First question -- are you sure you only need 75% of current income rather than 75% of income in your last year of employment? I will assume, for my calculations, that it is based on current income.1) When can I retire?You would need a total of $1,968,750 at retirement. That amount will allow you to pull out 4% which would equal %78,750 (75% of current income) each year. You already have an investment that you estimate at $300k, so your retirement fund will need to be $1,668,750 in other retirement accounts or investments.In order to get to that number by 60 years old you would need to invest $50,866 per year assuming a 10% rate of return (it goes up to $52,884 if you earn 9%). To retire at 65 you would need to invest $37,349 per year assuming 10%.Note that the above calculations do account for your current balances, but ignore the 62,000 in savings.2) What can I do with the $62,000 - anyone have a good real estate deal?Do you have an emergency fund in addition to this amount? If no, then at least $30k of this should be in a dedicated emergency fund that could be invested in either a high-yield money-market account or a CD ladder of some sort.If you do have an emergency fund in addition to this amount, then I would suggest putting into a tax efficient mutual fund within a taxable brokerage account.
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