Quote:
Originally Posted by GGG
Is that good advice?
You are making a broad recommendation that people change time for material things. Better advice likely is to really evaluate what makes you happy and spend intently on those things only. Then base your number on that. Arbitrarily saying people need more than 40k per year to retire on doesn’t seem right.
You can’t buy time.
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Yes, I am making a broad recommendation - thus the phrase "for most people".
And yes it's good advice, as it is based on decades of experience in retirement advice, not just from me specifically, but from the entire industry.
Of course people should make their own choices to suit their lifestyle - both Slava and I said as much - but life throws you surprises. Like some said, maybe you need a new roof this year, or whatever. Point is, despite the lifestyle and budget you think you need this year, it might be different, 5 years from now. But once you're retired, there is little you can do about that.
So yeah, budgeting in some wiggle room, and planning for that in advance, IS good advice. For the vast majority of people.