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Business Insider consulted financial planner and founder of Safe Landing Financial, Brian Fry, to discover how much money a person truly needs to retire comfortably on investment income at every age. Fry ran the Monte Carlo simulation to estimate how much money a person would need to have when they retire to live on an annual income of either $100,000 or $65,000 a year in dividends and capital gains after taxes.

Fry says the limitations of the simulation include not factoring in how investors react to market changes.

"Investors tend to be their own worst enemy when experiencing investment losses," Fry said. "If you don't have the time, interest, discipline, and expertise, it's better to work with a fee-only certified financial planner that can tailor your investments to track to your financial plan."

The simulation found that if you retire at age 25 and want to live on an income of $100,000 a year, you would need $6 million invested in a taxable account. To live off of $65,000 a year, a 25-year-old person would need $3.8 million.

A 35-year-old person would need about $5.2 million to live off $100,000 per year and $3.25 million to live off $65,000 a year.

By 45, a person would need $4.3 million to live off $100,000 per year and for $65,000 per year, they would need $2.75 million.

A 55-year-old person would need to retire with $3.45 million to live off $100,000 a year and $2.2 million to live off of $65,000 per year.

To live off $100,000 a year when a person is 65-years-old they would need $2.5 million. To live off $65,000, they would need $1.6 million.

Read the full story here.