Retirement Income Gap Calculator
Calculate the gap between your retirement income needs and projected income from all sources
About this calculator
The Retirement Income Gap Calculator helps you identify the difference between your estimated retirement expenses and expected income from all sources including Social Security, pensions, and savings. This powerful tool reveals whether you're on track for a comfortable retirement or need to adjust your savings strategy. By calculating your income gap early, you can make informed decisions about increasing contributions, adjusting retirement timeline, or modifying lifestyle expectations to ensure financial security in your golden years.
How to use
Enter your expected annual retirement expenses and current age. Input projected income from Social Security, employer pensions, and personal retirement accounts. The calculator will show your annual income gap and total shortfall, helping you understand how much additional savings you need to bridge the difference.
Frequently asked questions
What counts as retirement income sources?
Include Social Security benefits, employer pensions, 401(k)/IRA withdrawals, annuities, rental income, part-time work, and any other regular income streams expected during retirement.
How much should I budget for retirement expenses?
Most experts recommend planning for 70-90% of your pre-retirement income, though this varies based on lifestyle, healthcare needs, and debt obligations.
What if I have a large income gap?
Consider increasing retirement contributions, working longer, reducing expected expenses, or exploring additional income sources like part-time work or rental properties.