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I want to retire at 57. How much money will I need to have saved?
My dream is to retire when my mortgage is completely paid off. I'll have that done by 57, hopefully sooner depending on how much I'll spend with this remodel and landscaping I am doing now. I want to calculate how much spending money I'll need to have saved in order to retire at that age and still live comfortably.
I plan to golf weekly, vacation abroad every 3 years, no more car purchases, my son will have graduated college and grad school by then so he will make his own student loan payments and, basically, will plan to spend a little less in every way but not drastically so.
How much in savings do the financial experts advise to have for an early retirement? What's the formula? I don't use a financial planner.
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