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

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. 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.

Click through to find out how much you’d need to survive retirement throughout the years.

1951

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

Click here to find out how much the Dow Jones was worth in 1951.

1952

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

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

1954

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

1955

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

Click to find out what the U.S. minimum wage was in 1955.

1956

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

1957

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

1958

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

Find out how much a brand new car would have cost you in 1958.

1959

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

1960

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

Click to discover how much $100 was worth in the 1960s.

1961

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

1962

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

1963

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

Click to learn how much a new home cost in 1963.

1964

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

1965

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

1966

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

Find out how much college cost in 1966.

1967

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

1968

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

Find Out: Why It’s Harder to Save for Retirement Today Than 50 Years Ago

1969

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

1970

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

Learn how much $100 was worth in the 1970s.

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1971

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

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1972

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

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1973

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

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1974

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

Click to learn how the 1973-1974 stock market crash impacted America.

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1975

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

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1976

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

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1977

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

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1978

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

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1979

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

You won’t believe how little college cost in 1979.

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1980

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

1981

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

1982

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

1983

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

1984

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

1985

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

1986

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

Click to find out how cheap college was in 1986.

1987

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

1988

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

1989

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

1990

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

See what you could buy for $100 in 1990.

1991

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

1992

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

Click here to see how much a brand new house cost in 1992.

1993

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

1994

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

Click to find out the cost of a brand new car in 1994.

1995

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

1996

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

1997

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

1998

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

1999

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

2000

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

2001

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

Discover how 9/11 impacted the economy.

2002

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

2003

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

2004

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

2005

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

2006

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

2007

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

2008

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

2009

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

2010

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

Start Today: 17 Clever Ways to Save More for Retirement

2011

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

2012

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

2013

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

2014

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

2015

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

2016

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

Up Next: 10 Signs You’re Not Saving Enough for Retirement