Reply To: Calculating Retirement Income Requirements
Though it may seem high, the conservative recommendation of 80% of gross income has a few not completely unreasonable assumptions. Especially the one where, even though you are no longer paying your mortgage, many or most seniors will have increasing medical/long-term care and insurance costs. Medical procedures and medications are often not fully covered by Medicare. That might change in the future but don’t count on it! This is a good article on long-term health insurance: http://www.moneytalksnews.com/ask-stacy-should-i-have-long-term-care-insurance/
Also, how much fun do you want to have in retirement?