"A rule of thumb is to assume you'll need 80% of your current annual income in retirement."

In what world is this a good rule of thumb? This might be true from age 66 to 75, but after that, your spending will drop like a stone! I am well into my 60's and both of my parents are still alive, healthy, and living in their condo. They have a VERY comfortable pension that nets them over six figures per year. Their spending is less than $35,000 per year and going steadily DOWN. I understand that we need to save lots of money, but that 80% prediction is just flat-out unrealistic, and wrong. Stop trying to scare us!