How Much Income Do I Need in Retirement

Here is a three step process to assist:

1. Add all the amounts that you are currently spending ie: Mortgage, Insurance, Taxes (income, property), Utilities, Food, Personal Items, Entertainment, etc.

2. Add all the amounts that you expect to be spending in retirement ie: Same as above (give or take).

3. Divide the sum from step 2 by the sum from step 1 ie: $47,000 / $70,000 = 67%, or $80,000 / $110,000 = 73%, or your numbers.

Although this is a straightforward calculation, entering your own numbers might help answer that question (How much do I need in retirement?)

Certain expenses such as a mortgage, an auto loan, and credit cards may have been paid in full prior to retirement.