Q:

How much money do you need to retire at age 60?

A:

Quick Answer

If one begins saving from age 30 until retirement at age 60, a well-built retirement cushion can be accomplished by retaining about 15 percent of total income, according to FutureAdvisor. Reuters notes that the amount of money one needs to acquire by this age is about $500,000, as of 2015.

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Full Answer

It is important to note that a person can save less than this and still be able to retire comfortably, depending on expenditures and how much he makes from Social Security. FutureAdvisor points out a very important detail in that the state of Social Security is subject to decline, and it is not necessarily a guaranteed source of income for retirees.

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