My wife and I have some interesting friends who have an interesting a financial adviser. This adviser has always told them to keep a huge mortgage, leverage their growing home equity, and get whole life insurance--all ideals that I oppose.
The newest advice is assuming how much one needs to retire. The concept told is that you work five days a week and have two days off. You spend the most money on the weekend when you are not working--going out to eat, seeing movies and shows, etc. Thus, when you retire, you now have seven days a week in this spending mode.
Really?!?!
I'm totally in awe that suddenly that one is retired, they are going to spend and party seven days a week.
People inclined to spend, will do it seven days a week regardless IMO-- going to a coffee shop and unloading $8 on breakfast and coffee then another $10 on lunch. It depends on the person.