How much money do you need to retire at age 55?

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asked Mar 20, 2018 in Employment & Careers by Aldojok (360 points)
How much money do you need to retire at age 55?

To retire by age 55 how much money should I have saved in a retirement fund?

1 Answer

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answered Mar 21, 2018 by Grahlu (51,270 points)
How much income you'll be able to save for retirement will depend on what your current income is.

But lets say your annual income from your job is $100,000.00 if possible you need to save $80,000.00 of that $100,000.00 annual income to have a comfortable retirement.

Lets say you started saving that money from age 20 years old. If you saved $80,000.00 per year for 35 years you would have $2,800,000.00 saved for retirement which would certainly give you a nice retirement.

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