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Originally Posted by BWillie
How much money does one need to retire before 40? What's the number you guys are looking for to "retire" and how does it change based on age?
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https://money.usnews.com/money/retir...far-it-will-go
Becoming a millionaire seems like a surefire way to live comfortably. However, if you are no longer working, just how long will a million dollars last in retirement?
The answer is about 20 years, according to Brent Lipschultz, partner with accounting and advisory firm EisnerAmper in New York City. To come to that conclusion, Lipschultz used data from the federal Bureau of Labor Statistics, which shows those age 65 and older have average annual expenses of approximately $50,000. He also assumed inflation would be 2.9%, investments would earn 4% each year and a person's state and federal tax rates would be 30% combined.
"A million dollars seems like a lot, but in today's world, it's not a lot of money," Lipschultz notes. He calculates a retiree needs to save an additional $765,000 to fully fund a 35-year retirement.
However, these are average figures, and your personal situation