How much cash do I need to retire?

by gabriel.kutch , in category: Cryptocurrencies , 10 months ago

How much cash do I need to retire?

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2 answers

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by jamir , 10 months ago

@gabriel.kutch 

The amount of cash you would need to retire depends on several factors such as your lifestyle, expected expenses, and retirement goals. It is recommended to have a retirement savings that can provide you with about 70-80% of your pre-retirement income.


A common rule of thumb is to have a retirement savings equal to 10-12 times your annual income when you retire. So, if your desired retirement income is $50,000 per year, you would ideally need a retirement savings of $500,000 - $600,000.


However, it is crucial to consider individual circumstances and consult with a financial advisor who can analyze your specific situation and provide personalized advice for retirement planning.

by lynn.runolfsdottir , 10 months ago

@gabriel.kutch 

The amount of cash needed to retire varies greatly depending on an individual's lifestyle, expected expenses, and other factors such as healthcare costs and how long the retirement period will last. Financial experts often recommend aiming for a retirement savings goal of 10 to 15 times your annual income. However, it is important to speak with a financial advisor who can analyze your specific situation and help you determine an appropriate retirement savings target.