How much money do you need for a peaceful retirement in 2024?

In a few months, years, decades, it will be time to retire. You will have found your peace, you will be able to live in peace. But on one condition. You’ll need enough money to enjoy a well-deserved retirement! Do you know how much money you need to retire comfortably?

Assess the average amount for a peaceful retirement

To assess the amount required for a peaceful retirement, several factors should be considered:

• Your financial needs: daily expenses, leisure, health, etc.
• The income you will have (basic pension, supplementary pension, other sources of income)
• Inflation and changes in purchasing power over the years.

Let’s take a concrete example. Let’s say you need 2,500 euros per month to cover all your expenses from 2024. In one year, this represents 30,000 euros. On average, do you know how long it takes to properly prepare for retirement?

Don’t overlook the importance of your sources of income when preparing for retirement. A basic and supplementary retirement pension will be a key asset to ensure your financial peace of mind.

Use the estimates provided by your pension plans to estimate this pension amount and adjust your savings target accordingly.

Multiply sources of income

If you don’t have the same pension as Elizabeth Bourne, if you find that the retirement pension is not enough to meet all your needs, start thinking now about other sources of income to exploit as much as possible.

• Rental real estate investment
• Sale of goods (house, car)
• Income from life insurance or capitalization accounts

You can find our 5 tips for making ends meet in retirement, but don’t forget that you can also decide to combine employment and retirement, working a few hours each week or taking on a single mission to supplement your pension.

Coping with financial and economic uncertainties

The income you need today for a peaceful retirement may be different from what you need in 2024.

Inflation and changes in purchasing power are two major factors that influence the value of money. We’ve got 5 tips to make sure you make the most of your retirement.

Accounting for inflation

Inflation is a continuous and generalized increase in the general price level. It reduces purchasing power, as goods and services become more expensive.

The long-term average inflation rate is never constant, so it’s important to take this uncertainty into account when planning financially for your retirement.

Adapt your lifestyle

It is wise to adjust your standard of living to cope with economic and financial uncertainties.

For example, by planning for the lowest possible expenses during the first years of retirement, you will be able to more easily deal with possible increases in the cost of living or fluctuations in the stock market in later years.

Apart from the amount needed for a peaceful retirement, think about the lifestyle you want to lead after you retire. Your financial preparation is certainly essential, but clearly defining your desired lifestyle will help you better anticipate and manage future financial needs.