Like everything else, it depends. 80 percent is probably a good rule of thumb, but obviously many people retire on much less. And of course, if you're fortunate enough to have a 100 percent or more to retire on, that's probably what you'll spend.
Some expenses go down, for sure. You don't have to commute to work, or have other work-related expenses such as work clothes. But other expenses may go up, such as travel and entertainment. Don't forget health insurance if you're too young for Medicare.
I'm a year or two away from retirement, and we just paid off our mortgage. That's a big expense REDUCED but not eliminated; we still have to pay taxes and insurance on the house.
The way I see it, every year I work is two years older I'll be before my retirement savings runs out. One year because I'll retire later, and a second year because my investments will grow by almost one year's income.
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Today's Featured Article - The Ferguson System Principal An implement cutting through the soil at a certain depth say eight inches requires a certain force or draft to pull it. Obviously that draft will increase if the implement runs deeper than eight inches, and decrease if it runs shallower. Why not use that draft fact to control the depth of work automatically? The draft forces are
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