Retirement project | Business & Finance homework help
This is a difficult question to answer as the amount of money required for retirement will vary depending on lifestyle, health, and other factors. Generally speaking, most financial advisors recommend saving 15-20% of your annual income or retiring with enough assets to generate 80-90% of your pre-retirement income. It’s also important to consider inflation rates when making estimates. Additionally, it may be prudent to plan for long-term care expenses such as assisted living or nursing home care in addition to monthly retirement income needs depending on age and overall health status.