Quote:
Originally Posted by lagcam
I think the idea of saving "too much" for retirement is ridiculous.
Life isn't going to get cheaper, and whatever you save will soon start reducing once it is your only source of income.
If you have excess money come retirement, then improve your standard of living or help your family or the less fortunate and "problem" is solved.  |
Yes it's complete BS. Even the 80% is BS. yes if you're 60 and retire at 61, then you should only
need 80% to replace the same life style. In fact you will need more than 80%. You're at home all day long, have nothing to do and need something to do. so you're paying for extra power and heating and your "hobbies".
Still at 61, you should have no mortgage, no school fees, no kids eating you out of house and home or needed to be dressed and mobile phone bills, etc. We don't have a mortgage, do face school bills and keeping our 9 year old for the next 10 years. And I have the heating and lights on more.
Save now for your retirement. I did from 30 and now get a few very nice wires every month that will see me through to the end of my days. Admittedly it doesn't look good on the markets at the moment and you need to think long and hard about what you invest in. Still living off the State in most of the world at 60 sucks.