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In the last two episodes, we explored saving and investing for goals we aim to achieve during our working years. However, there comes a time when we want to relax and retire, or at least have the option to choose whether to keep working or not.

One of the major challenges with retirement funding is that people are living well beyond the traditional retirement age. Many companies set retirement at 60, yet with life expectancy nearing 90 years, that leaves us with around 30 years of retirement to fund.

There are really only two ways to address this: either start saving 18% of your salary from your very first paycheck, or delay retirement until 65. Even in that case, saving at least 15% of your income from the age of 25 is necessary to retire comfortably. Many people still find they need to supplement their retirement income, and in the next episode, we'll dive deeper into retirement strategies. In this episode, however, we discuss “how much is enough,” the importance of paying off debt before retirement, how to invest for retirement, and the different investment products available.

We also cover the introduction of the Two Pot retirement system and its impact on retirement planning outcomes.