Sean Pyles

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Mental health care that's actually built to last.

We're back and answering your money questions to help you make smarter financial decisions.

This episode's question comes from Amanda, who sent us an email.

I often hear that 80% of your annual income times the number of years you expect to be retired is a good benchmark to use for how much you may need in retirement.

Why this 80% number?

I understand that you'll no longer be saving and you likely won't have a mortgage payment anymore, but it seems that increased healthcare spending in your senior years and inflation would at a minimum require 100% of your current income to survive in retirement.

Thanks in advance, Amanda.

Yeah, thanks for having me, guys.

Hey, James.

So I want to just dive right in and talk about the percentages around retirement savings because a lot are thrown around when it comes to saving and spending for retirement.

Like you should save between 10% to 15% of your income.