How long will $800,000 last in retirement: a complete guide

1 min readLast updated June 4, 2024by Rachel Carey

From retirement income taxes to wealth-increasing tips, here is everything you need to know if you plan to retire with $800k.


  • If you plan on spending $60,000 or less annually in retirement, $800,000 will be more than enough.

  • You can retire early, at age 50, with $800,000 if you budget and plan correctly.

  • There are a number of ways you can increase your retirement savings before retirement to ensure you have enough money throughout your golden years.

  • financial advisor can help you develop a retirement plan that aligns with your goals and makes the most of your savings.  

Can you retire on $800k?

Yes, $800k provides a healthy nest egg that allows for annual withdrawals of around $60,000 or below, spanning 20 years.  

Want to retire on $800k?

A financial advisor can build a personalized retirement plan to help you achieve your goals.

If this is sufficient to cover your retirement lifestyle, then $800k gives you an adequate buffer.

Considering an average annual return of 6% before taxes and a federal marginal tax bracket of 33%, the table below provides a breakdown of whether $800,000 is enough based on various annual spending scenarios:

Initial SavingsAnnual SpendingIs $800k enough?Ending Balance after 20 years
$30,000 Yes $1,045,635
$40,000 Yes $715,480
$800,000 $50,000 Yes $385,326
$60,000 Barely $55,171
$70,000 No Savings run out after 16 years

So, with an initial $800k nest egg, you could potentially withdraw between $40k-60k per year over 20 years before completely depleting your retirement savings.

Consulting with an experienced financial advisor can provide tailored advice to assess your retirement needs based on your situation. Match with a financial advisor below.

How long will $800k last in retirement?

The duration will vary based on your age at retirement and actual spending levels each year.

Assuming a 6% average annual return before taxes and a 22% tax rate, see projections below:

Annual spendingYears it will lastTotal interestTotal withdrawalTotal taxes
$30,000* Beyond 30 years $1,777,587 $900,000 $391,070
$40,000* Beyond 30 years $1,343,840 $1,200,000 $291,244
$50,000 29 years $869,747 $1,450,000 $191,347
$60,000 20 years $583,554 $1,200,000 $128,380
$70,000 16 years $444,590 $1,120,000 $97,808

*The amounts for total interest, withdrawals, and taxes are for 30 years.

With $800k initially saved, you could withdraw up to $60k annually and still have your portfolio last 20 years and beyond.

The higher your spending amount, the faster your savings get depleted. Assessing your specific retirement costs and life expectancy is key to determining how much you should withdraw each year.

Try our retirement calculator
Put in your details and our retirement calculator will tell you if you are on track for retirement

Can I retire on $800k plus Social Security?

As we have established, retiring on $800k is entirely feasible. With the addition of Social Security benefits, this becomes even more possible.

Adding in the current average annual Social Security benefit of approximately $22,800 ($1,900 per month) increases your stable retirement income streams. This gives you more options when determining a withdrawal rate from your $800k savings.

For example, withdrawing $60,000 per year from your savings plus collecting $22,800 from Social Security provides $82,800 in annual retirement income.

Remember, Social Security benefits can be taxed, so it's important to optimize their combination with your savings in a tax-efficient manner. 

Meeting with a financial advisor can help determine the ideal personalized strategy for your $800k retirement account plus your Social Security income situation.

What are the income taxes applicable to retirees with $800k?

Determining the tax implications of your retirement income is an important part of financial planning when you have $800,000 saved.

If you withdraw funds gradually over 20+ years, several key factors impact how much you will owe:

  • Your tax filing status (single, married, filing jointly, etc.)

  • Your state of residence

  • The source of retirement funds (pre-tax IRA, Roth IRA, etc.)

  • Total annual retirement income amount

For example, if you retire at 65 and distribute the $800,000 evenly over 20 years, you would receive around $60,000 annually ($5,000 monthly). Assuming you file taxes as a single person, this income would place you in the 22% federal bracket plus applicable state taxes.

Consulting a financial planner can help you optimize sources and taxation to maximize your long-term withdrawal rate.

Can you retire at 50 with $800k?

It is certainly possible to retire by age 50 with $800,000 in the bank.

As the above table shows, $800,000 in savings can last between 20 and 30+ years, depending on how much you spend each year.

Using these calculations, if you retire at 50 and need savings to last for 30+ years until you are aged 80 or older, you can withdraw up to $40,000 annually, or approximately $3,333 monthly.

While $40,000 annually is not an extravagant retirement income, strict budgeting and modest living expenses should allow you to leave your career early.

3 ways to increase your retirement savings

You may now want to figure out how to increase your savings, growing that $800,000 to $1 million or more to give yourself some additional breathing room.

Here are some recommendations to add some extra disposable income as a retiree: 

  1. Adjust your monthly budget and save where possible – Try to avoid regularly spending your money on unnecessary things that matter less to you, in the grand scheme of things, than a happy and comfortable retirement. Set achievable lifestyle and financial goals with proper consideration of your future self. Cut back where you can, and redirect that money where it can be better used. 

  2. Build a varied portfolio of investments and seek expert advice – A solid and stable investment portfolio comprising several types of securities could be very helpful to you, significantly boosting your savings and improving your retirement. If you don’t know where to begin, speak with an expert financial advisor to get started on your journey into investing.  

  3. Find the right retirement products – Many different savings accounts and products are available that can be helpful to you as a retiree. Annuities, for example, convert your savings into a guaranteed monthly income for a given period. This period could be the rest of your life if you purchase an annuity with a lifetime income rider.  

Get expert retirement advice

If you’ve managed to save $800k for retirement, this is a viable savings for your post-work life.  

This will guarantee you a valuable degree of security and comfort in your later years, and it’s a figure many will never reach.

For retirement planning advice and investment guidance, connecting with an experienced financial advisor is highly recommended. They can guide you through the daunting world of retirement planning and lead you to success. Get started with Unbiased and find your perfect match 

Senior Content Writer

Rachel Carey

Rachel is a Senior Content Writer at Unbiased. She has nearly a decade of experience writing and producing content across a range of different sectors.

Want to retire on $800k?

A financial advisor can build a personalized retirement plan to help you achieve your goals.