Topic 8 – Determining Your Income Need

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Now additional information that’s needed to calculate what our retirement number is, is how much we feel that we’ll need in retirement to reach our goal of retirement income. What we’re heading towards here is figuring out what our retirement income gap may be and how we can fill that income gap. So in this slide, we see additional information on how you can determine what your income need will be. Currently, the average annual household income for fully retired, married retirees in 2018 was $48,000 a year. The average annual household income for a fully retired single individual in 2018 was $17,000. So we see that there is an advantage to being married in retirement.