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re: Goal for retirement savings as a ratio of salary

Posted on 4/1/24 at 5:29 pm to
Posted by kaaj24
Dallas
Member since Jan 2010
644 posts
Posted on 4/1/24 at 5:29 pm to
Having no debt/mortgage, not having to contribute for retirement will reduce your needed spend in retirement.

I go by 25 times income as my gauge of retirement readiness
Posted by BHTiger
Charleston
Member since Dec 2017
5171 posts
Posted on 4/1/24 at 8:45 pm to
quote:

Having no debt/mortgage, not having to contribute for retirement will reduce your needed spend in retirement


Agree, at my current salary I plan on a 40% reduction in overall expenses
1. MORTGAGE
2. 401k
3. FICA taxes

My monthly expense will go from 14k to around 8k,

That is living the same lifestyle, inflation is a factor that is harder to predict.
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