How much money do you need to retire?

The first method is called the rule of thumb.This approach suggests that you need to save enough to replace 70-80% of your pre-retirement income. This assumes that your expenses will decrease in retirement since you won't have work-related costs such as commuting or professional clothing. To apply this rule, take your current annual income and multiply it by the desired percentage. For example, if you earn $60,000 per year and want to replace 80% of your income, you would need to save $48,000 per year for retirement.The second method involves estimating your retirement expenses. Read more here: https://arandagency.mylivingbenefits.com/blog/howmuchmoneydoyouneedtoretire