Get a Clearer View of Your Retirement Income and Expenses

Planning for retirement starts with understanding what life may actually cost. This calculator lets you enter your expected expenses by category — such as housing, healthcare, transportation, and more — to create a detailed monthly estimate. Once your expenses are entered, you can add your expected income sources like Social Security or pension benefits. The calculator then adjusts for inflation and shows whether your income may cover your projected expenses. If there’s a gap, it highlights what to address in your plan. You can also download a personalized report that summarizes your results. This makes it easy to revisit or share with your financial advisor.

What this detailed income gap calculator shows

When preparing for retirement, the most useful insights often come from understanding both sides of your financial picture — what you’ll spend and what you’ll receive. The Detailed Income Gap Calculator helps you do just that. It allows you to break down your expected expenses by category and compare them against your projected income.

Start by entering your estimated expenses across key categories such as housing, food, transportation, healthcare, and entertainment. The calculator will total these figures for a complete view of your expected monthly spending in retirement. Breaking expenses down by category helps make your plan more tangible. Seeing where most of your spending may go gives you clarity on how to prioritize, manage, and balance your financial resources in retirement.

Knowing how your income and expenses align in retirement is a powerful step in planning ahead. You’ll see whether your income is likely to cover those expenses. Or, if there may be a gap to plan for. The calculator also factors in inflation for a realistic view of your future costs.

The need for financial advice and retirement planning

The income gap or income shortfall is most often satisfied by withdrawing from other sources like savings or from IRA and 401(k) retirement accounts. But regardless of where the money is coming from, you need a retirement plan. Just assuming you have enough will not provide the financial serenity you need to truly enjoy retirement. When do you start your pension if you are lucky enough to have a pension? Do you elect for spousal continuation of your pension? Do you start your social security earlier or let it grow larger for later? How long will your personal and retirement savings last? When can you retire with confidence?

Please keep in mind that you need to seek out a financial advisor. Optimizing and combining your social security with pension income, annuity income, IRA withdrawals, and other retirement resources is not a simple process. Do not make any financial decisions based solely on this retirement income gap calculator. Everyone’s situation is different. It requires a personalized approach you get from a knowledgeable and qualified financial advisor.

Where to get financial advice?

Curtis Hill, CFP, IAR and Irina Hill, CPA, IAR, provide independent fiduciary financial advice, investment advice, retirement planning, and life insurance in the Long Beach, CA; Lakewood, CA; Carson, CA; Bixby Hills, CA; Signal Hill, CA; and Los Angeles, CA areas. We also provide advice and strategies to satisfy your retirement income gap. Achieve financial serenity in retirement with our help.

Go to the Calendley.com calendar link to schedule an appointment with a retirement planning and social security expert. Connect with Curtis Hill or Irina Hill. Discover how to reduce or minimize your retirement income gap.

Curtis Hill, Irina Hill, Serenity Wealth Management, and Portfolio Medics Inc. are not the authors of the retirement income gap calculator and are not responsible for the content, or the accuracy of the retirement income gap calculator. The retirement income gap calculator was created by and powered by the good people at HEDGENESS Inc.