I've had 1.2 million in my head as a target for FIRE, thinking we currently live on about $40K.
I recently re-read the MMM article about how much is too much in a 403b, and he had a simple calculation. I want to make sure I did it right.
I'm 40. DW is 37, but this is just back of napkin so I'm using my age. So I took our current savings in retirement (403b, IRA) and multiplied it by 1.05^20 (my years til 60, assuming 5% over inflation). That gets me to $1,247,899. We're currently at $470,320 in retirement.
Did I do that right? If so, it seems like we can basically just break even for the next 20 years, and then we're fine (especially since I'm not factoring in Social Security). It also seems like we absolutely should be prioritizing our 457s over retirement, although we were doing that anyways.
Thanks!