Updated : Sep 30, 2019 in Articles

Lesson 10: How Much Do I Need to Retire?

[Nicholas] – Money makes the world go round. Well, that and the sun’s gravity. But also money. (playful music) (bell dinging) So we’re gonna give you
some conventional wisdom on what it looks like to
be financially on track for retirement at any age. (playful music) What we don’t want you to do is freak out (electronic beeping and buzzing) if you aren’t there yet. Because if we’re being really honest, most people aren’t on track. And, even the ones who are
have gotten knocked off the track once or twice by
this little thing we call life. (playful music) Okay, so everybody take a deep breath. And hold it. Now slowly let it out. Then take a look at this chart. By age 35, you should have
twice your annual salary saved. By age 40, you should have three times your annual salary saved. (video scratching) By age 65, you should have eight times your annual salary saved. (playful music) The point isn’t to throw
giant numbers out there and make us all feel
terrible about ourselves. There’s a formula behind it. It assumes you want to retire at 65 and that you’ll need a nest egg to live on for the next 20 or 30 years
after you stop working. So these numbers reflect
both something you’ll want, and something we believe you can achieve. Fact is that most people never get a great financial education,
so it’s rare to see these numbers for the first time and find that you’re hitting the mark. (playful music) We made this course to
set you on the right path. And you should have everything
you need to start today, but if you still have questions, you can reach out to one
of our financial advisors. We’re here to help. Because whether you
become a client of ours, or not, we know that
you’re gonna take control and chart your own path to a
future of financial freedom. Congrats and thanks for
sticking with me until the end. Now go click that Get Started button and I’m gonna hop out of this kiddie pool. I just sorta need to be in water when I’m talking about finances. Can I grab a towel? Does anybody have a towel? (beeping) Wealthsimple. We help make wealth…easy…er.

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