It seems that being a mustachian does not fit into vanguard's concept of a retirement plan.the savings maxed out at 60K. Guess it's not possible to save more than 50% at higher salaries than 120K.a super low retirement income isn't possible either.have fun :)https://retirementplans.vanguard.com/VGApp/pe/pubeducation/calculators/RetirementIncomeCalc.jsf
The real issue seems to be that you can't save more than $60,000 for retirement, no matter your income.
Why would you save more? Talk to your financial advisor and see how you can afford to upgrade your house, buy a new car, move to a higher cost of living area, pay more for financial services, etc.
Quote from: SciLearner357 on April 10, 2019, 07:49:37 AMThe real issue seems to be that you can't save more than $60,000 for retirement, no matter your income.I suspect that people who save more than $60k/year for retirement are not the type of people relying on Vanguard's online tools to do their planning for them. It might even be a deliberate lure on Vanguard's part, a screen to identify potential customers with deep pockets who write to them with this complaint. Then they can say "Well you're clearly too advanced for this simple tool, we'll put you in touch with one of our personalized wealth advisors..."I had a similar experience at a bank, once, when I was holding $70,000 in a savings account in preparation for buying a house. I went in to a branch for some routine checking account business and the teller looked at her screen for a few seconds and then tried to hand me off to one of the other bank employees to discuss my investment and personal banking options. No thanks.
AS retirement calculators go it's not terrible...what frustrated me about VG's is that you cannot need less than 60% of your income, nor more than 110%. My income doesn't dictate my spending, and for high-savers who might have a paid off home in retirement it's fairly easy to imagine a scenario where you'd need only 30, 40% of your current income.Having the savings maxed out at $60k is strange. I'm certain many of Vanguard's clients earn north of $200k (e.g. white-collar DINKs) - saving >$60k isn't an absurd suggestion for very high earners, even among non-mustachians. According to their own slider-limits if you are 35 years old and make >$250k you won't be able to retire before you are in your mid 60s.
I did wonder if it wouldn't let you go any lower on income percentage because it was taking health care costs into account and so many people (not on this board, but in general) seem to forget about that. Our three biggest costs (in order) are childcare, mortgage, and health insurance. Obviously we plan on getting rid of childcare and mortgage before we cut the work plug, but who knows what insurance costs will be in 10 years. Seems smart to put a big buffer into even a basic calculator.
It isn't just standard calculators. FIL has his own home grown retirement spreadsheet.-How much do you make?-<DH makes eye contact with me> Well, we SPEND about X.-That's ridiculous. No one can live on that. We will put in 1.5X.