How to calculate FIRE number?
Hi all, i wanted to understand how everyone calculates their fire number?
Yes ive heard annual expenses x 25 = fire number. But this is based off normal retirement to fund 30ys of retirement and presuming PPOR is paid off is this correct?
So if i would like to retire at 50yo instead of standard aus standard 65yrs and need it to last until 85. Then i need to x33 or x 28 (3% - 3.5%). Is this correct?
I want to find a way for me to calculate my fire number and see how i can keep an eye and make sure im on track. Let me know if anyone has recommendations. Atm im trialing the app COMPOUND (free trial but looks like i might have to pay for it eventually) and also trying the website getfired.au.
P.S once i have my fire number i will work backwards and determine how much i need to last me between 50-60yrs until i can access my super
Thanks in advance!