Here at Physician on FIRE, I like to help people figure out how they can set themselves up to not only retire early, but to also retire well. Five million dollars should do the trick.
How does age 55 sound? Yes, there are people out there who have retired by 45, 35, and younger, but you do need some time to amass that big nest egg.
Can everyone come up with $5 Million in retirement savings by age 55? No, not everyone. Can anyone? Possibly. Can you? Absolutely.
With two people earning and saving, the monthly savings required for them to reach $5 Million by age 55 when starting from age 22 is all of $2,200 per month per person.
f you happen to be exceptionally skilled at something, particularly something athletic or artistic, you may be able to follow that passion to a big payday.
This is the doctor’s path. It could also be the path of the lawyer, dentist, nurse anaesthetist, etc…
t’s the path I took, and although I retired from medicine without a $5 Million net worth, I was well on my way at 43, and investment returns alone should get us well beyond that mark by 55.