[Oling_Roachinen]

Originally Posted by MoneyGuy

Advised by whom?

Here's a blog using a similar rule.

https://www.savvynewcanadians.com/mo...in-retirement/

RULE 4: PRE-RETIREMENT INCOME X MULTIPLES OF 10 TO 14
This rule suggests that you can calculate how much you need to save for retirement by multiplying your income just before retirement by a number between 10 and 14.

For example, say your income before retirement was $100,000/year. Following this rule, you should accumulate at least (depending on which multiple you’re working with):

Multiple of 10: $100,000 x 10 = $1 million
Multiple of 11: $100,000 x 11 = $1.1 million
Multiple of 12: $100,000 x 12 = $1.2 million
Multiple of 13: $100,000 x 13 = $1.3 million
Multiple of 14: $100,000 x 14 = $1.4 million … during your working years.
Rules 3 and 4 implicitly assume that you are using the income earned during your highest income-earning years as the basis of your calculation. This means that if you are a younger person in an entry-level position (i.e. low starting salary) who is looking at retiring early, calculations using these approaches will not work for you in the longer term.