Lionel earns $120,00 as an employee of a corporation. He is subject to Social Security and Medicare taxes, and he saves 10% of his gross salary each year. Using the top-down approach to estimating Lionel's Wage Replacement Ratio (WRR), what percentage of Lionel's income might he need to replace during retirement? Round to the nearest dollar. Lionel earns $120,00 as an employee of a corporation. He is subject to Social Security and Medicare taxes, and he saves 10% of his gross salary each year. Using the top-down approach to estimating Lionel's Wage Replacement Ratio (WRR). 

What percentage of Lionel's income might he need to replace during retirement? Round to the nearest dollar.