Retirement is viewed differently by individuals; some prefer a comfortable lifestyle even if it means retiring later, while others pursue early retirement through the FIRE movement. Financial independence at a younger age is appealing to many, though others will gladly stick to the traditional retirement route. Importantly, there's no universal target for retirement savings; lighter spenders with fewer financial obligations might need significantly less than what they believe to truly retire comfortably.â
Everyone's definition of retirement can differ, perhaps drastically. For some, the only retirement worth pursuing is a comfortable one, while others seek financial independence at a younger age.
Indeed, there's no right or wrong answer for everyone. Most will be perfectly content with a traditional route of retiring at 65 or 67, while others aspire for early retirement.
There's no magic number for retirement. Lighter spenders with fewer financial commitments may need far less than they think to pull the trigger on retirement.
Retirement doesn't have to mean a couple of million dollars stashed away. The key is how much you truly need based on your personal lifestyle.
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