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re: Goal for retirement savings as a ratio of salary
Posted on 4/1/24 at 8:45 pm to kaaj24
Posted on 4/1/24 at 8:45 pm to kaaj24
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.
2
Posted on 4/2/24 at 8:28 am to BHTiger
Posted on 4/2/24 at 1:47 pm to BHTiger
quote:
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.
But what are you going to do with your extra 40-50+ hours of free time each week?
Your expansion of current hobbies, new hobbies, travel expectations…will now need to be added back to your reduced expenses based on a similar lifestyle
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