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 $6,557 every year, while hoping to spend $58,970 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: 82/11/7 Blend
55$8,000,000$8,000,000$8,000,000$8,000,000
56$8,822,764$8,398,764$8,274,764$9,539,755
57$9,659,942$8,747,559$8,489,225$10,358,377
58$10,580,536$9,111,470$8,708,893$11,248,327
59$11,592,992$9,491,173$8,933,883$12,223,499
60$12,706,615$9,887,379$9,164,306$13,292,394
61$13,931,659$10,300,830$9,400,280$14,464,371
62$15,279,420$10,732,302$9,641,921$15,749,735
63$16,762,345$11,182,609$9,889,349$17,159,837
64$18,394,147$11,652,600$10,142,685$18,707,177
65$20,189,938$12,143,165$10,402,053$20,405,519
66$22,166,366$12,655,234$10,667,576$22,270,027
67$24,341,777$13,189,782$10,939,382$24,317,400
68$26,736,385$13,747,828$11,217,597$26,566,030
69$29,372,463$14,330,439$11,502,354$29,036,178
70$32,274,553$14,938,729$11,793,782$31,750,159
71$35,469,699$15,573,868$12,092,015$34,732,555
72$38,987,699$16,237,078$12,397,187$38,010,444
73$42,861,387$16,929,638$12,709,436$41,613,655
74$47,126,945$17,652,887$13,028,899$45,575,048
75$51,824,242$18,408,226$13,355,715$49,930,822
76$56,997,208$19,197,124$13,690,026$54,720,854
77$62,694,255$20,021,114$14,031,973$59,989,077
78$68,968,725$20,881,805$14,381,700$65,783,891
79$75,879,401$21,780,879$14,739,353$72,158,619
80$83,491,055$22,720,097$15,105,076$79,172,006
81$91,875,064$23,701,304$15,479,018$86,888,775
82$101,110,082$24,726,429$15,861,327$95,380,234
83$111,282,780$25,797,494$16,252,151$104,724,947
84$122,488,667$26,916,614$16,651,641$115,009,476
85$134,832,988$28,086,005$17,059,948$126,329,190
86$148,431,720$29,307,986$17,477,223$138,789,171
87$163,412,664$30,584,986$17,903,619$152,505,195
88$179,916,653$31,919,548$18,339,287$167,604,831
89$198,098,879$33,314,334$18,784,382$184,228,636
90$218,130,361$34,772,132$19,239,054$202,531,480
91$240,199,554$36,295,863$19,703,459$222,684,008
92$264,514,131$37,888,583$20,177,747$244,874,247
93$291,302,943$39,553,494$20,662,072$269,309,377
94$320,818,178$41,293,949$21,156,586$296,217,682
95$353,337,740$43,113,461$21,661,440$325,850,705
96$389,167,874$45,015,706$22,176,783$358,485,617
97$428,646,058$47,004,536$22,702,766$394,427,832
98$472,144,183$49,083,985$23,239,535$434,013,882
99$520,072,067$51,258,278$23,787,238$477,614,595
100$572,881,325$53,531,840$24,346,017$525,638,588