What It Really Takes to Retire at 55
Unless you're born into wealth or strike it rich when your company has an IPO, retiring at 55 takes determination and strategic planning.
What It Really Takes to Retire at 55
Overview
When it comes to retirement, 55 appears to be a sweet spot. You've had time to work and save money, but you're still young enough to enjoy life outside the workplace. The reality is that wanting to retire at 55 and being ready to do so are two different things. That's not to say that it's impossible (because it's not); only that retiring at 55 requires a plan and some good old-fashioned stubbornness.
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Some say that your magic retirement number is 25 times what you expect to spend in a year after you retire, and others recommend saving 33 times the amount you expect to spend annually. Another common rule of thumb is to aim for 70% to 80% of your pre-retirement income.
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Originally published at www.fool.com.
