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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.
This is sometimes called âreplacement income.â So if you earn $75,000 a year now, youâll need at least $60,000 a year to maintain your lifestyle. Multiply that amount by your life expectancy after retirement. Once you know your goal, itâs time to figure out the amount to put away each month. Retirement calculators abound online, but the one offered by MSN Money is very straightforward. Enter your variables, including current age, desired retirement age, income and the amount of income you wish to replace at retirement.