How much do I need to save each month to reach my FIRE goals?

[Awitte58]

Hello everyone!

So if 25x my expenses equals ~$660,000 so that the 4% rule will apply.

How do I take that $660,000 and divide it out to how much I need to save each month in order to get to FIRE in X amount of time?

Or is it more of a take the amount of money I know I need and divide it by how many years I want to work and that gives me how much I need to save each year?

Any thoughts/input is appreciated!
Thanks
Alex

[G-dog]

You need to account for compound interest, multiple deposits, etc.

This calculator may help:

http://networthify.com/calculator/earlyretirement?income=128000&initialBalance=1060000&expenses=43000&annualPct=5&withdrawalRate=4

Fiddle around with numbers until you see some options that get you to your target

[Retire-Canada]

http://www.moneychimp.com/calculator/compound_interest_calculator.htm

So say you want to FIRE in 15yrs starting from $0 and you assume your after inflation return is going to be 6%. This ^^ calculator says that will take ~$27K/yr saved and invested. Like G-Dog says. Try out a bunch of options so you can bracket what you see as some likely scenarios for your personal situation.

[MDM]

Depending on which of the five (Future Value, number of months, monthly contribution, investment return, or Present Value) main financial function variables you wish to solve for, see the 'Misc. calcs' tab in the case study spreadsheet.

[ETBen]

So glad you asked this. I was trying to figure out the same exact thing today. And so I could track where I should be at the end of each year.

[Awitte58]

You guys are AWESOME!
I will be playing around with all of those calculators.
I didn't want to reinvent the wheel.

MMM forum comes through again!
Thanks,
Alex