My plan to retire by 50, even though I've never saved for retirement - Business Insider

Despite being a little behind, I did the math and realized that if I kept my savings rate at around 44%, it would only take me 20 years to save enough money to retire.

However, as I approached 30, my mindset changed. I started to think more about what I wanted my future to look like, and not just a year or two in advance, but a decade or two. I also watched my dad and stepmom retire in their early 50s, more than a decade before most of their peers.I started at age 30 with $0 saved for retirement

Most members of this movement aim to retire much quicker, often within the next 10 years, or in their 30s and 40s. They do this by living frugally and saving at least 50% of their income, . In retirement, they often continue to live just as frugally. Under my current plan, my monthly expenses have to stay below $3,750 so that I can save $2,917 each month. If my income increases dramatically, I'll try to increase my savings rate along with it instead of falling prey to lifestyle inflation and spending all of that extra money. That way, I might retire even earlier, or I have an extra cushion in case my income ever takes a hit.Switching to remote work and self-employment has, ironically, helped me save a lot of money.

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