“Many of us are operating with an incredibly vague notion of how much we really need to save in order to achieve our financial goals and find security. And even financial planners might rely on rules of thumb when setting your retirement savings target–for example, they might assume that you’ll need 80% of your working income in retirement and extrapolate the rest of your plan from there.
As humans, we often have a natural tendency to reach for more more more, regardless of whether that “more” is actually bringing more happiness and security. Trying to keep up with the people around us, in terms of possessions and outward signs of success, can get exhausting and may not get us any closer to our life’s goals. That’s why, in this period of limited activity, spending, and social contact, it’s so worthwhile to think through your own definition of enough–both now and for the future. ” Christine Benz from Morningstar.
What is your enough?