How much income is needed for retirement?
Anne Broadwin
9 replies
Not the tradiitonal concept of retirement. How much would you need to make per year when you have financial security?
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Vasudev Soni@vasudevsoni
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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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.
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.
Hard to say a specific amount
It differs based on the expense of living in the place you settle. But I remember people saying to save as much as possible that you can live on it, at least for 40 years post retirement.
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