See If Your Retirement Income Covers Your Expenses

A successful retirement plan depends on more than just savings — it’s about matching your future income with your expenses. If your income falls sort of your expenses, the difference is your income gap. Knowing what youe income gap looks like can help you make more informed decisions about your retirement strategy. The Retirement Income Gap Calculator estimates the difference between your future expenses and income sources like Social Security, pensions and annuities. It’s a simple way to understand if your plan is on track — and where you may need to make an adjustments.

How to use the Retirement Income Gap Calculator

Enter your current age, expected retirement age, and monthly expenses along with your income sources. The calculator displays your estimated monthly income gap instantly and provides a clear summary you can download for reference or discussion.

Why the Retirement Income Gap Calculator Matters

Understanding your income gap helps you plan ahead with realistic expectations about how your resources align with future spending needs. It’s a valuable starting point for exploring ways to strengthen your financial readiness for retirement.

An image of a man jumping a gap. The Retirement Income Gap Calculator estimates the difference between your future expenses and income sources like Social Security, annuity and pensions.

The retirement income gap or income shortfall is most often satisfied by withdrawing from other sources like savings or from IRA and 401(k) retirement account. 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. Retirement planning requires answering a few questions. 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 saving last?

Your Need for a Financial Advisor

Please keep in mind that you need to seek out a financial advisor. Optimizing and combining your social security with pensions 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 and requires a personalized approach you get from a knowledgeable and qualified financial advisor.

Schedule your free, no-strings-attached consultation

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 and achieve financial serenity in retirement.

An image of stacking coins. By stacking and adding your retirement income sources versus your inflation adjusted expensis, your retirement income gap can be calculated. Knowing the scope of the problem is the first step to solving the retirement income gap.

Go to the Calendley.com calendar link to schedule an appointment with a retirement planning, 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. Further, 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.