Core Insights - Retirement planning requires careful consideration of individual financial needs, which can vary significantly based on lifestyle and retirement age [1][2] - The average American life expectancy is approximately 77.5 years, influencing retirement savings strategies [2] Summary by Sections Retirement Expense Estimation - Estimating yearly retirement expenses is crucial, including costs for housing, healthcare, food, transportation, taxes, and discretionary spending. A common guideline suggests retirees may need about 70% to 80% of their pre-retirement income to maintain their standard of living [6] 4% Rule - The 4% Rule is a widely accepted method for estimating retirement savings needs, allowing for a 4% annual withdrawal from retirement savings without depleting funds for at least 30 years. Adjustments for inflation should also be considered [7] Target Retirement Savings - Combining the 4% Rule with the 25x Rule provides a framework for determining necessary savings. This involves multiplying annual expenses by 25 to estimate total savings needed for retirement [8] Current Savings and Investment Growth - Assessing current savings and potential growth over the next five years is essential for effective retirement planning [10]