Don’t Rely on Conventional Wisdom

Assuming you will need only 70 to 80 percent of their current income will not be a smart move. Because everyone’s situation defers as it depends on the individual’s lifestyle. There are some who have been perfect with managing their finances and successfully manage to enter the retirement phase debt free, on the other hand people who have been struggling to meet their expenses depending on every paycheck and have been severely affected due to the economic crisis, might carry large debts when they retire and that’s the reason why they consider to delay their retirement. The larger you plan to live, the more income you’ll need. Hence use a retirement calculator to get a sense of what you need to save in order to hit that target.