Prior to retirement you are earning $70000 each year. You estimate that you will need income of at least 65% of your current earnings to maintain your standard of living in retirement. How much income will you need each year in retirement to meet your goal? You spend about $26,000 in a year now. If prices increase 2.8% per year, how much money will you need to spend to maintain your standard of living in 35 years? Your Answer: