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Chapter 5. Goal-Oriented Retirement Plan... > Creating Your Income Replacement Goa...

Creating Your Income Replacement Goal

Once we have isolated the amount of income we need to live on and have gotten comfortable with our life expectancy, we can set our sights on creating a goal. The goal is stated as income replacement, and the formula looks something like this:

Total budgeted expenses –

expected Social Security and pension benefits ×

life expectancy =

lump-sum or periodical payments required


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