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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.
As a result, the so-called golden years are looking less than golden for some post 50s. According to the Administration on Aging, the median income of people over 65 was $27,707 for men and $15,362 for women in 2011. Many post 50s may consider going overseas to retire on a budget since there are a variety of low-cost options abroad.