The "% of Current Income" amount represents the portion of your current income that you would like to receive each month in retirement. To change this percentage, use the arrows pointing upwards and downwards next to the percentage displayed. The "Required Income" amount on the right-hand side of this percentage is the monthly dollar amount representing that portion of your current income. For example, if you currently earn $10,000 per month and set the "% of Current Income" at 75%, the "Required Income" amount will update to $7,500 automatically.
Hint: When planning your Retirement Income, we recommend that you anticipate spending an amount equal to at least 75% of your current income in retirement.
The blue bar below the "Required Income" amount illustrates how much of the required income will be provided by Social Security and how much will need to come from your savings and investments. You can adjust the slider between these two amounts to reflect your anticipated monthly Social Security income in retirement. The remaining amount is the income you will need from investments and savings each month in retirement. For example, if your "Required Income" amount is $7,500, as in the example above, and you drag the slider to indicate a monthly Social Security allocation of $1,500, then the "Investments & Savings" amount will be displayed as $6,000.
Please note that if you have indicated that you receive any other monthly income (in addition to your salary) in the Current Status section of Retirement Planner, this income will be set as a fixed monthly amount in the Retirement Income section and subtracted from the investment and saving income required. For example, if the amount of retirement income you need to come from investments and savings is $6,000, as in the example above, and you change the "Other Income" amount in the Current Status section of Retirement Planner to $2,000, then the "Investments & Savings" amount in this section will change to $4,000 automatically.