{"id":353923,"date":"2023-08-30T10:20:18","date_gmt":"2023-08-30T15:20:18","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/socialsecurity\/retirement-planning\/how-much-money-do-you-need-to-retire.html"},"modified":"2026-02-17T15:03:35","modified_gmt":"2026-02-17T20:03:35","slug":"how-much-money-do-you-need-to-retire","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/socialsecurity\/retirement-planning\/how-much-money-do-you-need-to-retire.html","title":{"rendered":"How Much Money Do You Need To Retire?"},"content":{"rendered":"\n
\n

How Much Money Do You Need To Retire?<\/h1>\n\n
\n
\n By Jennifer Steinberg, Esq.<\/a> | Legally reviewed by Jennifer Steinberg, Esq.<\/a>\n | Last updated\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
\n

This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
\n

The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n\n\n

\n

A common recommendation is to have at least ten times your final annual salary saved for retirement. Financial advisors recommend saving a certain percentage of pre-tax salary. For young workers, this may mean putting 10% to 15% of annual income into retirement savings accounts. People who begin later will need to save a greater percentage.<\/p>\n\n <\/div>\n\n\n\n

One of the first steps in planning for your future is understanding how much money<\/span> you’ll need for retirement. No magic number or formula guarantees you’ll have what you need. But with some planning, you can take steps toward\u00a0setting up a comfortable retirement.<\/p>\n

The amount you’ll need for retirement depends partly on your earnings and savings. As a rule of thumb<\/span>, you’ll want to save enough so your withdrawals and benefits will be similar to your pre-<\/span>retirement income<\/span>. That way, you could keep your current standard of living.<\/p>\n

You have many ways to stretch the long-term value of the dollars you earn today. Some of your planning might involve legal matters, such as creating your estate plan or appealing denied Social Security benefits<\/span>. When you need help, speak with a local lawyer<\/a> about your retirement concerns.<\/p>\n

Consider Your Costs in Retirement<\/h2>\n

There\u2019s no way to know your life expectancy<\/span>, but planning for a long retirement is a good idea. What money will you need to live comfortably for those years?<\/p>\n

Here are a few things to keep in mind when making your calculations:<\/p>\n