More like 80% of income 5 years before retirement.

Jul 6, 2024
10:01:48pm

Chicago Cougar All-American

The issue is you should have your highest earning years 5 to 10 years before retirement……which makes this calculation difficult. You are better off just making a projected budget and basing retirement readiness on that.

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Chicago Cougar

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Last login: Oct 4, 2024
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Messages

Author

Time

Question for those of you who have retired already.....

BYUfan92

Jul 6, 9:28pm

First off anything based on current income may be a good ballpark

cougarfann888

Jul 6, 9:34pm

For example Heres a brief breakdown of my situstion.

cougarfann888

Jul 6, 9:48pm

Thanks. So many factors to consider. We save about 17-20% of pretax income

BYUfan92

Jul 6, 10:08pm

Really depends on if you still have a mortgage payment

Jersey hunter

Jul 6, 9:41pm

Too many variables for each situation. I retired 7 months ago

TeeKaa

Jul 6, 9:57pm

More like 80% of income 5 years before retirement.

Chicago Cougar

Jul 6, 10:01pm

Close to retiring. Just did a deep dive line item by line item. I came in just

tevye

Jul 6, 10:07pm

I retired 4 years ago. We tend to spend about the same as before we retired, but a couple of factors to think about:

Zenoch

Jul 6, 10:28pm

What the fudge?

TNT

Jul 6, 11:00pm

No mortgage and a pension for us as well. I retired for 8 months then started

O Gaucho

Jul 6, 11:43pm

That’s our plan. Both have full pension so together can live off them. We could get very close to paying off mortgage

Soupie

Jul 7, 5:33am

It will be MUCH different for you. I would expect double the inflation rate for your retirement compared to your mom's.

roseyscenario

Jul 7, 6:32am

The 70% number is essentially made up. My parents spend about 30% in

valleus

Jul 7, 6:51am

Retired two years ago. Income now is 75% of final work income.

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