How Much Do I Need To Retire At 55. As a general rule of thumb youll need 20x your expenses in savingspensions less any income from other sources. How much does the average person need to retire at 55.
If you fully retire at 55 with average annual expenses of 60000 the 4 rule would give you a rough portfolio goal of 1500000. Most financial experts recommend following the 50-70 per cent rule which says you will need between 50-70 of your working income to maintain your lifestyle in retirement. Required Income Current Dollars.
So if you make 100000 a year youd need 700000 saved by your 55th birthday.
How much money do you need to retire at 55. Additionally you wont be able to even receive partial benefits from Social Security until youre age 62. The hard part is hitting the ground. Heres how you might set about creating both.