View Single Post
  #5 (permalink)  
Old 05-01-2020, 12:47 PM
pjohns pjohns is offline
PW Enlightenment
 
Join Date: Mar 2009
Location: Tennessee
Gender: Male
Posts: 10,726
Thanks: 13,513
Thanked 4,853 Times in 3,107 Posts
Default Re: Why do so many assume that retirement means settling for less income?

Quote:
Originally Posted by AZRWinger View Post
To the extent people develop a financial plan for their retirement at all the projections for full income replacement require far too much sacrifice from current income.
The goal, however, need not be "full income replacement." That is because in retirement, there are far fewer expenses than previously existed: Presumably, the mortgage will have been paid off, for example.

And the kids will have grown up entirely; so there is no further need to pay (or even help pay) their college tuition.
__________________
"In his second inaugural address, [Franklin D.] Roosevelt sought 'unimagined power' to enforce the 'proper subordination' of private power to public power. He got it…"—George Will, July 8, 2007
Reply With Quote