Many people underestimate just how much they need to retire. I'm currently reading a book titled "The 10X Rule." You need to earn 10X what you're currently making to secure yourself from anything that may happen to you.
Your expected expenses matter more than your earnings when figuring out how much you need to retire. But I think that would require people to think too much so its easier to distill it down to a less valuable X times your income
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