Photo Credit: RefractedMoments
We struggled with this question when we were planning our RTW trip in 2009.
Back then we were able to look at other traveler’s budget sheets, research costs in each country, figure out air fares and figure out how big the chunk of money would have to be in order to travel for a year. It was a lot of work, and a ton of anxiety, but by the time we came up with a number we were pretty confident that it was the right number. Then all we had to do was save it…piece of cake…right?
Now we find that we are struggling with the same question only the answers don’t seem as obvious.
Our Responsibly Irresponsible plan says that we will stay in Canada, work, and save money for our eventual retirement. Our goal is to save enough money in a very short period of time so that it will grow to be enough by the time we’re too old to work. The idea is that, once we have saved the magic number we can go off gallivanting; making just enough money to sustain us in the short term because the long term will be taken care of.
So…what’s the magic number?
It’s actually two magic numbers, one being dependant on the other. I guess the ultimate magic number is the amount of money we would want available when we won’t be working any longer. The other magic number is the amount of money we have to save in order for it to grow to the ultimate number between now and then.
And that’s where the How Much Is Enough question comes in.
So, how much money do you think two people will need for retirement?
Have you read our review of The Long Term Traveler’s Guide? It is the most comprehensive guide on the subject that I have seen anywhere and, at$25 it’s a great value for those of you looking to get a leg up on researching and planning. The digital package includes resources and planning tools that are worth the price alone. If you are planning a big trip you should definitely check it out.
We’re giving a copy away!! Jeremy has given us a copy of the book and the digital package for us to share with you. All you have to do is ‘Like’ our OneGiantStep Facebook Page. It’s also a great resource for travel articles and great conversation. So come on over, give us a ‘Like’ and be entered to win a copy of The Long Term Traveler’s Guide.
We’ll be drawing a random name from all the ‘Likes’ (whether new or old) on March 15th.