I’ve noticed that even in tech circles with logic driven smart folks, the answer to their retirement number is a big number like $10M with no math behind it. Do you plan to retire early? What’s your age, NW and NE target (or retirement age target)?
You don’t have to retire at that age, but not having to work for money is a great feeling.
I’m 40, currently at $4.2M ($1.1M house, $500k in 401k, $2.5M in brokerage accounts, $100k cash).
My estimated expenses in retirement are $18k/month after taxes or $216k annual. For this I need income of $280k before taxes. At 3% withdrawal rate, I need $9.3M invested plus a paid off house. So $10.5M total. Planning to retire at 48 🤞
So what is your financial independence number?
#personalfinance #investments #FIRE #FatFire #RetireEarly
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I use 3% instead of 4% to account for taxes and as an additional buffer.
All those big fire targets are for ppl like us who are not able leave the rat race
r/leanfire is your sub and good luck!
He needs to ask himself, what would he rather be doing instead of working a 9 - 5, and if money wasn't a concern?
I guarantee you many people know the answer to that. he needs to find it.