How to Calculate Post-Retirement Income Needs
I'm trying to figure out how to best calculate what my target TSP number should be and I'm struggling on how to best gauge my post-retirement income needs. I've read some financial experts saying to base it on 70-85% of your pre-retirement gross income, while others say to base it on 70-80% of your current expenses.
When I calculate using both methods, I get fairly significant differences. I'm also not sure which expenses I should ignore when calculating my current expenses (if any). I have children and they're not cheap and some of their expenses I suspect will be gone were I calculating my expenses ten years from now.
Wondering how most people estimate what they'll need post-retirement, especially from those who are currently in retirement.