What happens next?

How to project retirement income needs with inflation
Determine your monthly income needs at the beginning of retirement by estimating your recurring expenditures and planned purchases.
Financial professionals often recommend projecting approximately 60 to 80 percent of your pre-retirement income. Your particular situation may require more or less income than this.
While your budget may no longer include some employment-associated costs such as commuting, medical bills and other costs will almost certainly increase dramatically as you age. Furthermore, you might have plans to travel the world during retirement, or make annual gifts to your family.