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I saw this in the LA Times today. An insightful reader questioning the logic that many financial planners use to estimate required expenses in retirement. I thought Liz's answer was pretty accurate given the limited info she was provided.
You can find the article here: How to figure income needs for retirement - latimes.com
I will cut and paste a snippet
You can find the article here: How to figure income needs for retirement - latimes.com
I will cut and paste a snippet
How to figure income needs for retirement
Dear Liz: None of the Web-based tools I've seen really get at the heart of the problem of how much I really need in retirement. For example, if I am diligent and save 20% of my income (I earn over $150,000), why would I need to replace 95% or even 80% of my income to maintain my standard of living in retirement?
Answer: The further you are from retirement, the harder it can be to predict how much you'll need when you get there.
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