How Much Do I Need to Retire at 40? Calculate This Number

From Wealthy After 40: Retirement Planning and Budgeting for Gen X · 13:42

Show by Dalene Higgins: Retirement Strategist and Money Coach for GenXers

[Ep 207]If you’ve been searching “how much do I need to retire at 40” and every online calculator gives you a different answer, this episode shows you how to find a number built from your own spending. You’ll know where you stand and what to do next, without panicking over a figure you can’t explain.I walk through the rule of 25 step by step: take your current monthly expenses, multiply by 12, then multiply by 25, which is based on the 4% rule for retirement withdrawals. You’ll hear how one client’s calculator told her she needed $4 million when her actual number was nearly half that, and how another client discovered her retirement gap was only $20,000 and finally felt free to spend on projects she’d been putting off. I also explain why recalculating every 90 days keeps your plan honest as the market and your spending change.02:10 – Are Online Retirement Calculators Trustworthy?04:26 – Why “Retirement Savings by Age” Isn’t Accurate05:42 – Using the Rule of 25 to Estimate Retirement Needs08:08 – How Much Do I Need to Retire? Multiplying by 2512:07 – Key Takeaway: It’s Not Too Late to Start NowBook a free call at elevatefinances.us/call to spend 30 minutes finding out where you are in the retirement planning process and what your next money move should be.Check out the show notes and other resources at https://www.elevatefinances.us/blog/am-i-behind-on-retirement-savings-how-to-calculate-your-numberWhat topic or question would you love answered on the podcast?Get a personalized retirement gap analysis and step-by-step plan in a Retirement Strategy Session. Book your session today.Grab the 8-Step Retirement Ready Checklist to get a better handle on your finances and prepare for retirement in the next 10–15 years.

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