Calculating Income Replacement Rates for Retirement Savings

Different savings rates will impact how much pre-retirement income can be replaced at a sustainable 3% safe withdrawal rate over retirement/nEven with a great pay rate increase every year, starting at $50,000 a year, none of the income replacement calculations got close to 60%/nBeing able to replace 60% of pre-retired income is a loose rule of thumb for maintaining the same standard of living in retirement/nOperating under the assumption that standard of living in financial independence will likely be at or slightly below pre-retirement standard of living when retired at $50,000