Good article and something that reiterates the point that ‘rules of thumb’ are just not appropriate for everyone. -Jeff
The 80% rule is one of the classic rules of thumb for retirement advice. Financial planners often advise that in order to maintain your current lifestyle in retirement, you should aim to replace 80% of your working income from your retirement resources such as Social Security, investment dividends, and IRA withdrawals.
From that point, you gauge the total amount of money that you need based on when you plan to retire, in other words, how many years you are likely to need income?
Read the entire article: How Much Income Will You Need For Retirement? | KOB.com