SDE, you got some really good advice below. You know I always heard the 80 or some percent rule before I retired but I feel that is a really miss leading approach. You need to understand your expenses now and what they will be in retirement. Everyone is different. Of course that was all said below.
What I would add is Fidelity has a good modeling tool that I have found to be pretty good. It also takes into Monte Carlo models to give you probability percentages. Other investment houses also have modeling software. I had done my own model/plan since entering my after college working career. I found the Fidelity model agreed well with what I had been tracking for 37 years and added the probability models as to how much money I would have left at end of life.
In a nutshell, understand your expenses and have a plan to meet them. Oh, it is helpful to divide your expenses into fixed (like a mortgage) and variable (like entertainment) and then fund those expenses from sources that match volatility. For example, use Social Security to fund fixed expenses and investment earnings to fund variable expenses.
I could go on but you already got a lot of great advice.
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Today's Featured Article - The Rescue of a Fordson F - by Anthony West. Introduction I live in the UK and have for many years restored Fordson tractors (in the main model N's). I have also restored and shown model F's, E 27N's, Field Marshall Series 2, David Brown Cropmasters and the old rey Fergeson T 20. At one time I had seven restored examples which were shown and used in ploughing matches. As most restorers, I have a number of war stories I can relate on a range of topics that may help other like minded and interested people. Perhaps my first p
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