“Many investors are avoiding even modest risk by keeping money in savings accounts and guaranteed investment certificates with returns below the inflation rate. These people rightly assume they’re impervious to stock market declines, but they ignore a problem of equal seriousness. On an after-inflation basis, their returns are negative. And, Prof. Milevsky adds, they’re even more negative after taxes”.
Professor Milevsky also explains that the 70% of current income rule may no longer apply with so many still with a mortgage or with children moving back home or aging parents to look after or to live to age 100.
There is a lot of good information on the book. You can find the book in any good bookstore.