That. One of the best posts Ive ever seen in any personal finance related thread in the twelve years Ive been a FReeper. I would add to the its how much you spend part of the plan by saying its not how much you make, its how much you keep.
The plan you describe works nearly every time its tried.
I agree...found the post very thoughtful/helpful in explaining retirement financials.
We’ve put aside retirement funds since I was in my early 20’s. Always 15-20%...between retirement and personal savings. I just always went on the assumption that SS would not be there when I retired and so I had to be able to have enough put aside. The DH always put aside around 10-15% of his earnings as well (between retirement and savings). He also has a defined retirement plan.
We’ve been fortunate that our kids and grandkids have been self reliant and have never needed a ‘hand’. And they’ve been building their own nest eggs since they all started working.
I think for us, it’s our German/Dutch heritage...frugal and thrifty. :) And self reliant when it comes to finances.