Your client, Jim, is currently 45 years old and earns $90,000 a year, pays 7.65% of his gross pay in Social Security payroll taxes, and saves 14% of his gross income. Jim wants to maintain his current lifestyle during retirement, and any work-related savings from retirement are expected to be completely offset by additional spending adjustments during retirement. Using the top down approach, find Jim's Wage Replacement Ratio as a percentage.