This thread was beyond me. I read the posts, watched the FP video, and plan to follow a number of the links this week. And I'll try getting a copy of Unveiling the Retirement Myth.
Leslie's plan --
Instead you should be doing WHAT YOU CAN every day of your life.
* Don't save 'what your plan says you should save'. Save whatever you can.
* Don't invest in safe (lower return) investments because your plan says you don't need your portfolio to grow. Invest in whatever you think will earn you the highest return (within your volatility tolerance).
* Don't spend $$ in retirement the magic number someone quoted. Spend what your investments earn - after reinvesting inflation and putting $$ aside for year's of poor returns.
sounds exhausting. Save whatever I can, forever? Come on. I'm a hard worker, but I need hopes and goals to motivate me. And the thought of anxiously logging on to my online discount brokerage in 2050 with rheumatic joints and failing eyesight is ludicrous. I think that Old Me would curse Young Me for not figuring out a g**d*** magic number or buying an annuity.
I think I am following what steve41 is saying. That approach sounds kind of exciting actually. He offers a sophisticated magic number, to net zero or to net a certain legacy, based on predicted behaviors. The advantage of figuring out that magic number (and then adding a big fat safety cushion) is that I could then get back to the business of doing what I AM truly good at.
I think I have to re-read this thread...again.