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While I think planning on a percentage of pre-retirement income for retirement is a poor rule of thumb, the results of this poll are fantastic. 24% are living on 60% or less!! And not too many respondents were "scrapping by".
It would be interesting to have a poll that's split a couple of ways. First, based on income. And second, based on either having a (significant) pension or not.
I expect most of the people living on lower percentages in retirement had bigger working incomes. It's a lot easier to "downshift" from a high starting point. It's also more difficult to replace a high percentage of a high income.
I also expect people with pensions tend to replace a higher percentage of their working income, although I'm not as confident about that one.
It would be interesting to have a poll that's split a couple of ways. First, based on income. And second, based on either having a (significant) pension or not.
I expect most of the people living on lower percentages in retirement had bigger working incomes. It's a lot easier to "downshift" from a high starting point. It's also more difficult to replace a high percentage of a high income.
I also expect people with pensions tend to replace a higher percentage of their working income, although I'm not as confident about that one.
I would like to work with the budget I am used to. (Though "I don't always get what I want," as the Rolling Stones say.)
Esp. since I will be moving from FL to New England. So I am working while I am healthy enough. Besides, I love my job. I am actually having some great years right now. It can change on a dime, of course, but I'll ride the wave as long as I can, because I _hate_ not having fun. Never outgrew it, thank goodness.
I suppose it's a matter of perspective. I will eventually have a pension coming from a former employer, but it won't even be enough to pay our cable bill. That's not significant. A pension that could at least pay the essentials... food, utilities, taxes, car, etc... would be "significant" to me.
Looking at the numbers for my state, "middle class" supposedly ranges from $37K to $112K. The spread is so wide as to be meaningless, in my opinion.
It seems like a wide spread, but, for your case, sub- $37k is poor and above $112K is rich. Just think about how high one can go above $112k....now *that's* a spread.
I think it's a very useful tool to find one's financial "label".
Everyone knows that numbers don't wholly define a life; experience is the other half. And so the final answer is up to the individual and their circumstances (as has been said numerous times here and everywhere, in fact).
It isn't a problem to use those links. Frankly, I don't know why it's even being called into question.
It seems like a wide spread, but, for your case, sub- $37k is poor and above $112K is rich. Just think about how high one can go above $112k....now *that's* a spread.
I think it's a very useful tool to find one's financial "label".
What value is there in being able to apply a label to myself that means I'm making somewhere between $37K and $112K?
I don't know what to tell you Vasily. You don't see it as useful. I do. So do others. And some would agree with your view. I suppose it's as useful as saying one is male or female. There's a huge spectrum within those labels too.
Some like to find that they are still middle class. Some are annoyed to find that they erm, are still middle class.
Use the label or don't. Like male, female, renter, owner. Regardless of the wide spectrum. It's a way to identify oneself. <shrug>
I don't know what to tell you Vasily. You don't see it as useful. I do. So do others. And some would agree with your view. I suppose it's as useful as saying one is male or female. There's a huge spectrum within those labels too.
Some like to find that they are still middle class. Some are annoyed to find that they erm, are still middle class.
Use the label or don't. Like male, female, renter, owner. Regardless of the wide spectrum. It's a way to identify oneself. <shrug>
I'm curious: since it's a totally artificial label, what do you find useful in applying it to yourself when you plan for the future or try to make buying or investing decisions in the present?
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