I finally made it! After 11 years of full time work, I am one step closer to being able to retire early. Currently, I am at the level of being able to Poverty Fire. Poverty Fire The poverty level is defined as " the minimum level of income deemed adequate in a particular country". According to the Department of Health and Human Services, that number is $12,760 yearly for a single individual in 2020. The following chart shows the amount with different family sizes. 2020 POVERTY GUIDELINES FOR THE 48 CONTIGUOUS STATES AND THE DISTRICT OF COLUMBIA PERSONS IN FAMILY/HOUSEHOLD POVERTY GUIDELINE For families/households with more than 8 persons, add $4,480 for each additional person. 1 $12,760 2 $17,240 3 $21,720 4 $26,200 5 $30,680 6 $35,160 7 $39,640 8 $44,120 https://aspe.hhs.gov/poverty-guidelines So essentially, if I am able to keep my spending below $12,760 and I can generate an income of more than $12,760 from my savings, I can retire. Savings 401K - $221,162 Rot...
Tips and Tricks to Early Retirement