Recently I outlined the 10 second calculation to understand how much you need to retire. Basically, we need to save 25x our annual expenses.
That’s a great rule of thumb. But if you’re like me, you still had a bunch of questions like “how long will it take me to save that much?” and “how much of my income should I be saving?”.
I hear you! In this post we walk through the Ordinary Dollar Early Retirement calculator — a simple to use (but very powerful) tool that helps calculate different retirement scenarios.
Once we’re done you’ll have a much more detailed understanding of how much you need for retirement, how long it will take you to get there, and how much money you can spend once you’ve retired.
Congratulations! You’re about to take a big step towards early retirement.