When Can You Retire?

If you’re like me and want to retire early, you definitely need to figure out how much you need.

Everyone’s numbers are different depending on where they live, dependents, responsibilities and needs, and I built / created a google-sheet-based calculator for you to crunch some numbers.

Open the calculator in your google sheet here: https://docs.google.com/spreadsheets/d/e/2PACX-1vSS2k_rf1SB1ZLeQXb7Eyn8_zZz5B92zGYR5HCUyK85dG2JKqqQJe7iaFVUcuNm0Qy0I5z3qnc9ehys/pubhtml

How to use this early retirement calculator

It requires you to key into your monthly average expenses across these broad categories

  • Rent / mortgage
  • Property tax
  • Education / Tuition
  • Credit card bills
  • Car payments
  • Loan payments
  • Insurance – own / family / health
  • Insurance – car
  • Insurance – home
  • Insurance – dental
  • Telephone
  • Cable / TV / Streaming
  • Utilities – electricity
  • Utilities – water
  • Utilities – gas
  • Public transportation
  • Groceries
  • Eating out
  • Subscriptions (offline & online)
  • Memberships
  • Miscellaneous

At the end of this list, there will be an auto-computation of:

  • Total Average Month Spend
  • Add 30% safety net buffer*
  • TOTAL AVERAGE MONTHLY SPEND
  • TOTAL AVERAGE YEARLY SPEND

This calculator has two buffers as additional safety nets. If you want, you can remove or adjust the additional 30% buffer and x30 multiplier to 25x.

The simplest straightforward approach retire is to

  1. Find your x30 of your average annual spend
  2. Cut out as much expense to save and invest as much as possible every month into “safe” dividend-paying index funds
  3. Reinvest as much returns on investments
  4. Repeat 1-2-3 until you’ve accumulated your retirement target

 When Can You Retire?

Once you know your 25x or 30x, then you can work backwards and calculate how much you need to earn and for how long.

Let’s use my example, say I need $3.2M to retire and I have 10 years, so a simple way to calculate is $3.2M/10 years = I need to save and invest $320K a year for 10 years (without factoring compound interest).

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