Can I retire at age 56 with 8,000,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $8,000,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.7%
1 years$660,633$654,748$649,007$643,403$637,931$618,006
2 years$327,046$320,955$315,052$309,328$303,777$283,879
3 years$215,865$209,748$203,859$198,190$192,728$173,484
4 years$160,285$154,187$148,357$142,785$137,456$119,011
5 years$126,946$120,884$115,131$109,672$104,492$86,896
6 years$104,727$98,711$93,043$87,706$82,681$65,950
7 years$88,863$82,897$77,319$72,108$67,241$51,374
8 years$76,970$71,058$65,573$60,489$55,783$40,769
9 years$67,725$61,869$56,478$51,524$46,978$32,800
10 years$60,333$54,535$49,239$44,414$40,027$26,665
11 years$54,289$48,549$43,349$38,653$34,425$21,854
12 years$49,256$43,575$38,471$33,904$29,832$18,026
13 years$45,001$39,379$34,371$29,932$26,014$14,945
14 years$41,357$35,794$30,883$26,571$22,804$12,442
15 years$38,201$32,699$27,883$23,696$20,078$10,393
16 years$35,443$30,001$25,280$21,217$17,745$8,706
17 years$33,012$27,629$23,004$19,064$15,734$7,309
18 years$30,853$25,531$21,000$17,180$13,990$6,148
19 years$28,924$23,662$19,224$15,524$12,470$5,180
20 years$27,189$21,988$17,643$14,060$11,138$4,370
21 years$25,622$20,481$16,228$12,760$9,967$3,690
22 years$24,200$19,118$14,957$11,602$8,934$3,120
23 years$22,903$17,881$13,810$10,566$8,020$2,639
24 years$21,716$16,753$12,772$9,637$7,208$2,234
25 years$20,625$15,722$11,829$8,801$6,487$1,892
26 years$19,620$14,776$10,971$8,047$5,843$1,604
27 years$18,691$13,906$10,188$7,366$5,268$1,359
28 years$17,830$13,103$9,471$6,749$4,753$1,153
29 years$17,030$12,362$8,813$6,189$4,292$978
30 years$16,285$11,674$8,209$5,680$3,878$830
31 years$15,589$11,036$7,653$5,216$3,506$704
32 years$14,937$10,442$7,141$4,794$3,172$598
33 years$14,327$9,889$6,667$4,408$2,870$507
34 years$13,753$9,373$6,229$4,056$2,599$431
35 years$13,214$8,890$5,824$3,734$2,354$366
36 years$12,706$8,438$5,448$3,439$2,133$311
37 years$12,226$8,014$5,100$3,168$1,933$264
38 years$11,773$7,616$4,775$2,920$1,752$224
39 years$11,344$7,242$4,474$2,693$1,589$190
40 years$10,937$6,890$4,194$2,484$1,441$162
41 years$10,552$6,559$3,932$2,291$1,308$137
42 years$10,185$6,246$3,689$2,115$1,187$117
43 years$9,837$5,952$3,461$1,952$1,077$99
44 years$9,505$5,673$3,249$1,803$977$84
45 years$9,189$5,410$3,051$1,665$887$72
46 years$8,888$5,161$2,865$1,538$806$61
47 years$8,600$4,925$2,692$1,421$732$52
48 years$8,325$4,702$2,530$1,313$664$44
49 years$8,062$4,490$2,378$1,213$603$37
50 years$7,811$4,289$2,235$1,121$548$32

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $8,000,000, adding $2,436 every year, while hoping to spend $27,087 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: 32/47/21 Blend
55$8,000,000$8,000,000$8,000,000$8,000,000
56$8,818,513$8,394,513$8,270,513$9,043,340
57$9,689,181$8,777,023$8,518,755$9,594,804
58$10,647,749$9,177,369$8,774,405$10,185,758
59$11,703,155$9,596,396$9,037,683$10,821,728
60$12,865,246$10,034,989$9,308,814$11,506,673
61$14,144,874$10,494,076$9,588,033$12,244,927
62$15,553,996$10,974,631$9,875,577$13,041,240
63$17,105,789$11,477,673$10,171,694$13,900,813
64$18,814,771$12,004,271$10,476,638$14,829,349
65$20,696,942$12,555,544$10,790,669$15,833,098
66$22,769,930$13,132,666$11,114,056$16,918,915
67$25,053,163$13,736,867$11,447,077$18,094,316
68$27,568,048$14,369,435$11,790,016$19,367,547
69$30,338,174$15,031,723$12,143,167$20,747,658
70$33,389,536$15,725,145$12,506,831$22,244,579
71$36,750,778$16,451,187$12,881,319$23,869,210
72$40,453,465$17,211,403$13,266,952$25,633,518
73$44,532,381$18,007,424$13,664,057$27,550,646
74$49,025,855$18,840,959$14,072,974$29,635,025
75$53,976,125$19,713,799$14,494,052$31,902,510
76$59,429,736$20,627,821$14,927,649$34,370,517
77$65,437,979$21,584,995$15,374,135$37,058,185
78$72,057,375$22,587,381$15,833,890$39,986,544
79$79,350,208$23,637,144$16,307,306$43,178,710
80$87,385,114$24,736,548$16,794,786$46,660,091
81$96,237,727$25,887,971$17,296,743$50,458,621
82$105,991,396$27,093,902$17,813,604$54,605,012
83$116,737,968$28,356,953$18,345,810$59,133,036
84$128,578,657$29,679,860$18,893,810$64,079,832
85$141,624,999$31,065,492$19,458,072$69,486,248
86$155,999,904$32,516,856$20,039,073$75,397,214
87$171,838,818$34,037,106$20,637,305$81,862,155
88$189,290,999$35,629,546$21,253,277$88,935,444
89$208,520,928$37,297,641$21,887,509$96,676,907
90$229,709,861$39,045,024$22,540,539$105,152,368
91$253,057,539$40,875,502$23,212,919$114,434,262
92$278,784,074$42,793,067$23,905,217$124,602,301
93$307,132,027$44,801,905$24,618,020$135,744,213
94$338,368,699$46,906,404$25,351,929$147,956,552
95$372,788,652$49,111,163$26,107,564$161,345,594
96$410,716,489$51,421,005$26,885,562$176,028,326
97$452,509,923$53,840,986$27,686,581$192,133,526
98$498,563,148$56,376,408$28,511,294$209,802,963
99$549,310,565$59,032,827$29,360,398$229,192,714
100$605,230,878$61,816,071$30,234,607$250,474,620