“When I finish paying my debt, I imagine I would only need 40% of my working income to be comfortable. 60-80% would make it luxurious. :)”
We have been retired for quite a few years. While we require much less income now than during our working years, we didn’t factor in a 100 fold increase in property taxes or the additional taxes larded onto the property like rainwater tax, recycling fees, and so forth.
We are positioned for many financial buffettings, however, one can’t foresee all that could occur.
You need that extra 60 -80% not for luxurious living, but to account for the price hikes in everything along with medical expenses.
Just FWIW from a retiree.
*Not to mention helping the adult kids’ needs when emergencies occur or they lose their jobs.
Since you're so close to agreement anyway, I agree w/both of you! Day one retire on 40%....that'll grow to 60-80% over the next couple decades. Meaning a larger slice will have to come from savings, since SS and pension will be relatively fixed. the fly in the ointment will be the Obama inflation premium...the sooner the better repealed!