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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.
To replace the commonly recommended 80% of income in retirement â or $60,000 in this case â the household would need $5,000 a month. In this calculation, this householdâs number is $1.35 million, or 18 times final pay. A higher investment return would bring the numbers down.