Is Retirement Advice Biased Against You?

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The 80% figure never made sense to me particularly for those whose children have grown and left their parents' pocketbooks. Many people downsize their homes and reduce or eliminate mortgages. For us, that one change alone will mean saving over $40,000 a year , which will hugely decrease our % requirements of post vs. pre-retirement income.

TFM of MD 9:56AM May 21, 2012

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patrichwilliams of CA 1:51PM May 11, 2012

Something I've always wondered when I see the 80% recommendation is
Do these people not have children?
My husband and I raised three daughters. In most of the years of our retirement I expect them to be financially self sufficient. Here are a few things I won't be saving for or buying in retirement:
College tuition
Orthodontia
Gymnastics lessons
Horseback riding lessons
Car insurance for 5
Hot water for 45 minute showers
Ad infinitum

C Lange of OH 5:09PM March 31, 2012

Wow! Someone finally makes some sense! I'm not quite 50, and have been actively saving for retirement since about age 33 - so I got a later start than desired. Although I won't be Warren Buffett, Jr. by the time I retire, I should do pretty well based on my income. Yet, to listen to all the experts, I should feel nothing but doom and gloom! Sorry guys, but I don't buy it!
As Mr. Moeller says, it is about targeting (i.e. analyzing, controlling, and pro-actively adjusting) spending. For years, I've lived below my means, and I am content doing so. My wife hasn't always agreed to my aversion to debt (quote: "ALL of my friends have debt!), but she also sees we keep moving forward and upward, and that is also an incentive for her.
I've learned a lot about wealth-building from my boss, although it's nothing he has ever "taught" me per se. I've just picked up a lot. And I've learned even more important lessons of things NOT to do from members of my own family. It's just a matter of having a plan, acting on the plan, and following through on it. And, to paraphrase my boss, those who "show up" will succeed!

Renard of IN 9:27PM March 06, 2012