I don’t think one size fit all when it comes to how much you “need” for retirement.
However, there are some things you can do that will help.
No debt. You should get out of debt and stay out of debt. Few calculate how much of their money goes to paying interest. Trust me, it is a lot. In our mid 30s we realized debt was eating us alive. It took a few years but we became debt free. The amazing things is by cutting back our spending (part of the getting out of debt process) Gave us more disposable income, which we put into savings.
Pay off your home. See above. We paid off a 30 year mortgage in 20 years. The saving of the mortgage payment went into savings.
With house paid for, and at 65 medicare, your two biggest expenses are covered.
While we do not have to, my wife and I could live on our Social Security.
RE: No debt. You should get out of debt and stay out of debt. Few calculate how much of their money goes to paying interest.
That would eliminate most Americans who own a home and pay mortgages then.
While we do not have to, my wife and I could live on our Social Security.
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Same here. Nice position to be in.