Calculate your "Freedom Number." Find out exactly how much you need to save and at what age you can retire based on the 4% rule.
Based on the Trinity Study, a 4% withdrawal rate is historically safe. This means if you have $1,000,000, you can spend $40,000 every year and your money will likely never run out.
Until full financial independence
At your current savings rate, you will reach financial independence in 20 years. To retire faster, focus on either increasing your monthly savings or lowering your retirement expenses.
FIRE stands for Financial Independence, Retire Early. It is a movement of people who use extreme saving and investing to reach retirement in their 30s, 40s, or 50s. The goal isn't necessarily to stop working, but to have the option to never work for money again.
The most common way is the Rule of 25. Take your annual expenses and multiply them by 25. If you spend $40,000 a year, you need $1,000,000. This assumes a 4% withdrawal rate which has been historically safe for 30+ year retirements.
Strategy Hack:
Reducing your monthly expenses by just $500 lowers your required FIRE number by $150,000! Frugality is often the fastest path to freedom.
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