The allure of early retirement is strong, but being financially set is key. If you’ve got your sights set on enjoying your golden years early, here are some cues to gauge if you’re set.
The perfect retirement nest egg varies for everyone. Some chase the dream of stashing $1 million, while others might need a different amount to live the way they want.
A popular guideline suggests having enough to cover roughly 80% of your salary before retiring. However, if lavish vacations or new high-end hobbies are on your horizon, you might want to save a bit extra. But, if trimming expenses or shifting to a budget-friendly locale is the plan, maybe you won’t need as much.
The key takeaway? Do the math based on your personal retirement goals. It’s way easier to pad your savings now than find yourself needing to punch back into the workforce later.
Keen to discover the other signs that you’re ready to bid adieu to work? Click on for a deeper dive into early retirement readiness.
