The Biblical Wealth Podcast

How Much Do I Need to Retire?


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Questions: 

1) I am hoping to gain clarity on how much money I need to retire. My FIRE number is 1,875,000 ($75,000*25) but when I look at yearly withdrawals using Excel this number isn't even close to enough money. For example, I currently have a bit over 200k in retirement. If I continue to work for the next 20 years while saving 36k a year and assuming a conservative 6% return, I will have just over 2 million dollars. I would like to have $75,000 a year to spend in retirement. In 2042, assuming 3% inflation yearly 75k will actually need to be about 135k. I then assume the amount I want to live off of continues to inflate 3% yearly and my remaining funds earn 6%. Needless to say, I will need to die by 2061 at 69 years old. Hardly ideal. Am I doing something wrong? Why is my fire number seemingly so low? Thank you for your insight! 

2) How much life insurance do I need?

3) What is the best first investment?

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The Biblical Wealth PodcastBy Jared Williams