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Step

1

of 8:

About you

1

About You

2

Current Income

3

Saving Habits

4

Retirement Income Needs

5

Social Security and Pensions

6

Retirement Savings

7

Other Income

8

Your Results

  1. System Generated Field Panel
  2. Author Entered Field Panel
  3. Form Title Panel
  4. Retirement Savings
  5. Button Panel
  6. Thank You and Error Message Panel
  7. Hidden Panel

System Generated Panel

Author Input Panel

Author Input Panel - Required fields

File Upload Messages Configuration

Form Title Panel

About you

All fields are required unless noted.

Are you married?

Current Income

All fields are required unless noted.

Your , or take-home pay, per period

Your spouse's net pay, or take-home pay, per pay period. If spouse does not earn any income, enter $0 and select monthly for the pay period.

Do you have any other ?

Fill in all those that apply to you

Stocks and Investments (post-tax)

Properties (post-tax)

Second job (post-tax)

Other (post-tax)

Do you currently receive any form of Social Security, pension or retirement payments?

Fill in all those that apply to you

Social Security (post-tax)

Pension (post-tax)

Retirement (post-tax)

Retirement payments include those from a recurring payment. For example, an annuity from a 401(k), traditional IRA or Roth IRA.

Saving Habits

All fields are required unless noted.

Other than contributions to your employer sponsored retirement plan (e.g., 401(k), 403(b), etc.), do you routinely save in any other savings/investment accounts (e.g., mutual funds, IRAs, other)?

Average amount saved

Did you know?

With 78% Americans living paycheck to paycheck¹, the struggle with monthly finances often makes it difficult to build retirement savings.

1.Payroll.org, Increase in Americans Living Paycheck to Paycheck in Just One Year, 2023.

Retirement Income Needs

$

Based on your previous answers, this is the estimated amount of income you’ll need in retirement to maintain your current lifestyle. We calculated this by looking at your current monthly ‘take home’ pay and savings habits.

Once you retire and are no longer earning a paycheck, you'll need to receive income from a variety of different sources. These fall into three general categories:

  • Social Security and/or pensions
  • Retirement savings you have accumulated
  • Other income sources (e.g. annuities, stocks, investments)

As you move forward in this tool, we will ask you to provide the additional sources of income you expect to receive in retirement. This tool will calculate if your retirement income sources will meet your retirement income needs. This approach accounts for both your retirement plan contributions (e.g., 401(k)) and deductions already withheld from your paycheck to estimate monthly income needs, without having to itemize your expenses.

Did you know?

Generally, retirees can expect to need about 70-90% of their pre-retirement income to support their current lifestyle in retirement.¹

1.The 10 Ways to Prepare for Retirement, U.S. Department of Labor, September 2023.

Social Security and Pension

All fields are required unless noted.

If you already know your estimated benefit, please manually enter it in the input field below.

If you would like for us to provide a rough estimate based on age, expected retirement date, and income, click the "Estimate for Me" button to the right of each input field. We will auto-populate the input based on the information you have already provided.¹

If you would like to get your own estimate from the federal government, you can do so at Social Security Quick Calculator. Manually enter your estimate(s) in
the input field.

Your estimated Social Security payment based on age, expected retirement date and income

Your spouse's estimated Social Security payment

Enter your estimated monthly employer pension(s) benefit amount during retirement

(single life and post-tax)

Enter your spouse's estimated monthly employer pension(s) benefit amount during retirement

(single life and post-tax)

Did you know?

82% of people aged 62 will live to age 82, and 49% of people aged 62 will live to 92.² Many people can expect to live 20 to 30 years or more in retirement.³

1. Benefit estimates depend on your age and on your earnings history. This tool will provide a rough estimate of your earnings based on information you provided and the Average Wage Indexing (AWI) assumptions published by the Social Security Administration. For a more precise estimate, please visit www.ssa.gov.

2. Life expectancy for an individual age 62 as of 1/1/2025. IAR 2012 Mortality Table with Projection Scale G2

3. Top 10 Ways to Prepare for Retirement, U.S. Department of Labor, September 2023.

Retirement Savings

All fields are required unless noted.

Enter your total savings

Enter your spouse's employer sponsored retirement plan total savings

Do you have any ?

Your total IRA savings

Does your spouse have any IRA savings?

Your spouse's total IRA savings

Did you know?

Did you know you can turn your 401(k) into your own personal pension? By converting a portion of your 401(k) into a fixed income annuity, you can ensure your retirement savings will last throughout retirement, regardless of market conditions or how long your live.

Keep going! Just one more step until you can see your results.

Other Income

All fields are required unless noted.

Do you plan on having any other sources of income available during retirement?

The following fields are optional. You may view Your Results if none of the following apply to you.

(post-tax, not including 401(k)s and IRAs)

Properties (post-tax)

Second job (post-tax)

(post-tax)

Thank You/Error Panel Configuration

Settings for separate page thank you/error message

Hidden Panel

Results

It’s never too late to give your retirement savings a boost.

Understanding your Income Gap

Your retirement income gap is the difference between the monthly income you'll have in retirement and your estimated monthly income needs based on your current 'take home' pay and savings habits.

${totalMonthlyNeedsText} Estimated
  • ${estimatedMonthlyIncomeText}
    Estimated
  • ${annuitizedText}
    Estimated monthly income from retirement savings
  • ${incomeGapText}
    Your *

How could taxes impact your income in retirement?

This button will reduce your annuitized benefit amount using a 15% tax rate to simulate the effects of income taxes on your benefit. This is for illustrative purposes only. Your actual tax rate may vary.

  • Pre-tax
  • Post-tax

Do you anticipate needing less or more income in retirement?

Your monthly income needs are calculated by looking at your current income and current savings. Your needs could change in retirement. To see how your retirement income gap is impacted if your monthly income needs change, move the blue circle to the left or right.

-30% -20% -10% 0% +10% +20% +30%

How would annuitizing a percentage of your retirement savings affect your income gap?

Your retirement income gap estimate currently shows how much monthly income you would receive if 50% of your projected retirement savings—at the time of retirement—were converted into a fixed immediate annuity. Raising the percentage would raise the monthly income amount; lowering it would lower the monthly income amount.

0% 25% 50% 75% 100%

*NOTE: If you did not choose to annuitize 100% of your (and your spouse's) retirement savings, you may have a remaining balance that can be utilized to help close your income gap.

As determined by the IRS, you must begin taking required distributions from 401(k) and IRA accounts by a specified date. The annuity satisfies this required minimum distribution rule. Roth IRAs and Roth 401(k)s do not require withdrawals.

Your next steps

If you’re falling short right now, don’t worry. Here are some valuable ways that can help you increase your savings and improve your outlook.

Create a personalized retirement plan

Before making a major financial decision, like retiring, it’s helpful to consult with a financial advisor. A financial advisor can help you create a personalized financial plan by reviewing your employer benefits package and choosing the best options to help meet your individual needs in retirement.

Save your personalized results by bookmarking this page. You can also share your results with a financial advisor. You and your advisor can return to any part of this Retirement Income Tool to explore different scenarios and see how changing some of your inputs may impact your outlook.

Focus on spending smarter now to save more

While you may not have much control over how much you earn, you do have complete control over how much you spend. By decreasing monthly expenses, you increase how much you have available to save.

How? Here are a few suggestions:

  • Debt: Eliminate high-interest consumer debt by paying more every month toward your credit card balances, personal loans, or auto loans. In the short run, you’ll be spending more every month. But once these debts are eliminated, you’ll have freed up more money to put toward your savings.
  • Healthcare: Take care of yourself through preventative care, by eating healthier, and exercising regularly to help avoid healthcare issues down the road.
  • Housing: Housing costs are one of the highest spending categories. Pay more toward your mortgage every month to pay it off faster. Or, consider a reverse mortgage. You may also want to downsize to a smaller home and take advantage of smaller mortgage payments.
  • Insurance: Evaluate your insurance coverage to ensure you are getting the best plans to meet your lifestyle.

Learn more about Financial Wellness.

Fixed income annuities can provide long-term financial benefits in retirement

A fixed income annuity is designed to help protect you from the risk of outliving your retirement income. They are offered by insurance companies, like MetLife, and provide three main benefits:

  • Provide a fixed and predictable dollar amount, no matter how the financial markets are performing
  • Are guaranteed for life, no matter how long you live1
  • Make budgeting easier through a fixed stream of income

Learn more about how annuities fit into your retirement plan.

Delay retirement for a few years

There are several financial benefits to delaying your retirement:

  • You have more time to make 401(k) contributions. And people age 50 and older can make additional contributions to their accounts, known as catch-up contributions, on top of the standard contribution limit. This allows you to save even more.
  • You can increase your social security payments by choosing to receive social security payments at a later age.
  • Your retirement savings can last longer because you’ll be delaying the time when your start withdrawals. This could mean needing less money on which to retire.

Learn How Delaying Retirement Can Improve Your Financial Outlook.

Work part-time in retirement

Retirement doesn’t have to mean quitting work for good. In fact, many people continue to work after they’ve officially retired from their careers. Some find ways to extend their careers, such as acting as consultants, working fewer hours and with less stress. Others find completely new avenues to earn a paycheck in retirement.

Working in retirement can be a sound way for improving your financial outlook—while keeping you active and engaged.

Learn why working can be A Smarter Way to Retire.

At age 50, you can make catch-up contributions to your 401(k) and IRAs

Catch-up contributions allow you to make contributions in excess of the standard tax-deferred limits. This lets you put even more money toward your retirement savings every year.

Click here for current year catch-up contribution amounts.

You can also learn more about other benefit questions to ask before retirement.

Additional Resources

Retirement Readiness: Easy Math You Should Do Before You Retire

Making the transition from work life to retirement is a milestone that requires planning. Will you be financially prepared? Doing some simple calculations will help you better evaluate your finances long-term.

Retirement Income That’s as Regular as Clockwork

Meet Mel. She plans for a long, active retirement. Learn the financial solution she discovered that provides the security of guaranteed lifetime income in retirement.

Retirement Readiness: 5 Things to Consider Before Retirement

When will you be able to retire? And how will your retirement look? Here are five things to consider as you prepare for your future.