Retirement may seem like a distant reality for many, but the truth is, it’s never too early to start planning for financial freedom. In the latest episode of the Financial Freedom Pod, hosts Bruce Whitfield and certified financial planner Warren Ingram tackle the pressing question: “How much money do I need to retire?”

The episode begins with a candid conversation about the vast differences in retirement dreams. While some may envision a luxurious life with private jets, others find contentment in a simpler, nature-filled existence. But regardless of your dream retirement, Bruce and Warren emphasize that the method to calculate your financial freedom number remains the same.

Warren Ingram provides a step-by-step guide to calculating your retirement needs. He advises listeners to start by tallying their annual expenses, including those infrequent ones like car purchases, to get a clear picture of their yearly financial commitments. The magic number, he reveals, is your annual expenses multiplied by 25. This figure represents the amount you need to live comfortably without working.

One of the most valuable takeaways from the episode is the importance of consistency in financial planning. Warren suggests performing this calculation annually, in the same month each year, to track progress and ensure you’re consistently narrowing the gap towards your financial freedom number.

Listeners are encouraged to make this calculation a habit, turning it into a personal financial checklist that keeps them on track. Each small step we take is a move closer to our financial goals.

Whether you’re in your twenties just starting to think about retirement or in your fifties refining your financial strategy, this podcast provides the tools and inspiration needed to take control of your financial future.

By the end of the episode, you’ll have a clear understanding of how to calculate your financial freedom number and the steps to take towards achieving it.