"You are free to live like you want to."
Translation:Vous êtes libres de vivre comme vous le voulez.
Sort of. Rather than standing for it, the le stands for to live. The direct translation is You are free to live like you want to [live].
In English we can leave out the verb in the construction want to [do something]. In French you need a pronoun to stand in for [do something].
'Live like you want to' sounds wrong here. It should be 'live as you want to'. However, reference to a specific attribute of your life could well be expressed as: You can live like kings in this country; Live like today is your last day; Live like this and you will soon run out of money, etc.
"EN" normally replaces a noun modified by some type of quantity syntax. that does not apply here. Literally this sentence is saying "you are free to live as you want (to live/do) IT.... so 'le' is the object pronoun for the (implied) verb.. live/do IT... Here is a lesson for EN. https://www.lawlessfrench.com/grammar/en-adverbial-pronoun/