- Joined
- Apr 14, 2006
- Messages
- 23,183
People are remarkably resistant to the idea of tracking their spending, but in my view, that is the single most important thing you can do to plan for retirement. Because it is your actual spending you need to cover in retirement, not some percentage of your income. That one number -- your spending -- should form the basis of all your decisions about saving, investing and timing.
The young wife and I currently live (quite well, I must say) on 38% of our gross income. When we retire in a little over two years, we will easily cover at least double that spending. If our living standards change after retirement at all, it will only be for the better. That has always been the goal -- to live at least as well after retirement as we did before.
The young wife and I currently live (quite well, I must say) on 38% of our gross income. When we retire in a little over two years, we will easily cover at least double that spending. If our living standards change after retirement at all, it will only be for the better. That has always been the goal -- to live at least as well after retirement as we did before.
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