Originally published in Forbes. Michael Kitces’ 2012 article, “In Defense of the 70% Replacement Rate,” examines the validity of the personal financial planning industry’s 70-80% replacement-rate target. Kitces points out that the income-replacement ratio is really a spending replacement ratio – the ratio of post-retirement spending to pre-retirement income.
Hi, Michael's ok with a little back and forth. Pls call me at 617 834-2148 and explain what's complex and unhelpful. I can change it online in two secs. Unless one shows quantitatively the problem, it's just hot air. But let's talk. best, Larry
So, despite the introductory kudos to Kitces and lengthy analysis by you, gotta say that this article by you looked a lot like a private pissing contest between the two of you, and I found it unnecessarily complex and unhelpful. If you want to promote Maxifi, (which I use and do think is a very helpful planner) I suggest you bring down your commentary to a level that is more accessible to the rank and file and focus on the final outcome of your analysis, which I think (despite the obtuse approach) is that rules of thumb, including Kitces', are just that, and every economic situation calls for it's own specific evaluation of many factors. And then list the main ones. Or something. Not this.
Hi, Michael's ok with a little back and forth. Pls call me at 617 834-2148 and explain what's complex and unhelpful. I can change it online in two secs. Unless one shows quantitatively the problem, it's just hot air. But let's talk. best, Larry
So, despite the introductory kudos to Kitces and lengthy analysis by you, gotta say that this article by you looked a lot like a private pissing contest between the two of you, and I found it unnecessarily complex and unhelpful. If you want to promote Maxifi, (which I use and do think is a very helpful planner) I suggest you bring down your commentary to a level that is more accessible to the rank and file and focus on the final outcome of your analysis, which I think (despite the obtuse approach) is that rules of thumb, including Kitces', are just that, and every economic situation calls for it's own specific evaluation of many factors. And then list the main ones. Or something. Not this.