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  2. How much income is needed for retirement?

How much income is needed for retirement?

Anne Broadwin
8 replies
Not the tradiitonal concept of retirement. How much would you need to make per year when you have financial security?

Replies

Bruce Liao
Experts recommend having savings of at least 8-10 times your annual income before retiring, and aiming to replace 70-80% of your pre-retirement income in retirement.
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Maero
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Vasudev Soni
BechDe
BechDe
Well, it very much depends on where you live, what type of life do you want and many more factors. For example in India, you would need around Rs.30-40 lacs per year to live a luxurious life with total financial freedom.
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Jessica Ebden
Hard to say a specific amount
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Henry Miller
It's generally recommended that you save enough to replace at least 70% of your pre-retirement income in order to maintain a similar standard of living.
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Andrew Turner
When I retired, I found that having a yearly income that covers all my living expenses plus a little extra for leisure and emergencies was key to feeling financially secure. For me, this amount was roughly $40,000 a year, considering my lifestyle and the cost of living in my area. Achieving this required a mix of savings, investments, and a bit of creative financial planning, including converting a portion of my retirement savings into a Precious Metals IRA. I decided on this conversion because I wanted to diversify my portfolio and hedge against inflation. The process was smooth, but it was crucial to understand the tax implications, which I learned through https://smartmoneyverified.com/. They highlighted that transfers from traditional to precious metals IRAs could be taxable events, but Roth IRA transfers are generally not taxable, offering a strategic way to manage my retirement funds efficiently.
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