Because people with higher incomes will receive a smaller portion of their Social Security income when they retire, they generally need more assets relative to their income. We estimate that most people who want to retire around the age of 65 should aim for assets that amount to between seven and 13 and a half times their gross pre-retirement income. A common guideline is that you should try to replace 70% of your annual pre-retirement income. This is what the calculator uses by default.
You can replace your pre-retirement income with a combination of savings, investments, Social Security, and any other source of income (part-time work, pension, rental income, etc.) The Social Security Administration website has several calculators that help you estimate your benefits.
