The Duke and Duchess of Sussex say they are to step back as "senior" royals and divide their time between the UK and North America.
The couple, who have a baby son, Archie, said they plan to carve out a "progressive new role" in the Royal Family and intend to "work to become financially independent".
How will they fund their new life?
The couple have said their ambition is to "work to become financially independent".
They say current rules prohibit them from "earning income in any form" but by taking a step back as senior royals, their new roles could involve having full-time jobs.
David McClure, author of a book on how royals have made and spent their wealth, said they already have their own money and could make more from TV in future.
Meghan was reportedly paid $50,000 per episode of the TV show Suits. While she is no longer a working actress she will receive some payments whenever the show is rebroadcast.
The duke and duchess's expenses - such as living costs, travel, clothing - are currently covered by Harry's father for their role as working royals, representing the Queen.
The Prince of Wales funds his sons and their families with income from the Duchy of Cornwall.
They plan to divide their time between the UK and North America,
They only moved into their new home - Frogmore Cottage in Windsor, Berkshire - last April ahead of the birth of their son. The estimated cost to the taxpayer of renovations to it is £3 million.
The Duchess of Sussex admitted adjusting to royal life had been "hard" and she had not been prepared for the intensity of the media scrutiny, despite warnings from her British friends that the tabloids could "destroy" her life.
Asked whether she was coping, Meghan, a new mother, said: "I have said for a long time to H - that is what I call him - it's not enough to just survive something, that's not the point of life. You have got to thrive."
Prince Harry also described his mental health and the way he deals with the pressures of his life as a matter of "constant management".
Following their decision to step back as senior royals, BBC royal correspondent Jonny Dymond said there were "great chunks" of the job that the couple "simply could not stand", while Harry "hated the cameras and was visibly bored by the ceremonial".
Towards the end of last year, Prince Harry said he and Meghan were to take legal action against the Mail on Sunday over a claim it unlawfully published one of her private letters. The paper stands by its story.
At the time, an unrestrained Harry said: "I lost my mother and now I watch my wife falling victim to the same powerful forces."
Referring to his mother, Diana, Princess of Wales' sudden death in 1997, he said: "I've seen what happens when someone I love is commoditised to the point that they are no longer treated or seen as a real person."
The couple said they would continue to use social media, including their Instagram account which has 10.1m followers, to "personally share moments in their lives directly with members of the public".