We're in our mid-30s and want to retire at 50 with $7 million - is our current strategy the right one?

The couple's journey to financial independence showcases the crucial importance of carefully budgeting for retirement in addition to saving. Misjudging expenses can jeopardize their long-term goals.

While a $7 million target may initially seem adequate, it requires careful consideration of market fluctuations and a realistic approach towards retirement spending and withdrawals.

The family’s retirement planning should not only focus on savings but also on cutting unnecessary expenses to bolster financial security during retirement.

Achieving early retirement isn't solely about financial metrics; it involves understanding lifestyle costs and healthcare needs that often go underestimated in retirement planning.

Read at 24/7 Wall St.