Retirement Income Strategist, KJ Financial, Liberty, Missouri
It depends.
There are different rules of thumb such as 10 times your annual salary.
I find that rules of thumb don't necessarily work. The number depends on your situation, the needs you'd leave behind if you weren't there. If you're married especially with kids, you want to leave enough behind for them to go on like you would have wanted them to or the way they would have gone on if you were around.
So, there's no easy answer. Find a qualified agent that will help you figure out how much. We have a retirement planning software that breaks it down to a pretty accurate figure.
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There are different rules of thumb such as 10 times your annual salary.
I find that rules of thumb don't necessarily work. The number depends on your situation, the needs you'd leave behind if you weren't there. If you're married especially with kids, you want to leave enough behind for them to go on like you would have wanted them to or the way they would have gone on if you were around.
So, there's no easy answer. Find a qualified agent that will help you figure out how much. We have a retirement planning software that breaks it down to a pretty accurate figure.
Hope this helps.