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How Much It Cost To Retire in the Year You Were Born

·6 min read
vorDa / Getty Images
vorDa / Getty Images

People can spend their entire career building a nest egg, carefully contributing to their retirement accounts and investing their money as they prepare for that day when they can finally retire. But for those nearing retirement, especially for middle-aged workers, the question of how much you will actually need to retire can continue to eat at you as you approach that magical day where you stop punching the clock and start living the good life -- especially if you're living through an unprecedented pandemic.

Take Action: Do These 13 Things To Boost Your Retirement Savings Now
Check Out: How Long $1 Million in Savings Will Last in Every State

One popular way to calculate how much you need to retire is by using Fidelity Investment's "10x income rule." According to Fidelity, in order to maintain a quality of life similar to what you had while working, you should save 10 times your annual income before retiring at age 67.

Of course, that figure has changed significantly over the years. Annual incomes today are very different than they were 10, 20 or 30 years ago -- especially when you consider inflation. If you're planning on hitting the number your grandparents did and calling it quits, odds are good that you're going to be well short of what you'll ultimately need. That's because, if grandma and grandpa retired in, say, 1951, when the income for an average American was under $3,000, you would need an additional $450,000 or so at today's average wages than they did at the dawn of the Eisenhower Era.

That's why GOBankingRates has calculated what 10 times income would look like in each of the past 65 years using data on average annual wages provided by the U.S. Social Security Administration. Find out how much you'd need to survive retirement throughout the years.

Shutterstock.com
Shutterstock.com

1951

National Average Wage: $2,799.16
Cost to Retire: $27,991.60

Are High-Yield Savings Accounts Worth It? Here's Everything You Need To Know

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Shutterstock.com

1952

National Average Wage: $2,973.32
Cost to Retire: $29,733.20

Check Out: 50 Best (and Worst) Cities for an Early Retirement

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Shutterstock.com

1953

National Average Wage: $3,139.44
Cost to Retire: $31,394.40

Discover: How Much You Should Have in Your Retirement Fund at Every Age

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Shutterstock.com

1954

National Average Wage: $3,155.64
Cost to Retire: $31,556.40

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1955

National Average Wage: $3,301.44
Cost to Retire: $33,014.40

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1956

National Average Wage: $3,532.36
Cost to Retire: $35,323.60

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1957

National Average Wage: $3,641.72
Cost to Retire: $36,417.20

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Shutterstock.com

1958

National Average Wage: $3,673.80
Cost to Retire: $36,738.00

Are High-Yield Savings Accounts Worth It? Here's Everything You Need To Know

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Shutterstock.com

1959

National Average Wage: $3,855.80
Cost to Retire: $38,558.00

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Shutterstock.com

1960

National Average Wage: $4,007.12
Cost to Retire: $40,071.20

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1961

National Average Wage: $4,086.76
Cost to Retire: $40,867.60

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1962

National Average Wage: $4,291.40
Cost to Retire: $42,914.00

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1963

National Average Wage: $4,396.64
Cost to Retire: $43,966.40

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1964

National Average Wage: $4,576.32
Cost to Retire: $45,763.20

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1965

National Average Wage: $4,658.72
Cost to Retire: $46,587.20

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1966

National Average Wage: $4,938.36
Cost to Retire: $49,383.60

Learn: What Is a Savings Bond and How Does It Work?

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1967

National Average Wage: $5,213.44
Cost to Retire: $52,134.40

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1968

National Average Wage: $5,571.76
Cost to Retire: $55,717.60

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1969

National Average Wage: $5,893.76
Cost to Retire: $58,937.60

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1970

National Average Wage: $6,186.24
Cost to Retire: $61,862.40

Preparation is Key: 30 Reasons It's Hard To Retire at 65

laflor / Getty Images
laflor / Getty Images

1971

National Average Wage: $6,497.08
Cost to Retire: $64,970.80

Halfpoint / Getty Images
Halfpoint / Getty Images

1972

National Average Wage: $7,133.80
Cost to Retire: $71,338.00

PeopleImages / Getty Images
PeopleImages / Getty Images

1973

National Average Wage: $7,580.16
Cost to Retire: $75,801.60

BraunS / Getty Images
BraunS / Getty Images

1974

National Average Wage: $8,030.76
Cost to Retire: $80,307.60

Halfpoint / Getty Images
Halfpoint / Getty Images

1975

National Average Wage: $8,630.92
Cost to Retire: $86,309.20

Sam Edwards / Getty Images
Sam Edwards / Getty Images

1976

National Average Wage: $9,226.48
Cost to Retire: $92,264.80

monkeybusinessimages / Getty Images
monkeybusinessimages / Getty Images

1977

National Average Wage: $9,779.44
Cost to Retire: $97,794.40

Vesnaandjic / Getty Images
Vesnaandjic / Getty Images

1978

National Average Wage: $10,556.03
Cost to Retire: $105,560.30

kupicoo / Getty Images
kupicoo / Getty Images

1979

National Average Wage: $11,479.46
Cost to Retire: $114,794.60

Don't Miss: 10 Signs You're Not Saving Enough for Retirement

franckreporter / Getty Images
franckreporter / Getty Images

1980

National Average Wage: $12,513.46
Cost to Retire: $125,134.60

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iStock.com

1981

National Average Wage: $13,773.10
Cost to Retire: $137,731.00

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1982

National Average Wage: $14,531.34
Cost to Retire: $145,313.40

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1983

National Average Wage: $15,239.24
Cost to Retire: $152,392.40

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1984

National Average Wage: $16,135.07
Cost to Retire: $161,350.70

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1985

National Average Wage: $16,822.51
Cost to Retire: $168,225.10

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1986

National Average Wage: $17,321.82
Cost to Retire: $173,218.20

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1987

National Average Wage: $18,426.51
Cost to Retire: $184,265.10

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1988

National Average Wage: $19,334.04
Cost to Retire: $193,340.40

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1989

National Average Wage: $20,099.55
Cost to Retire: $200,995.50

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1990

National Average Wage: $21,027.98
Cost to Retire: $210,279.80

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1991

National Average Wage: $21,811.6
Cost to Retire: $218,116.00

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1992

National Average Wage: $22,935.42
Cost to Retire: $229,354.20

Read: The Salary You Need To Afford Rent in Every State

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1993

National Average Wage: $23,132.67
Cost to Retire: $231,326.70

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1994

National Average Wage: $23,753.53
Cost to Retire: $237,535.30

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1995

National Average Wage: $24,705.66
Cost to Retire: $247,056.60

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1996

National Average Wage: $25,913.90
Cost to Retire: $259,139.00

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1997

National Average Wage: $27,426.00
Cost to Retire: $274,260.00

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1998

National Average Wage: $28,861.44
Cost to Retire: $288,614.40

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1999

National Average Wage: $30,469.84
Cost to Retire: $304,698.40

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2000

National Average Wage: $32,154.82
Cost to Retire: $321,548.20

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2001

National Average Wage: $32,921.92
Cost to Retire: $329,219.20

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2002

National Average Wage: $33,252.09
Cost to Retire: $332,520.90

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2003

National Average Wage: $34,064.95
Cost to Retire: $340,649.50

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2004

National Average Wage: $35,648.55
Cost to Retire: $356,485.50

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2005

National Average Wage: $36,952.94
Cost to Retire: $369,529.40

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2006

National Average Wage: $38,651.41
Cost to Retire: $386,514.10

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2007

National Average Wage: $40,405.48
Cost to Retire: $404,054.80

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2008

National Average Wage: $41,334.97
Cost to Retire: $413,349.70

Check Out: Almost Every State Is In Debt Thanks to COVID -- What Now?

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2009

National Average Wage: $40,711.61
Cost to Retire: $407,116.10

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2010

National Average Wage: $41,673.83
Cost to Retire: $416,738.30

Start Today: 17 Clever Ways To Save More for Retirement

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iStock.com

2011

National Average Wage: $42,979.61
Cost to Retire: $429,796.10

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2012

National Average Wage: $44,321.67
Cost to Retire: $443,216.70

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2013

National Average Wage: $44,888.16
Cost to Retire: $448,881.60

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2014

National Average Wage: $46,481.52
Cost to Retire: $464,815.20

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2015

National Average Wage: $48,098.63
Cost to Retire: $480,986.30

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2016

National Average Wage: $48,642.15
Cost to Retire: $486,421.50

Up Next: Are You Doomed To Work Forever? What You Can Do If Your Social Security Isn't Enough

Vasyl Dolmatov / Getty Images/iStockphoto
Vasyl Dolmatov / Getty Images/iStockphoto

2017

National Average Wage: $50,321.89
Cost to Retire: $503,218.90

alvarez / Getty Images
alvarez / Getty Images

2018

National Average Wage: $52,145.80
Cost to Retire: $521,458.00

Hero Images / Getty Images
Hero Images / Getty Images

2019

National Average Wage: $54,099.99

Cost to Retire: $540,999.90

More From GOBankingRates

This article originally appeared on GOBankingRates.com: How Much It Cost To Retire in the Year You Were Born

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