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

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 $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%18.9%
1 years$660,633$654,748$649,007$643,403$637,931$615,052
2 years$327,046$320,955$315,052$309,328$303,777$280,974
3 years$215,865$209,748$203,859$198,190$192,728$170,719
4 years$160,285$154,187$148,357$142,785$137,456$116,407
5 years$126,946$120,884$115,131$109,672$104,492$84,459
6 years$104,727$98,711$93,043$87,706$82,681$63,679
7 years$88,863$82,897$77,319$72,108$67,241$49,267
8 years$76,970$71,058$65,573$60,489$55,783$38,820
9 years$67,725$61,869$56,478$51,524$46,978$31,004
10 years$60,333$54,535$49,239$44,414$40,027$25,015
11 years$54,289$48,549$43,349$38,653$34,425$20,343
12 years$49,256$43,575$38,471$33,904$29,832$16,646
13 years$45,001$39,379$34,371$29,932$26,014$13,689
14 years$41,357$35,794$30,883$26,571$22,804$11,301
15 years$38,201$32,699$27,883$23,696$20,078$9,360
16 years$35,443$30,001$25,280$21,217$17,745$7,773
17 years$33,012$27,629$23,004$19,064$15,734$6,468
18 years$30,853$25,531$21,000$17,180$13,990$5,393
19 years$28,924$23,662$19,224$15,524$12,470$4,502
20 years$27,189$21,988$17,643$14,060$11,138$3,763
21 years$25,622$20,481$16,228$12,760$9,967$3,149
22 years$24,200$19,118$14,957$11,602$8,934$2,637
23 years$22,903$17,881$13,810$10,566$8,020$2,210
24 years$21,716$16,753$12,772$9,637$7,208$1,853
25 years$20,625$15,722$11,829$8,801$6,487$1,555
26 years$19,620$14,776$10,971$8,047$5,843$1,305
27 years$18,691$13,906$10,188$7,366$5,268$1,095
28 years$17,830$13,103$9,471$6,749$4,753$920
29 years$17,030$12,362$8,813$6,189$4,292$773
30 years$16,285$11,674$8,209$5,680$3,878$649
31 years$15,589$11,036$7,653$5,216$3,506$545
32 years$14,937$10,442$7,141$4,794$3,172$458
33 years$14,327$9,889$6,667$4,408$2,870$385
34 years$13,753$9,373$6,229$4,056$2,599$324
35 years$13,214$8,890$5,824$3,734$2,354$272
36 years$12,706$8,438$5,448$3,439$2,133$229
37 years$12,226$8,014$5,100$3,168$1,933$192
38 years$11,773$7,616$4,775$2,920$1,752$162
39 years$11,344$7,242$4,474$2,693$1,589$136
40 years$10,937$6,890$4,194$2,484$1,441$114
41 years$10,552$6,559$3,932$2,291$1,308$96
42 years$10,185$6,246$3,689$2,115$1,187$81
43 years$9,837$5,952$3,461$1,952$1,077$68
44 years$9,505$5,673$3,249$1,803$977$57
45 years$9,189$5,410$3,051$1,665$887$48
46 years$8,888$5,161$2,865$1,538$806$40
47 years$8,600$4,925$2,692$1,421$732$34
48 years$8,325$4,702$2,530$1,313$664$29
49 years$8,062$4,490$2,378$1,213$603$24
50 years$7,811$4,289$2,235$1,121$548$20

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 $5,134 every year, while hoping to spend $24,432 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: 72/13/15 Blend
55$8,000,000$8,000,000$8,000,000$8,000,000
56$8,821,296$8,397,296$8,273,296$9,426,427
57$9,695,072$8,782,768$8,524,456$10,213,873
58$10,657,155$9,186,309$8,783,211$11,072,442
59$11,716,526$9,608,779$9,049,789$12,012,000
60$12,883,082$10,051,079$9,324,427$13,040,558
61$14,167,727$10,514,153$9,607,366$14,166,935
62$15,582,480$10,998,991$9,898,857$15,400,840
63$17,140,580$11,506,629$10,199,157$16,752,962
64$18,856,621$12,038,155$10,508,530$18,235,066
65$20,746,680$12,594,709$10,827,250$19,860,107
66$22,828,477$13,177,485$11,155,597$21,642,352
67$25,121,533$13,787,734$11,493,862$23,597,506
68$27,647,365$14,426,768$11,842,342$25,742,865
69$30,429,680$15,095,963$12,201,344$28,097,475
70$33,494,603$15,796,761$12,571,185$30,682,311
71$36,870,923$16,530,673$12,952,190$33,520,471
72$40,590,363$17,299,282$13,344,694$36,637,394
73$44,687,883$18,104,249$13,749,044$40,061,098
74$49,202,004$18,947,314$14,165,594$43,822,441
75$54,175,178$19,830,303$14,594,711$47,955,411
76$59,654,185$20,755,126$15,036,773$52,497,445
77$65,690,575$21,723,790$15,492,168$57,489,777
78$72,341,154$22,738,396$15,961,295$62,977,830
79$79,668,521$23,801,147$16,444,568$69,011,636
80$87,741,660$24,914,353$16,942,411$75,646,310
81$96,636,587$26,080,434$17,455,260$82,942,567
82$106,437,074$27,301,930$17,983,566$90,967,287
83$117,235,432$28,581,502$18,527,792$99,794,151
84$129,133,388$29,921,938$19,088,415$109,504,327
85$142,243,045$31,326,163$19,665,928$120,187,236
86$156,687,935$32,797,245$20,260,836$131,941,392
87$172,604,191$34,338,396$20,873,661$144,875,327
88$190,141,828$35,952,988$21,504,938$159,108,612
89$209,466,163$37,644,553$22,155,222$174,772,983
90$230,759,371$39,416,795$22,825,082$192,013,579
91$254,222,208$41,273,599$23,515,103$210,990,308
92$280,075,903$43,219,035$24,225,889$231,879,353
93$308,564,251$45,257,374$24,958,062$254,874,826
94$339,955,909$47,393,090$25,712,261$280,190,603
95$374,546,937$49,630,876$26,489,147$308,062,331
96$412,663,589$51,975,653$27,289,397$338,749,649
97$454,665,394$54,432,579$28,113,712$372,538,634
98$500,948,552$57,007,064$28,962,809$409,744,497
99$551,949,672$59,704,777$29,837,431$450,714,549
100$608,149,893$62,531,667$30,738,340$495,831,474