How Much Is Enough To Retire Comfortably (updated for 2024)

I did a video three years ago called ‘How much is enough to retire comfortably?’ It’s one of my most-watched videos ever, but after watching it back and reading the hundreds of comments, I reckon it’s time for an update.
So, here in the middle of 2024 - how much IS enough to retire comfortably?

#meaningfulmoney #meaningfulacademy #retirementplanning

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Chapters:
00:00 Welcome
00:45 What does ‘enough’ mean?
02:12 Some caveats and clarification
03:11 Arriving at a number
05:27 Two important factors
07:20 Calculating how much you have to save
09:03 Working towards your number
11:07 Resolution

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📫 Leave me a comment below - I read all of them and love hearing from you!

[SuzyArking]

Retirement becomes truly fulfilling when you possess two essential elements: ample financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.

[Benjaminarmstrong]

Your videos were great!! I am one of your viewers and have been watching your videos lately. I would like to invest, but I still can't find the right investment to commit to. I will appreciate any help here.

[DonaldMark-nese]

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

[Willi-wq]

Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.

[jerrycampbell-utyf]

Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!

[NicholasBall]

My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.

[RichardMoore-jgtl]

I need to set up for retirement while earning passive income to cover daily expenses and reduce taxes, even in a higher tax bracket. I plan to invest $250K from my savings.

[Jaymilnere]

Hello, I am due for retirement in two years, I'm a senior citizen but I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $50K per year but nothing to show for it yet.

[ShirlPigram]

Honestly, this concerns me and has left me uneasy. Especially this potential depression, no more a recession. I'm unsure about my $130K account strategy, considering the uncertainty of this whole recession mostly.

[alfredjones]

Your explanation is clear and practical. Nevertheless, the market can undergo manipulation in various ways. While I initially grasped trading crypto assets, my technical analysis skills were a limiting factor. This changed when I came across Flora Monticola's strategy. Day trading deserves increased attention, given its resilience to the market's unpredictable nature.

[tonysilke]

I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.

[Garrett-lopu]

Is really important to acquire as much money as you can before retirement, that's why I make it a priority to invest. Right now my portfolio has good companies, however it has been stalling this year. I’ve approximately $700k stagnant in my reserve that needs growth, any suggestions to grow my portfolio will be highly appreciated.

[dannywalters]

Somebody once said, You can never save enough for retirement but that doesn't mean you shouldn't try anyway. Take your health seriously now to reduce the financial burden of failing/ill health and ACTIVELY plan your retirement so you can still make money even then. Goodluck to us all.

[Olea-id]

I’m 55 from South-Yorkshire but worked overseas all my life. I have savings of €1 million and I'm ready for retirement, only concerned about the soaring inflation. Is this enough to retire happily or do I need some sort of money management?

[darinmoor]

Planning for retirement can be so confusing, especially with all the new numbers for 2024. How much is really enough to retire comfortably without constantly worrying about outliving your savings?

[E.GCreates]

I've been thinking about retiring recently. Additionally, I placed $800K in the S&P 500 to safeguard my financial future. I need to find a strategy for investing in companies that will match my risk tolerance and financial objectives, such as Nvidia and, of course, AI stocks, but it seems like the market is now gloomy.

[hazzelodazzel]

Just came to leave a comment to say a huge thank you to you! Because of your content I've gone from having 0 in savings and retirement to working out a budget and lifestyle adjustments to enable me to maximise pension contributions, set aside money for emergency savings and contribute to a S&S LISA regularly (even if it's not huge amounts right now). Even managed to get a few bob put away by putting the budget into action. All within a few months. Without info like yours I'd still be frittering away all my cash without thinking about my future (or rainy days) at all. Thank you so much!

[austinbar]

I am in my early 60s and retired at 53. Lots of people gave me pushback because they had difficulty grasping the concept of not working if you don’t have to. I looked at my life as stages. I earned everything I have now through a lot of hard work, but I owe it to myself to “stop and smell the roses” in my final stage of life. In my case I left the country after I retired and live in Latin America. It allowed me to get away from all the negative things happening in America while appreciating my new environment. I have yet to meet anyone who regrets retirement.

[AName-ppdi]

The concept of retiring at 67 (let’s be honest it will be 70 by the time a lot of us in our 20’s and 30’s retire) is absolutely crushing. There is no way this is happening to me, I refuse to let the government tell me when I can stop working. 55 is my target.

[generalgriffmeister]

I'm turning 49 this month and only got wise late last year. The eternal question of "how much is enough to save?" Has almost driven me mad. I'm putting in 30.5% of my earnings and I'm really surprised that I can still live and stuff. It's hard but I've recalibrated. No way I'm working until 67 (barring significant life events, terms and conditions apply). Thank you for helping me feel I'm neither alone nor off track