The Motley Fool Discussion Boards

Previous Page

Retirement Discussions / FIRE Wannabees

URL:  http://boards.fool.com/quoti-figure-on-something-around-60-of-gross-i-23650237.aspx

Subject:  Re: Poll: FIRE value as a multiple of gross inco Date:  2/2/2006  5:15 PM
Author:  lowstudent Number:  3681 of 5069

"I figure on something around 60% of gross. I skim about 33% directly off the top for savings/retirement (and this doesn't even count the generous company match), another 7% or so goes for SS taxes that I won't be paying in retirement, and I still always have "extra" money at the end of each month anyhow. "
____________________

This is pretty much what I have always thought about retirement income as well. I have always looked at where my expenses are and what savings I will need to make that. I put in a little pad because I do expect to do some extra travelling, and my medical will be a little higher. But I do not think a % of current income is all that good an indicator, when it isn't that complicated to gte a real good feel of current living expenses and project out from there - though to be honest my number is in the same 60% ball park.

Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us