If you’re wondering, “How much do I need to retire?” the answer depends largely on when you plan to retire. Many retirement calculators start with the assumption that you’ll retire at age 65 or 67 and produce a savings goal based on that time frame.
But if you plan to retire early, the amount you need to save will be a lot different — as will the strategy you’ll have to use to reach that savings goal.
To retire in your 30s, 40s or 50s, you might have to make some sacrifices to build a large enough nest egg to sustain you for several decades. Many people who have left the workforce at a relatively young age have had to make some big cuts in their budgets to build their savings faster because they wanted to reach financial independence and retire early.