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It takes decades of planning that should begin in your 20s.
To figure out your annual expenses, multiply your monthly expenses by 12.
Next, multiply this figure by 25.
The total you come up with is your financial independence retire early number (FIRE) number.
You also need to decide what you mean by early retirement.
Finally, figuring out where you tolive in retirementis another important step.
Some states are better for early retirement than others partly because they are more tax-friendly.
A 2023 study fromSmartAssetaimed to determine the best states to retire early according to various financial criteria.
Kentucky
2.
South Dakota
3.
Wyoming
4.
Tennessee
5.
Mississippi
6.
New Mexico
7.
Pennsylvania
8.
Montana
9.
Florida
10.
Texas
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