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Investing Specialists

Customize Your Income-Replacement Rate for Retirement

Rules of thumb may be too high for affluent retirees with high savings rates, but health-care costs a major swing factor.

Note: This article is part of Morningstar's October 2014 5 Keys to Retirement Investing special report. This article originally appeared Aug. 11, 2014.

The retirement-planning arena is full of "rules" that, upon closer examination, aren't rules at all. Rather, they're helpful starting points in the planning process, but they're very much dependent on an individual's own circumstances and preferences.