DOING THE MATH FOR EARLY RETIREMENT

Gray Frame Corner
Gray Frame Corner

Saving for retirement is hard. The entire concept is fraught with uncertainty. If you do not take charge of your future, who will?

The first, basic question is how much do I need for retirement?

Investopedia says, “Most experts say your retirement income should be about 80% of your final pre-retirement salary.”

The basis of planning for about 80% of your income after retirement assumes that you plan on living the same lifestyle you did before retirement as when you are retired. 

But in reality, it makes little sense to expect the same expenses when you retire.

But How Much Will  I need?

Keep a fairly “standard” lifestyle design of planning to live off of 80% of your income. After all, you would not want your retirement savings to run out before you are done with it!

Is There Another Option?

There are two ways to achieve richness. The first is to increase income to exceed expenses, and the second is to reduce expenses.

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