Core Insights - There is no single correct approach to retirement preparation, as factors such as location, income, lifestyle, and timeline play crucial roles [1] Group 1: Defining Early Retirement - The first step in planning for early retirement is to define what "early retirement" means personally, with the average U.S. retirement age being 62 [3] - The middle-class income range is identified as between $55,820 and $167,460, based on the 2024 U.S. Census Bureau data [4] Group 2: Financial Calculations - Setting a savings target using the 4% rule is recommended, allowing for a withdrawal of up to 4% of retirement savings annually, adjusted for inflation [4] - Fidelity suggests saving 15% of annual income for retirement, but for early retirement, a savings rate of 30% to 50% is advised [5] Group 3: Retirement Expenses - Fidelity estimates that retirees will need between 55% and 80% of their current salary to maintain their lifestyle [6] - Anticipated expenses should be calculated based on current spending, with considerations for potential decreases in some areas and increases in others, such as insurance and taxes [6] Group 4: Savings Strategies - Recommendations include living below means, increasing income, and automating savings to enhance retirement preparedness [7]