Before I write this, a brief caveat. I do not like the word “retire”. I do not think that people should aspire to “retire”. Why? Because the word retirement implies that you stop doing things. That you just walk away from the things in life that sustained you for a long, long time. I think that it is healthier to think in post-career terms. You may stop doing brain surgery. But should not stop using the knowledge and skills that you built up during the time when you did that. Having said that, it is still a good idea to calculate how much money you would need if you stopped earning money altogether. How do you do that? Motley Fool offers a nice guide.
The conventional wisdom is that $1 million is the right goal.But you may be able to retire on less. Here is some advice on that topic.