Steven, age 43, earns $80,000 annually; and his wage replacement ratio has been determined to be 80%. He expects inflation will average 3% for his entire life expectancy. He expects to work until 68, and live until 90. He anticipates an 8% return on his investments. Additionally, Social Security Administration has notified him that his annual retirement benefit, in today's dollars will be $26,000. Using the capital preservation model, calculate how much capital Steven needs, in order to retire at 68. $154,974.9475. $1,061,342.08. $1,217,311.57 $1,317,564.25