How much money is required to buy a retirement fund.?

How do you determine what is needed to retire. Say I want a retirement income of 75k a year. How much would I need to save. Further how long does that pay out for. Like if I want to retire at 50 and live to 100 how does that work. Thanks

Public Comments

1. There are a significant number of variables that you need to factor into your retirement income needs. Go to this website and work it through http://www.aarp.org/money/financial_planning/sessionseven/retirement_planning_calculator.html
2. No matter what the calculators say, you should always put a minimum of 15% into retirement every year. 75k may sound sufficient now, but 30 years from now, you may need 150k per year to live at the lifestyle you are thinking about now. If your employer has a 401k and a match, put in the maximum match amount and then put the rest into a Roth IRA. For example, if your employer matches up to 6% of your salary, put 6% into 401k and then 9% into a Roth IRA. If you max out the Roth, put the remainder into the 401k. If you can do both the 15% in the 401k and the max amount into the Roth, more power to you.
3. i agree with poster number two -- l think as rule of thumb - in my case my lie style has not changed and it costs me about 75% now compare to when i was working.. so if you for get raises to ss and inflation figure 50 time 75% and you would have a good starting point!!!.