$1,700,000
According to a study done by BMO in 2024, $1,700,000 is the average amount you need to retire comfortably.
Here’s what that means depending on when you start saving:
If you start at 30: $870/month
This is equivalent to:
Bringing lunch to work 3 times a week instead of eating out.
+
Driving a reliable used car instead of financing a new one. 🚗
If you start at 40: $1,700/month
This is equivalent to:
Cutting one family weekend trip every month.
+
Settling for a 4-star vacation hotel instead of a 5-star resort. 🏝️
If you start at 50: $4,200/month
This is equivalent to:
Postponing that dream vacation for a few years.
+
Downsizing your lifestyle now to avoid downsizing your retirement later. 🏠
The message? The earlier you start, the less you have to sacrifice.
Even small changes today can make a big difference for your future self.
What’s one small adjustment you could make today that your future self will thank you for?
P.S. This is my retirement goal: to enjoy this view for extended periods in Ravello, Italy.
Executive Director at Grand Wood Park Levante Living
3moSo happy to be a part of this amazing organization.