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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.
It's $24,240 if you wait until age 66, the Full Retirement Age (FRA) if you were born in 1950. And your annual Social Security income is $32,520 if you wait until age 70, the latest you can wait to start benefits.The second row shows the total income over your life if you live to age 70 and then die.t's $24,240 if you wait until age 66, the Full Retirement Age (FRA) if you were born in 1950. And your annual Social Security income is $32,520 if you wait until age 70, the latest you can wait to start benefits. The second row shows the total income over your life if you live to age 70 and then die.