How much do you need to retire?

Answer 1

Before you can answer that, you need to know how much income you will need in retirement, (and for how many years). So, figure out a retirement "budget" first.

Then you look at all your guaranteed income sources (pension, social security, other) and deduct their total from the budget amount you figured you'd need.

Last, you take what is left after deducting the other income streams from your target budget amount, and divide it by 4.5%. The answer to that calculation is how much cash you will have needed to accumulate by retirement.

Answer 2

That depends on how you want to live when you retire. Consider the economy, your retirement benefit, and your health care costs. There are several retirement calculators on the web that can assist you. Consult your Banker or Money Manager and get assistance with planning your retirement.

Answer 3

enough to last you your lifetime. The earlier you start saving, the better it is. As long as you can live with the amount you save for retirement, you shall be fine after retirement.