Retiring Comfortably at 45: A Calculated Approach
You can determine how much you need to retire by calculating your desired income in retirement and determining how much you'll need to save each year to achieve that goal. With a few calculations, it's possible to create a personalized plan for reaching your retirement savings goals. Ideally, by age 45, you should have saved around three to four times your current income toward a comfortable retirement.
- The fact that you're making progress in building your nest egg at 45 is encouraging, but it also highlights the importance of regular contributions and compound interest over time.
- What are some potential lifestyle adjustments you may need to make in order to ensure that your retirement savings continues to grow at a steady pace after age 55?