View Single Post
Old 11-01-2019, 12:08 PM   #611
sa226
#1 Goaltender
 
sa226's Avatar
 
Join Date: Apr 2009
Location: Back in Calgary!!
Exp:
Default

Presumably if you've saved that amount of money and were financially prudent, then your house would be paid off and you wouldn't have any debt to speak of.

Also if you've saved that amount of money, you wouldn't need to "save" more. Your saving days are over, now is time for your spending days.

Having said all that, what retiree needs 150K a year? The after tax income on that is roughly 100k. So when retired, you're going to be spending 8300$ a month? With no mortgage, no pension or savings deductions, no car payments. Just blowing 8300 buckaroos a month?

Yes inflation, and yes oversimplifiying, but I think we're overestimating retirement income needs.
sa226 is online now   Reply With Quote
The Following 6 Users Say Thank You to sa226 For This Useful Post: