But if you want something similar, just look up average retirement savings in your country. The income multiplier should work across countries though (the 1x, 3x, etc).

That said, if your goal is early financial independence, you probably have better metrics anyway. I just use stuff like this to pad out my milestones, since it's fun to have more things to celebrate.

If you want something more generally applicable (e.g. calculate time to financial independence), I'm happy to make a post about what I'm doing.

[–] [email protected] 1 points 5 months ago* (last edited 5 months ago) (1 children)

Ah ok, gotcha. I've set my own milestones based on a relative savings rate in such a way that x% monthly savings equate to y years of earlier retirement. Never thought of doing it in terms of multiples of annual income since those include my savings rates, and my actual cost of living are significantly below my income.

[–] [email protected] 1 points 5 months ago

Yeah, the multiples thing is not a great way to estimate early retirement because it assumes your retirement spending is directly related to your employment income. That's true for many people with traditional retirement plans though, and it's certainly easier than estimating expenses, so I guess there's merit to it.

Anyway, I just think it's an interesting set of milestones to track. Like, "oh, I'm where I should be at X years old, so I'm Y years ahead of 'normal' retirement." But it doesn't impact my retirement planning one bit though.