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The first is that you probably want an income in retirement roughly equivalent to half or two-thirds of what you feel comfortable living on at the moment to maintain the same quality of life. That is because most older people have paid off a mortgage and no longer need to cough up for children or childcare, commuting costs, or colleagues' leaving presents. This is looking a less accurate picture these days, though, with so many young people likely to be still renting into their old age, or paying off mortgages that they could not afford to take out until their forties.