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Is there a formula that can say if I want to retire at age X and determined that my monthly expenses are Y, how much in retirement funds I should have?

It's easy to say if I want to retire at age 60 with 50,000 yearly expenses and plan to age 90, you should have 1,500,000. But that's not accurate. 30 years is a quite a long time for your retirement funds to continue to sit and grow, so you don't really need 1.5 million. In that scenario your dividends and gains alone would more than cover the 50,000.
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