How much money do I need to save for retirement?

The amount of money you need to save for retirement depends on various factors, such as your desired lifestyle, expected expenses, retirement age, and life expectancy. A general rule of thumb is to save enough to replace 7080% of your preretirement income to maintain your standard of living during retirement. Financial advisors recommend aiming to save at least 1015% of your income each year towards retirement, starting as early as possible. However, the specific amount you need to save can vary greatly depending on your individual circumstances, so it's best to consult with a financial advisor to create a personalized retirement plan.