What Monthly Income Should You Aim for if You Plan to Retire Next Year?

Key Takeaways According to many financial planners, you won't have as many expenses in retirement as you did before you retire. Instead, they say, you'll need about 70% to 80% of your pre-retirement income to maintain your lifestyle in retirement. For the median U.S. household income ($83,730), you'd need about $5,233 per month in retirement. Using the 4% rule, that means that you'd need to save $1.57 million in total. When preparing for retirement, you're probably wondering, will I have enough? To ...