How much money you need to retire

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This is how much money you need to retire

It’s hard to identify a particular dollar amount that you will need to retire. estimates that the average individual needs $545K to retire in comfort, and $640K for a couple, everyone’s needs, wants and lifestyles are different, thus the money you need to retire will always be different from that of your friends and family. And while there isn’t really a ‘fixed age’ for retirement (as such) in Australia and the UK, most people retire once they become eligible for the Age Pension

“First of all, you’ll need to know ‘your number’. This is the amount of money you’ll need to fund your ideal retirement lifestyle. Is it $60,000 a year? Is it $1,000 per week, or is it $7,500 per month?" 

  1. Work out your current bill payments
    "This includes things such as your telephone bill, the costs to keep the lights on, the groceries – basically the costs you NEED to pay for that’ll continue into retirement."
  2. Work out your current discretionary costs
    "Discretionary costs are the things you spend money on for fun, such as lattes, your smashed avo on toast, your dinner reservations on Friday night or the holiday you’re planning, etc."
  3. Add these two numbers together to get a yearly total
    "This is ‘your number’."
  4. together to get a yearly total
    "This is ‘your number’."

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