Re: Hi, I Havana K Lew!
On the other hand, is 80% the amount you need?
Typically people will, before retirement, be putting 35+% into taxes, 20+% into mortgage payments, and, if they are prudent, 10-20% into savings for retirement. They will also have a pretty significant amount going into work clothes and dry cleaning, commuting expenses, etc.
After retirement, you can get taxes way down by taking the maximum against deductions from IRAs and then the rest from post-tax savings/investments. Presumably you will have the house paid for before starting retirement. Plus you no longer save for retirement. Car costs and other work-related expenses go away.
So, I hope you might see where retirement on something less than 80% can be possible. If you WANT 80%, for additional expenses after retirement (travel, etc), great! But I think too many financial advisors trotted out that 75-80% number without any analysis.
Often uninformed, seldom undecided.
Twenty years from now you will be more disappointed by the things you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover. Mark Twain