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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]how come all these tools are income based not spending based? [/quote]

There are plenty that are spending based--rules of thumb like the average person spends 85% of their final income in retirement.  But if you are 32 years old it's a bit hard to project what you will be spending when you are 70, so income benchmarks --based on average patterns--along the way are easier.[/quote]

That’s income based too. Base it on your  real spending- review CC statements and bank accounts. Will give you much clear pic of true needs.[/quote]

think you need to look at your real spending AND the benchmarks.  Every year there's an estimate of how much they estimate the average retiring couple will spend on healthcare expenses outside of long-term care and it's now nearing 300k.  If I based it on my own spending now (i.e., virtually none) I'd likely be way off.  Similarly I currently have 2 weeks vacation that tends to get eaten up by family obligations, my vacation spending will be way different when I have all the time in the world to travel.  How many roof repairs, HVAC replacements, car replacements etc. will I have in retirement? It's really hard to estimate all this and if you only have your spending records for a couple years you will likely be wildly off.[/quote]

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