How much income is needed for retirement?

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.

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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.

Hard to say a specific amount

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.

When I retired, I found that having a yearly income that covers all my living expenses plus a little extra for leisure and emergencies was key to feeling financially secure. For me, this amount was roughly $40,000 a year, considering my lifestyle and the cost of living in my area. Achieving this required a mix of savings, investments, and a bit of creative financial planning, including converting a portion of my retirement savings into a Precious Metals IRA. I decided on this conversion because I wanted to diversify my portfolio and hedge against inflation. The process was smooth, but it was crucial to understand the tax implications, which I learned through https://smartmoneyverified.com/. They highlighted that transfers from traditional to precious metals IRAs could be taxable events, but Roth IRA transfers are generally not taxable, offering a strategic way to manage my retirement funds efficiently.