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re: Goal for retirement savings as a ratio of salary
Posted on 4/2/24 at 8:44 am to Ramblin Wreck
Posted on 4/2/24 at 8:44 am to Ramblin Wreck
quote:
My current view is that a good target is to have 20 times your income at retirement age
This makes no sense as it provides no target. My income has changed greatly over the last 15 years. Which year would I pick as the salary?
If it is supposed to be the salary you have right before retirement, how would you ever know what that salary will be in the future?
No matter how you slice it you will be living on a fixed income in retirement. Might as well start to figure out now what your planned expenses will be. Then figure out how much discretionary spending you want to have access to. At that point, determine what % of fluff you want and then go.
This post was edited on 4/2/24 at 8:45 am
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