Originally Posted by Unregistered

You really missed the point dude. Posters here are aiming for a higher standard of living in retirement.

Cannot imagine that after working hard for 30 - 35 years, you would want to cut back everything and live like a hermit upon retirement? Retirement is a time to take back your life and live! Do the things you want to do, travel to places and experience other cultures and pamper yourself.

When planning for retirement, always plan for more. For eg., if you think you would only require $84k pa ($7k pm) in retirement, aim for $100k pa ($8.5k pm).

In this way, you will build up a comfortable buffer. This will also prevent you from making a mistake in retiring prematurely.

Plan the retirement savings to last 30 years (or up to 90 yo).

It is better to continue working now as long as you can, than having to re-enter the job market at 60 when you find that your money runs out!

So in summary, aim high in retirement planning, give yourself buffer. Aim low and you risk falling short and without buffer.