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I don't think there is a set formula.
But there's a good chance from the age of 57, you'd have another 30 years to live. 30 years is a long time. Not only do you need the nest egg to produce income, but you also have to have it keep up with inflation.
13 years from now, when you are planning on retiring, $3 million will be worth a lot less than it is today. And assume you are going to live to 90, that's 46 years from now. 46 years from now, $3 million will be worth nothing.
And when I talk about retirement, I mean retirement. When I retire, I don't want to be managing an apartment complex, worrying about tenants, etc. in Tucson to gain income to live on. That's not retirement at all - I'd rather keep doing my current profession when I'm 60 than do that.
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