Conventional Wisdom

More gems of wisdom from

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On pages 296 -298 the authors have written a two column table.  The column titles are "Conventional Wisdom" and "Economic Advice".

There are 21 items in this table that compare what is accepted as the current conventional thinking with good economic advice for the same topic.

The one I especially like is:

Conventional - Target to replace 75 to 80 percent of preretirement income.

Economic Advice - Do this and you will likely save and insure far too much.

Author's Note: When I analyzed our own living expenses, I found that 60% is more than we will need.

Another gem about Social Security is:

Conventional - Take Social Security as early as possible.

Economic Advice - Take Social Security as late as possible unless you fear benefit cuts or you can double dip.

The other 19 comparisons are just as valuable.

Read about conventional wisdom versus good economic advice on pages 296 - 298 of SPEND til THE END.