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>> you are overlooking that most people can get by with less "income" in retirement because they no longer have to earn enough to have some left for savings! <<

That's a good point that tends to make some people overestimate what they will need in retirement.

If you're saving 20% of your income for retirement, assuming you've planned appropriately, that's immediately 20% of your income that you won't need for retirement. And add the reduced taxes on top of a smaller income, perhaps less in commuting expenses, and maybe that a retired couple might be able to have one car instead of two, et cetera, et cetera, and if people live simply, there's a good chance they'll need less than they think they will.

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