How much does income affect your post-retirement lifestyle stability?

One of the most spirited debates within the early retirement community revolves around the influence that a high level of savings (as well as income) has on a person’s ability to retire early. ¬†I have argued in the past that although a high income can help, an aggressive savings schedule is a far better measure to determine a person’s fitness for early retirement.

From our honeymoon on Maui
From our honeymoon on Maui

My rationale was simple: it is a person’s lifestyle that ultimately determines how long he or she can survive without a full time job post-retirement. ¬†Meaning, a more frugal lifestyle will generally enable earlier retirement than a less frugal lifestyle, regardless of income.

But yet, I would be remiss if I did not address the obvious monkey in the room. Continue reading “How much does income affect your post-retirement lifestyle stability?”