How Much Money Do I Need
To Retire At 55

Saving for retirement is unfortunately not an exact science owing to the fact that it is a long-term investment with a lot of variables. However, you can still play it safe and follow a few generally accepted rules. Let us assume that you begin saving at age 30, then at the end of that year you should have saved a sum equal to 3 times your annual salary. Consequently, at 40 should have 5 times your annual salary and by age 50 you should have 7 times your annual salary. As such, by the time you retire at age 55 you should have 8 times your last annual salary which should be enough for you to live on.

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