For adherents to the financial independence, retire early , or FIRE, movement, that figure is much more concrete. “Your FIRE number is the amount of money you need to live on for the rest of your life,” says Grant Sabatier , creator of financial site Millennial Money and the author of “Financial Freedom.”
For many aspiring early retirees, calculating that number comes with an easy shorthand: “The way you calculate your FIRE number is multiplying your expected annual expenses by 25x,” says Sabatier, who reached financial independence at 30 . “Meaning if you spend $40,000 a year, multiplying that $40,000 by 25 would get you to a million dollars.”
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Here's how to calculate how much money you need 'for the rest of your life' after retire
cnbc.com
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Be prepared for retirement with this simple formula
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