How Much Money Do We Need To Retire On?

Are you ready to retire? Not so sure?

How much money will it take to to live a comfortable existence in retirement. To earn money in retirement is fast becoming a harsh reality.

This is because when you retire from the workplace you continue to face the prospect of ever increasing living expenses. Everyone works their whole life to pay bills, go on vacation, provide for their family, and so much more.

Are You A Dreamer?

Most people dream of the day when they can retire.

It is interesting to me how few people actually work as hard at planning their retirement as they do each and every day they show up for work.

With a few smart decisions everyone can retire early if they want, provided they do not have any unforeseen medical issues, unemployment, or live through a natural disaster.

Stock market crash

Problems May Arise:

Those things will obviously put a spanner in the works of anybodies financial plans for the future.

With the proper planning even those events cannot stop you from achieving your goals.

Just imagine how bad your future would look if you didn’t plan properly?

The first and most important, decision you have to make when planning your future is the one to live within your means.

Lazing on the beach

Keeping Up Apperances:

Many people feel the need to keep up with the Jones.

Their friend or neighbor gets a nice new car so they go out and do the same.

How do you know if that person you are trying to keep up with isn’t buried in a pile of debt?

People max out their credit cards, keep no money in a savings account, let alone the six-month emergency fund all financial professionals recommend, and keep on spending.

They borrow money against their homes and spend it.

Plan For The Future:

I hope to help at least a few people learn the benefits of changing their lifestyle so they can live comfortably when they retire.

I hate hearing about elderly people that need to chose between eating and buying medicine.

People work hard for their money and I want to help them get the most bang for their buck.

First thing to do is cut those credit cards in half.

Set up a debit card as an alternative.


How Much Do You Need?

In order to retire well, without worrying about running out of money, you must figure out how much you really need.

The financial industry people will tell you a lot of stuff, but we must remember that they increase their profits by selling more financial products.

Save As Much As Possibe:

These can include mutual funds, GICs, IRA, RRSP’s, bonds, stocks, IPOs.

life insurance and a range of other products.

In many instances you will be asked to save as much as possible for as long as possible regardless of how much you need.

But only you can answer that what kind of lifestyle do you want .

Its easy to say money is not important but having been in the position of wondering how you are going to eat, I understand that having money is better than not.

How much money is another questions but having the power to pursue your dreams comfortably is bliss.

Simple Formula:

Here is a basic formula you can use to help you calculate how much you really need to retire on.

Total current income (your salary) taxes work expenses all debt interest (be debt free before you retire!) + New lower tax expenses (investment tax vs. earned income tax) + costs of your hobbies and desired lifestyle = How much you need every year after taxes.

Figure this out then come back and check out ways you can start making this figure consistently.

Money Tree

The Basics:

Food, shelter; clothing, power supply, insurances, communications, income tax, etc, with less left over than you had at your disposal before for enjoying the minor luxuries of life.

For the majority of seniors the prospect is daunting as a direct result of reduced income due to the worldwide pension crisis and so the need to earn money in retirement becomes imperative.

What do you do when there is not too much money left at the end of your pension; do you bite the bullet and settle for cutbacks in the quality of life?

With tried and tested guidance you can stretch your abilities to make some extra cash in retirement.

For some this is not so much an option as a necessity.

How do you visualize life in retirement?

You have reached or are approaching your 60th/65th year and are eligible for retirement.

Or maybe you’re only 50 and opted out early.

Do you punch the air with a tightly clenched fist now that you have finally escaped from the workplace?

Where From Here:

Or do you ask yourself, What do I do now?

For many retirees, lounging around the house or lying in the sun in a deck chair is not fulfilling enough.

While the world is undoubtedly aging and the number of elderly people will be increasing, the current crop of senior citizens is in better health and will lead longer, more active lives than their parents did.

  • They want action, not eternal relaxation
  • Excitement, not enforced leisure
  • Accomplishment, not resignation

Conventional retirement is just too dreary, and many remain emotionally unprepared to throw the working life concept entirely to the wind.

Some could also make good use of opportunities to increase basic income.

So, in lieu of conventional retirement, a significant number of retired age people are turning to entrepreneurship as an alternative.

With valuable commercial skills acquired through years of practical experience, many of these retirees give serious consideration to launching their own businesses.

They believe they still have what it takes and are highly motivated to succeed on their own.

  • Is it hard to earn money in retirement?
  • Is it so restrictive that only a small number can succeed?
  • Is it so demanding that only able-bodied retirees can make a go of it?
  • Is it so difficult that only the super-intelligent stand a chance?

Deck Chairs On The Beach


No anyone can do it.

For example, if you are disabled or handicapped to some degree and would find it impossible to engage in a physical money-making activity.

You can still participate in an online enterprise.

You will find many alternative options to choose from.

Would love to hear your thoughts about this post or this site in general.

I will answer all the comments on my website personally so drop me a line below if you have any affiliate marketing questions or comments.

I’m happy to help any way that I can.copywright

Kind Regards Shane.

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2 thoughts on “How Much Money Do We Need To Retire On?”

  1. Hello Shane, thanks for this really nice article as it reaches out to so many people who are still working and those looking ahead to retirement. For me there isn’t any specific money you’ll need to have to retire from you jobs. It all goes down to what you can do after you retired and how you can keep up with life. 

    • Hello Justin, 

      Appreciate the positive feed back. 

      Always good to have a plan.

      You can retire early, and still work sounds strange I know.  

      This can be achieved by starting your own business, and work at your own pace like me.

      Kind Regards Shane.


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