Retirement: The More You Save, the Less You Will Need

Why You Will Need Less Money Than You Think for Retirement

Conventional wisdom says you need retirement income equal to 80% of your final salary. But there is a decent chance you could happily retire with far less. ...

  • You no longer are saving 10% a year or so toward retirement.
  • You are no longer making an employee’s 7.65% payroll-tax contribution to Social Security and Medicare.
  • Your children are off the family payroll
  • Your mortgage is paid off.
Comment: The more you save the lower the lifestyle you have to replace. In our case, we have been able to save more than 10%. Our children all support themselves (thank you Nathan, Roger, and Rachel!). Another item we won't "miss" is the downtown parking contract.

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