How do I calculate my retirement needs?
To calculate your retirement needs, consider your current expenses, desired retirement lifestyle, and life expectancy.
What percentage of my income should I save for retirement?
A common guideline is to save 15% of your income, but it can vary based on your retirement goals.
What tools can I use to help with this calculation?
You can use retirement calculators available online, or consult with a financial advisor for personalized advice.
How do I account for inflation in my calculations?
To account for inflation, you can increase your estimated expenses by an average inflation rate, typically around 2-3% per year.
What if I want to retire early?
If you want to retire early, you'll need to save more aggressively and consider your healthcare costs and lifestyle changes.
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