Once a person retires, how much should they be saving?

Question

If the retirement income is small, how much of it should one save?

Answer 1

As a rule of thumb, at retirement age a person should have ten times their annual spending budget in retirement assets (not including their home). This doesn't mean that their money will run out in ten years, but that it will be a sufficient basis to provide for their needs in comfort. Of course, that doesn't mean that such funds will be sufficient if they retire ten years early. It seems odd; but the earlier you retire, the more capital you will require.

Edit:
The answer below is quite correct as well. Retirement should be a time when you STOP worrying about financial matters. My comments were aimed at those who wish to carry on the same lifestyle they enjoyed before they retired, but that's not necessary.

Answer 2

i m retired and save 0 my house paid off no bills i live off of a pension and SS i m done working saving and worry about the what ifs