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Should retirement fund be equal to amount of money needed for financial independence?
I want to know ideally how much should a person save for retirement   funds? A person should save enough such that your total retirement resources will equal the amount you personally need for a comfortable retirement at the point in time when the person desires to retire. If you want to retire at 40, you may need to save quite a lot each year. If you want to retire at 70, you may need to save less each year. If you will have a pension, you may wish to save somewhat less than someone who won't have a pension. The same is true for Social Security (or your local equivalent). I am getting a feeling retirement funds is equal to financial   independence because one can live without needing to borrow money from   anyone. Sort of, but it depends on your goals. Some who are financially independent never choose to retire, but choose jobs without regard to financial need.