Core Insights - Retirement should not be tied to a specific age but rather to having a sufficient financial nest egg to support living expenses [1][2] Financial Readiness Calculation - The most accurate way to determine retirement readiness is to create a detailed budget and ensure savings can generate enough income to cover expenses [3] - For example, if annual spending is $60,000 and Social Security provides $25,000, the required nest egg would need to generate the remaining $35,000, leading to a target of approximately $875,000 based on the 4 percent rule [4][5] - If a clear retirement budget is not established, a general estimate can be made by aiming to replace 70 to 90 percent of pre-retirement income, which could lead to a target of about $1.125 million for a $50,000 salary [6] - A simpler rule of thumb suggests multiplying the final annual salary by 10, indicating a target of $1 million for someone earning $100,000 [7]