Retiring at 50 is a dream for many working Americans, but in order for that to happen you have to either be really lucky or start early and do plenty of planning along the way. It is actually possible, however, which begs the question — how much money do you actually need ? The answer, it turns out, isn't so simple. It depends on a lot of different factors, like where you plan to live and what kind of lifestyle you have planned for yourself, along with unexpected surprises like caring for sick loved ones.

While there are plenty of opinions out there on how much you'll need –  Unbiased , for example, recommends saving enough to have $50,000 per year for retirement; with a life expectancy of 85, that means a savings of $1.75 million — still others recommend different approaches to how much you'll need. SoFi , for example, recommends that you plan on having enough to cover 80% of your current annual income for your retirement. Regardless of the school of thought you follow, the more you save and the more passive retirement income you have set yourself up for, the better off you will be.

No one can determine how long they will live or what type of unexpected problems (like health issues, personal tragedies, or family members needing support) they may face, so experts like Aaron Cirksena, founder and CEO of MDRN Capital , instead focus on how to make an early retirement happen. Money Digest reached out to Cirksena and got some great advice on what one would need to do to make the dream of retiring at 50 become a reality.

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How to prepare to retire at 50

"To retire by 50, you need an aggressive strategy," says Aaron Cirksena. He recommends setting aside 50% to 70% of your income and investing it in low-cost index funds and ETFs. He also suggests planning for early access to those retirement funds, like setting up a Roth IRA conversion ladder, a strategy that lets you withdraw from your retirement accounts without penalties before you reach the age of 59½.

Cirksena also encourages those planning to retire early to know your annual expenses and consider for inflation and healthcare costs that may come up. He also has some incredibly important basic tips that involve your daily living as you prepare for retirement. "Increase income and minimize expenses," he says. "Set up automatic savings to keep consistency, and find a withdrawal strategy, like the 4% rule , that keeps you accountable. Always have an emergency fund."

The 4% rule requires having 25 times your annual expenditures saved, and safely withdrawing 4% per year. At this rate, your funds are unlikely to run out in your lifetime due to factors like compound interest. You can also  bridge the gap with some income-generating strategies  so you can ensure you're financially prepared to make such a life-changing move.