LOL, I cannot tell you when and how you should retire because you didnt tell us what kind of lifestyle you desire to have in retirement.

However I can share with you what I know and how I am preparing for retirement.

First, I know what kind of lifestyle I want/desire in retirement.

1. A car for us to move around in comfort and privacy
2. A maid to take care of our household chores - cleaning, laundry and cooking (more important as we get older)
3. Attend live concerts and performances
4. Occasional travels
5. Hobbies like dancing, golf etc..

In short, I want an active retirement lifestyle.

For the above, I estimated we would need $8k per month or $96K pa.

To keep the calculation simple, lets ignore inflation.

1. Expenses for 1yr in retirement = $96K
2. Expenses for 5 yrs in retirement = $480k
3. Expenses for 10 yrs in retirement = $960K
4. Expenses for 15 yrs = $1.44M
5. Expenses for 20 yrs = $1.92M
6. Expenses for 25 yrs = $2.4M
7. Expenses for 30 yrs = $2.88M

The calculations showed that for the lifestyle we desired, we better work till we are at least 60, and save at least $2.88M for 30 years of retirement. This should not include the home we are staying in, so at least we can leave behind the home to our children when our time is up.