Personal Finance Roundup

This retirement-plan building block is cracked [MarketWatch] “The rule of thumb is that you’ll need to replace 70% of your pre-retirement income on average once you retire, but evidence continues to mount that this assumption by many professionals and retirement savers is way off base.”
How to Buy a New Furnace and Air Conditioner [Free Money Finance] “If you’re looking for some tried-and-true tips for saving money on a new furnace or air conditioner unit, this post is for you.”
5 Ways to Cut Down on Gas Costs [Smart Money] “Gas prices are rising again. Here are five ways to save on gas.”
5 things never to say to your insurers [CNN Money] “Some words are red flags to insurers and using them could mean that your claim might be delayed or even denied.”
How to give even when you’re broke [Smart Spending] “Your time might be more valuable than your money.”

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  1. MonkeyMonk says:

    I agree with that first MarketWatch piece. I’m currently saving about 40% of my annual income and living quite comfortably. If I was to retire tomorrow, wouldn’t I only need 60% of my income to live on since I wouldn’t be saving for retirement anymore? It wouldn’t be hard to pare that number down to under 50%.

    Shouldn’t people base this number on their cost of living and not their income?

    • Elcheecho says:

      @MonkeyMonk: why would you say that? are you paying in full for your health insurance premiums? do you expect to need the same level of healthcare right now vs. 65-85?

      • Raanne says:

        @Elcheecho: Most people (although not all obviously)have been paying into their house thorughout their adult life. This is usually paid off by the time they are retired. That drops cost of living down dramatically.