How Much Money Do I Need to Retire? (60 Minute Financial Solutions)

In fact, by taking the other end of the bargain, saving as much as other people are spending on wants, it's possible to retire and live on invested savings after just five years of full-time work.

This is why retirement savings goals are frequently in the millions. Those--and they're a majority--who have to pay for every convenience really need that much to replicate a median income lifestyle.

It also won't depend on successfully starting your own business. You won't need to develop a particular specialized skill such as real estate flipping. In fact, if you have a job, keep it.