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Your retirement math may have a surprising flaw

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By Robert Powell Verified
| Morningstar
By Robert Powell Stress-test your retirement plan against late-life healthcare and housing shocks Although retirees generally spend less as they age, essential expenses consume an increasingly larger share of income over time, researchers have found. Financial advisers have long relied on a simple rule of thumb when helping clients prepare for retirement: Plan to replace roughly 70% to 80% of your pre-retirement income. It's a useful starting point.
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Your retirement math may have a surprising flaw

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By Robert Powell Verified
| MSN Verified
Financial advisers have long relied on a simple rule of thumb when helping clients prepare for retirement: Plan to replace roughly 70% to 80% of your pre-retirement income. It's a useful starting point. But it leaves unanswered one of the most important questions in retirement planning: How much of that spending is truly essential? After all, not every dollar spent in retirement carries the same weight. Vacations can be postponed. Dining out can be reduced. Buying a new car can wait.
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Your retirement math may have a surprising flaw

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By Robert Powell Verified
| MarketWatch Verified
Although retirees generally spend less as they age, essential expenses consume an increasingly larger share of income over time, researchers have found. Financial advisers have long relied on a simple rule of thumb when helping clients prepare for retirement: Plan to replace roughly 70% to 80% of your pre-retirement income. It’s a useful starting point. But it leaves unanswered one of the most important questions in retirement planning: How much of that spending is truly essential?
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