How much money will a person need to retire?

The amount of money needed to retire varies significantly based on individual circumstances, including lifestyle, location, and expected retirement age. A common rule of thumb is to aim for 70-80% of pre-retirement income annually. Financial planners often recommend accumulating 25 times your expected annual expenses to ensure a sustainable income throughout retirement. Ultimately, a personalized retirement plan that considers health care costs, inflation, and other factors is essential.