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 - Harvestin Hay: The Early Years (Part 2) - by Pat Browning. The summer of 1950 was the start of a new era in farming for our family. I was thirteen, and Kathy (my oldest sister) was seven. At this age, I believed tractor farming was the only way, hot stuff -- and given a chance I probably would have used the tractor, Dad's first, a 1936 Model "A" John Deere, to go bring in the cows! And I think Dad was ready for some automation too. And so it was that we acquired a good, used J. I. Case, wire tie hay baler. In addition to a person to drive th
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