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Hideout.co - How Much To Save If You Want To Retire Early
| Published: | Hideout.co -
If you're thinking about retiring early, or (retiring at all) on investment income from a taxable investment account, be prepared to stuff away millions. Financial planners interviewed by Business Insider, suggest striving for an annual income between $65,000 to $100,000 a year. Business Insider adds, "Although many early retirees continue to earn money after leaving their 9-to-5, these figures represent the minimum investment balance you would need to leave work and never turn back." Brian Fry, a certified financial planner and the founder of Safe Landing Financial, broke the target savings cost down by retirement age, if you want to live off of $100,000 per year: Age 25: You should have a starting balance of $6,000,000 to live off $100,000 a year Age 35: You should have a starting balance of $5,225,000 to live off $100,000 year Age 45: Have a starting balance of $4,300,000 to live off $100,000 a year Age 55: You should have a starting starting balance of $3,450,000 to live off $100,000 a year Age 65: You should have a starting balance of $2,525,000 to live off $100,000 a year
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