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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.
If you combine that income with Social Security income -- the average retiree will receive $1,360 per month in 2017 -- then you're talking about roughly $20,000 per year in income. That's unlikely to be enough income for most retirees to live on.