I would say that you should not read about what your retirement income spending will be. Everyone is different and lives different lifestyles. Think about how you and your family are accustomed to living and what you will be doing on a permanent vacation.
I have clients that will get a pay raise in retirement--some that are receiving or are on track to receive 125%-130% of their current income. I have others that are budgeting for 40%-50% of their income and will still live very comfortably. Point is that everyone spends differently.
Yes, I am under 40, but have been thinking about retirement for nearly 20 years--before starting work in my early teenage years. I do not think that a full retirement is right for me. I think it will be helpful for me to be working a little bit. My plan is to cut back tremendously around age 45 or 49 and retain a handful of select clients in order to work two or three days a week or as needed/wanted.
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