I could just say "enough to live on", but that's not very helpful.
Here's what you do, and we're going to be very high level and simple.
If your bank already graphs your expenditures for you like some do, based on your account activity, that's a big plus. However it's done, just get some good averages for a year.
Add up your 12 most recent utility bills for example and average them out.
Add up the averages for all the categories, including groceries, rent or mortgage, insurance, and more.
That's your monthly total cost to live. 12 of those is a year's worth.
Take the number and multiply by the number of years you'd like to live, and that's how much you need. It's cutting it too close in my opinion, but it's a start.
It's very much driven by the lifestyle and costs of the area. Retiring in Hawaii is different than retiring in Alabama.
If you're interested, we should talk a bit (for free). I specialize in education and collaboration that includes the professional financial stuff done without the high cost. And I give customers the same professional tools that are usually limited to the yacht-owner crowd. Let me know!
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