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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.
To put these factors into perspective, it is helpful to look at an example. Say, for instance, that you have made an average of $75,000 a year. If you take early retirement at the age of 62, you will get approximately $16,000 annually from Social Security. If you retired at full retirement age of 66, you would get approximately $21,000 annually.