How much money do I need to retire?
How much money do you need to retire? It’s a simple question with a complicated answer. While you may have heard lump sums thrown around - $500,000 if you’re a single person, $1,000,000 for a couple – a much more accurate rule-of-thumb is: It depends.
This article from CanadaLife.com includes these key takeaways:
- There’s no one-size-fits all number when it comes to retirement.
- No retirement looks the same, so map out and (budget) your unique plan.
- It’s complicated, but working with an advisor will help simplify the calculation.
- Don’t discount creative ways you can supplement your personal savings for income in retirement.
The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.