What monthly income is required for a comfortable life during retirement?

Retirement savings formulas are based on the amount of money saved as a multiple of current income, according to Time. Different financial services firms use different multiples of final annual income for retirement savings. The general ballpark for comfortable retirement savings is eight to 18 times final annual income.

Many factors affect the annual final income multiple, explains Time. Workers who retire earlier require a higher multiple than workers who retire later. Households with higher annual investment returns have a lower target multiple. Another approach is to multiply the projected first year of retirement spending minus Social Security benefits by 33.