How much money do I need to retire comfortably?

In this Video Blog Series Phil is answering questions that have been submitted by readers.

Today’s question is about “How much money do I need to retire comfortably?”

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Phil shares three thoughts that will help you with this planning, including some wisdom from his retired father-in-law.

• Ask ‘How long would you like to be retired and how much would you like as an income?’.
• My father-in-law says when you are retired you will want life to be simple:
  – have enough money to live comfortably
  – have enough money to travel to see the people that you love
  – have enough money to have fun
• You can take two different approaches to funding your retirement:
  a) money saved in the bank
  b) recurring income that continues in retirement