The basis of planning for about 80% of your income after retirement assumes that you plan on living the same lifestyle you did before retirement as when you are retired. On the surface, this makes sense…
Keep a fairly “standard” lifestyle design of planning to live off of 80% of your income. But because of inflation, the amount required per year to keep the same level of retirement over a 50-year span is quite high.
If you are planning retirement at 50 and then living to 100 without changing consumption, that is a LOT of runways to clear. By achieving it, you might hit what you consider “financially free,” but there is a whole spectrum of financial security that you can obtain without banking $10 Million.