There are countless models you can use to calculate the amount of money you need to retire comfortably in your golden years. But if you’ve ever been overwhelmed by the many different methods out there and the complex calculations used, not to worry because there’s one quick and simple way to estimate how you need for retirement: the rule of 300.
Simple take the average amount you spend every month and multiply by 300. That’s it!
So if your average monthly household expenditure is $5,000, then you need $1.5 million to retire (5,000 x 300) and that amount should last you for the next 25 years. So if you retire at 65, your retirement fund will last you till 90 — which is a pretty nice time to go.