*40 year old in 2017 using inflation calculator in the past to determine what future costs will be when individual turns 80.
The chart is assuming that the individual does not have a car payment at 80, no serious health ailments, and no other debt and the individual will have to pay a total of $68,580 per year and that is someone who is “DEBT FREE”
In other words, this person is not taking any vacations, no presents for grandchildren, no hobbies, and movies, etc. Ask yourself questions are my property taxes more than the $3,327 per year like what is in the chart? What if you go to eat more than 2x a month? What if you have other expenses not accounted for? What if there are more innovations that we will pay for in the future?
In other words, because of inflation assuming that you don’t have any debt, just household expenses the money you are saving today has to be enough to pay tomorrows prices, and the longer we live, the longer that money has to last!