Hi All,
Still bringing myself up to speed on all of the various TMG rules / guidance and was hoping someone could clarify their investment target amount by age.
The guidelines as I understand it are:
30 - 1x HH income
40 - 3x
50 - 6.4x
60 - 13.7x
65 - 20x
I get that these are more to help with your specific age check than as a retirement target number but if I'm using it to project what my future number is approximately supposed to be, is it intended that I have 20x income inflation adjusted or just 20x my income.
Example:
HH income: $100K
30 - $100K
40 - $300K
50 - $640K
60 - $1,370,000
65 - $2,000,000
Based on this, is it $2M or would it be $2M adjusted for inflation?
I'm in the messy middle at 35 so the 25X my spend isn't realistic to use atm because I'm not paying for preschool ins 30 years.
Appreciate any insight!