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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.
The traditional number is 70 per cent. In other words, if your household income immediately before retirement was $100,000, you are supposed to need annual income of $70,000 after you retire to maintain the same standard of living that you enjoyed while working.