I believe the key words in that 70% statement are "to maintain your current life style". I know we would not need that much since we are big savers and live simply on only a small part of our current income. I believe the statement should be: "You need 70% of what you currently spend monthly to maintain your current life style." That figure will also change if you are moving from a higher/lower cost of living area to TV. The best estimate would be to add all the known manditory expenses in TV after you retire and then add in a larger amount (recommend $1K per month) for unplanned expenses. Your entertainment/dining expenses can be adjusted up or down based on remaining funds.
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