How much money do you need to retire at age 50?

+1 vote
asked Mar 13 in Other-Finance by Foxrox (430 points)
How much money do you need to retire at age 50?

To retire by age 50 years old how much money should you have saved in a retirement fund?

1 Answer

0 votes
answered Mar 14 by Larry S (10,140 points)
It depends on what your income is per month or year.

But for example if you make $100,000.00 per year you need to save at least $80,000.00 per year to have a comfortable retirement by age 50.

Now if you make less money then obviously you can't put as much into your retirement fund and the amount saved into retirement will be less.

If we knew your age and your current income we could give a better answer.

If your income is lower than $100,000.00 per year you should have at least $30,000.00 per year saved if you make more than that per year of course.

Depending on your income you should try to put whatever is left after paying bills and other needed things into your retirement so you can have saved up as much money as possible.

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