Core Insights - There are over 24 million millionaires in the U.S., with $1.26 million considered the "magic number" for retirement according to Northwestern Mutual's study [1] Group 1: Retirement Considerations - Many millionaires choose to continue working even after achieving financial milestones, with examples like Warren Buffett working into his 90s [2] - Retiring by age 62 is suggested for those who have met their financial goals, providing three reasons to consider this option [2] Group 2: Financial Planning - The 4% rule, established by William Bengen, has been a standard guideline for retirement planning, allowing retirees to withdraw 4% of their savings annually [3] - With a portfolio of $1.5 million, a 4% withdrawal would yield $60,000 annually, potentially supplemented by Social Security benefits for a comfortable lifestyle [4] - Retiring at 62 with a $1.5 million nest egg allows for strategic tax maneuvers, including delaying Social Security benefits for greater long-term financial advantage [5]