5,294,999$4,049,352$10,225,057
70$13,673,541$5,486,408$4,116,959$11,081,366
71$14,998,052$5,685,052$4,184,688$12,019,951
72$16,455,453$5,891,220$4,252,474$13,049,071
73$18,059,228$6,105,208$4,320,251$14,177,820
74$19,824,236$6,327,330$4,387,946$15,416,218
75$21,766,848$6,557,909$4,455,482$16,775,302
76$23,905,104$6,797,283$4,522,778$18,267,232
77$26,258,879$7,045,805$4,589,746$19,905,403
78$28,850,077$7,303,841$4,656,294$21,704,573
79$31,702,829$7,571,775$4,722,325$23,681,001
80$34,843,729$7,850,003$4,787,734$25,852,600
81$38,302,078$8,138,941$4,852,411$28,239,105
82$42,110,163$8,439,023$4,916,241$30,862,261
83$46,303,564$8,750,699$4,979,098$33,746,023
84$50,921,483$9,074,438$5,040,854$36,916,788
85$56,007,121$9,410,733$5,101,369$40,403,638
86$61,608,081$9,760,092$5,160,499$44,238,619
87$67,776,818$10,123,050$5,218,089$48,457,037
88$74,571,135$10,500,161$5,273,976$53,097,795
89$82,054,727$10,892,005$5,327,990$58,203,760
90$90,297,780$11,299,184$5,379,949$63,822,163
91$99,377,640$11,722,331$5,429,664$70,005,049
92$109,379,534$12,162,100$5,476,932$76,809,763
93$120,397,381$12,619,177$5,521,543$84,299,496
94$132,534,673$13,094,276$5,563,275$92,543,874
95$145,905,458$13,588,143$5,601,893$101,619,622
96$160,635,408$14,101,556$5,637,150$111,611,281
97$176,863,013$14,635,325$5,668,787$122,612,010
98$194,740,881$15,190,297$5,696,532$134,724,461
99$214,437,183$15,767,354$5,720,099$148,061,752
100$236,137,240$16,367,418$5,739,186$162,748,527