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So if you earn $100,000 the year you retire, we estimate you will need $85,000 during the first year of retirement. For each subsequent year, we increase your income need by 2.3% to keep up with inflation.
If you were born between 1943 and 1954, you will reach full retirement age at 66. In the year prior to your 66th birthday, the Annual Income Test remains at $14,160, with a be â¦ nefit reduction of $1.00 for every $2.00 you earn over the limit. Can earn $1,180 per month for remainder of first year, if taking early retirement. 2  Can earn $37,680 per year until birth month if you reach full retirement age during your retirement year. 3  No income cap and no penalty if you have already reached full retirement age.