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Some financial experts advise saving 70% to 80% of your pre-retirement income to live comfortably as a retiree. However, your ideal replacement income may be different depending on your retirement goals. For living frugally, 50% to 60% replacement income may suffice. If your goal is to travel often, you may need 90% to 100% of your current income. By planning early, you can determine your retirement lifestyle and establish a savings goal, based on the amount of replacement income you’ll need in retirement.

According to some financial experts, saving 70% to 80% of your pre-retirement income is good, but your replacement income may vary depending on your retirement goals. Living frugally, 50% to 60% replacement income may be enough, but for frequent travelers, 90% to 100% of current income may be necessary. Starting early and planning for your retirement lifestyle will help you establish a savings goal based on your replacement income needs. By analyzing those figures, you can adjust your retirement plans accordingly.



Read more: How Much Replacement Income Will You Need in Retirement? It’s Complicated.