If retirement is more than five years away, then the answer to both questions is harder. Our world is changing so rapidly. It has become harder to factor in all the variables that must be considered in calculating the full cost of retirement. With all the technological advances we have today, many prices have come down. On the other hand, technology will result in new products on the market that we must have .
Technology complicates the process.
Where your live and how you live must also be considered. Often the answer to how much will be needed is not much more than an educated guess. The most commonly used percentage is around seventy-five. Add to this amount, projected annual income taxes. The resulting amount is the gross retirement income required to maintain the desired retirement standard of living.