This might be useful for a younger person who is earning a salary, but it seems misleading for a retiree with pension/SS income, and only considering "financial accounts" without home equity or mortgage status. A retiree who is renting or has a high mortgage balance has very different income needs than one whose house has been paid off. Likewise, any pension/SS either has to be entered as "stable employment income" (which seems incorrect) or has to be converted to a net present value and added to the financial account total.
Comments:
This might be useful for a younger person who is earning a salary, but it seems misleading for a retiree with pension/SS income, and only considering "financial accounts" without home equity or mortgage status. A retiree who is renting or has a high mortgage balance has very different income needs than one whose house has been paid off. Likewise, any pension/SS either has to be entered as "stable employment income" (which seems incorrect) or has to be converted to a net present value and added to the financial account total.
Post: Two-Minute Checkup
Link to comment from August 6, 2022