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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.
Some costs may increase, such as heating your home, and youâll have to work out exactly how much income you will be receiving from your pension. The average British wage is about Â£26,000 â to replicate that in retirement youâd need a pension pot of more than Â£300,000.However, itâs unlikely that youâll need as much money in retirement as you did while you were working.Check out our guide to how much you should be saving at different ages.ome costs may increase, such as heating your home, and youâll have to work out exactly how much income you will be receiving from your pension. The average British wage is about Â£26,000 â to replicate that in retirement youâd need a pension pot of more than Â£300,000.