I guess it boils down to “do you own your own house and have you finished paying for it?”
Because if the answer is no, the question is entirely geographical. You could need ten times the amount to retire.
Once you own your own bricks and mortar, the equation balances out a lot more. Things like electricity and food tend to cost a similar amount no matter where you are in the country. I’d say a million in liquid assets, with no debts, would be enough to retire on in most places, as long as you don’t have any ridiculous outlier outgoings.
I guess it boils down to “do you own your own house and have you finished paying for it?”
Because if the answer is no, the question is entirely geographical. You could need ten times the amount to retire.
Once you own your own bricks and mortar, the equation balances out a lot more. Things like electricity and food tend to cost a similar amount no matter where you are in the country. I’d say a million in liquid assets, with no debts, would be enough to retire on in most places, as long as you don’t have any ridiculous outlier outgoings.