How much money do you really need to retire, and how can you calculate a retirement number that fits your lifestyle?
Retirement planning is not about following a generic savings milestone. It starts with understanding your current spending, estimating future expenses, accounting for inflation and healthcare, and calculating how much income you can expect from sources such as Social Security, pensions, and rental properties.
In this Master Money highlight, Andrew Giancola explains how to calculate your retirement number step by step and why reviewing it every year can help you stay on track toward financial independence.
In this video, learn how to:
Calculate your current annual spending using bank statements or budgeting tools
Identify expenses that may disappear before retirement, such as mortgage payments or childcare
Account for healthcare costs and inflation when estimating future expenses
Estimate retirement income from Social Security, pensions, rental properties, and other sources
Calculate the gap between your expected retirement expenses and income
Understand the 25X rule and how it can help estimate your investment target
Build a personalized retirement plan based on your actual financial situation
The key takeaway is simple: retirement is not just an age. It is a financial number based on the lifestyle you want and the resources available to support it.
This clip is for anyone who wants to:
Figure out how much money they need to retire
Improve their retirement planning strategy
Understand the 25X rule
Prepare for future healthcare and living expenses
Build wealth and work toward financial independence
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💬 Have you calculated your retirement number yet? Share your biggest takeaway in the comments, and share this video with someone working toward financial independence.
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