because the expenses will change a lot from working years to retirement years.  Kids will be gone.  mortgage will be gone.  Less money spent on commuting.  No need to put a portion of income away into savings.  However you might spend more on travel, medications, hobbies.  The Replacement Ratio calulator looks at all of this - the Globe has such a calculator too (silly they did not post it with the article about it!) http://www.theglobeandmail.com/globe-investor/personal-finance/retirement-readiness-calculator/article28794648/