Suze Orman highlights that retiring early is a financial challenge that likely requires more than the commonly suggested $2 million. In light of rising living costs and inflation, Orman advises future retirees to aim for a nest egg of $5 to $10 million. The necessity for more savings varies significantly based on retirement age, as retiring at 40 necessitates a much larger financial cushion than retiring at 60, with savings needing to last longer for young retirees. Therefore, careful financial planning is essential for those looking to retire early.
Orman emphasizes that considering inflation and dramatically rising living costs, a nest egg of $2 million for early retirement may fall significantly short, suggesting instead a target of $5 to $10 million.
The long-term viability of your retirement savings is heavily influenced by your age at retirement, with those retiring in their 40s needing significantly more savings to sustain them for a longer duration.
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