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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 median amount in retirement accounts for Americans within 10 years of retirement is less than $120,000, according to Webb, an amount that would provide a monthly income of only $400 a month. The average Social Security retirement benefit at the start of 2014 was only $1,249 a month, or less than $15,000 a year.