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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.
For the most part, Social Security was never supposed to be the sole source of retirement income. More of a starting point; and a very basic starting point at that. The average American can look forward to an annual retirement benefit of less than $15,000 a year; or roughly $1,230 a month.While social security is guaranteed, the income from it isnât very much.At the same time, fewer and fewer Americans have pensions to look forward to.ore of a starting point; and a very basic starting point at that. The average American can look forward to an annual retirement benefit of less than $15,000 a year; or roughly $1,230 a month.