More than 70% of baby boomers expect their income needs to rise and fall greatly throughout retirement, according to a new survey by the U.S. division of Sun Life Financial Inc., Toronto.

“This survey shatters the old rule that people should plan to live on a fixed 70%-80% percent of their preretirement income,” said Mary Fay, senior vice president and general manager of Sun Life Financial’s annuities division, Wellesley, Mass.

Boomers typically need more income early in retirement to fund plans for travel and other recreational activities, Sun Life found.