From Nasdaq.:

Many people have heard the advice to replace 80% of their work income in retirement, but soaring living costs and inflation have rendered that rule outdated. The recent cost of living in the U.S. for residents aged 65-74 averages $58,715, leaving retirees with a narrow financial margin. Rising expenses, from rent to healthcare, have especially impacted seniors’ budgets. In response, experts now suggest planning to replace 100% of your work income in retirement. Strategies to achieve this goal include bottom-up budgeting and more aggressive investment strategies while maintaining a realistic risk profile. Despite the challenges, having a written retirement plan is crucial to your future financial security.



Read more: 1 Outdated Retirement Rule You’ll Want to Forget ASAP, and 1 to Use Instead