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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.
Common advice is that the average person or household will need between 60% and 80% of their current annual income in retirement. So if your current annual income is $50,000, according to the experts, you will need at least $30,000 per year in retirement.ssuming that you want to retire in 20 years time and the average inflation rate is 2.5%, the future value of $40,000 will be $65,545. This is the actual annual income amount that you are aiming for.