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You expect Social Security will replace 20% of your income. Your average annual career income is $100,000. Since you plan to travel more frequently
You expect Social Security will replace 20% of your income. Your average annual career income is $100,000. Since you plan to travel more frequently throughout your retirement years, you think you will need an 80% wage replacement rate in retirement. Even though a 4% withdrawal rate from your portfolio is a common guideline, you intend to withdraw 5% from your retirement savings annually. Approximately how much money will you need to have saved in today's dollars at retirement? O $800,000. O $1,500,000. O $1,200,000. O $600,000.
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