Below is the introduction to the article.
Calculating the Required Amount
An explanation of how to calculate the amount a person needs to retire by replacing earned income with investment income and other sources such as pensions and social security.
It is easy to calculate the required income in retirement by using factors such as adjusting current income for inflation and using 80% of that amount as target retirement income.
Getting Estimates for Other Retirement Sources
An explanation of how to benefit from other income sources such as social security and the pension provided by employers to estimate the amount a person needs from investments and other retirement sources.
Using the 4% Rule
An explanation of the 4% rule and how to use it to estimate the amount of investment income that can last for 30 years in retirement. Clarification on how to calculate the required amount for annual withdrawals starting in the first year of retirement as well as increasing the annual amount by 3% to keep up with inflation.
Defining Your Retirement Goal
An explanation of how to determine the amount a person needs to save before fully retiring using general averages and estimative rules.
Don’t Worry, Be Happy
Tips on not worrying about financial security in the future and how a person can work part-time to increase their income while enjoying their leisure time doing what they love and enjoying life.
Source: https://www.thebalancemoney.com/how-much-money-do-you-need-to-retire-2466425
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