The same €2 million, more income at 70
Retirement maths rewards a later start. The €2 million that must stretch across 35–40 years for someone retiring at 60 only needs to last perhaps 20–25 years from age 70 — so each euro can safely do more work.
What €2 million pays at 70
With a shorter horizon, a higher withdrawal rate is defensible. At 5%, €2,000,000 pays €100,000 a year — about €8,333 a month before tax. Even at a cautious 4% it still pays €80,000 a year, or €6,667 a month. The later you start drawing, the more of the portfolio you can spend rather than reserve against a long tail.
Why a later start stretches further
Two things work in your favour at 70. The horizon is shorter, so there is simply less retirement to fund. And there are fewer years for a bad early run of returns to do lasting damage, which is what forces early retirees to be cautious. Both let you lift the rate from the 3.5% a 60-year-old might use toward 4.5–5%.
The trade-off against retiring at 60
Compare the two. Retire at 60 and a safe 3.5% on €2 million gives about €5,833 a month for a longer retirement. Wait until 70 and 5% gives about €8,333 a month for a shorter one. Those ten extra years of work — and ten fewer years to fund — buy roughly €2,500 more a month. Whether that trade is worth it is personal, but the maths is clear.
Find your own number
Enter €2 million, your target monthly income and a withdrawal rate into the retirement target calculator to see exactly what your start age and rate produce. If an earlier exit tempts you, retiring at 60 with €2 million runs the more cautious version.