Actor Kirk Douglas, of "Champion" and "Lust for Life" fame, recently turned 100 years old. If you're likely to surpass the average American's life expectancy of 79 years old and live to be 100 like Douglas, you'll need to prepare for it.
One retirement planning rule of thumb is that you need about 80 percent of your pre-retirement income to maintain your lifestyle in retirement. If you made the average national wage of $46,120, according to the Social Security Administration, that means you need to bring in about $37,000 per year, or at least $1.3 million total for retirement costs.
The Social Security Administration considers full retirement age to be 66, but our calculations start at age 65 for 35 years of expenditures. Read on to find out just how much money you'll need in retirement if you live to 100.