Monthly surplus
Your entered income exceeds your expenses. Review whether the extra amount can also support inflation, repairs and unexpected costs.
Free retirement planning tool
Retirement Income Gap Calculator
Compare your expected monthly retirement income with your estimated expenses. See a possible monthly and annual surplus or shortfall, along with the percentage of expenses your income may cover.
No registration required
Instant calculations
Printable results
Will your retirement income cover your monthly expenses?
Enter realistic monthly figures below. Use take-home income whenever possible and include a monthly amount for annual or irregular bills.
Individuals: enter personal figures
Couples: enter combined household figures
1
Add monthly income
Include Social Security, pensions and other sources.
2
Add monthly expenses
Include regular bills and reserves for annual costs.
3
Review the difference
See monthly, annual and percentage-based results.
Enter your monthly figures
Leave a field at zero when it does not apply.
Entries are calculated in your browser and are not intentionally stored.
Understanding your result
What your retirement estimate may show
Use the result as a starting point for reviewing your income, expenses, reserves and future planning needs.
Close to balanced
Your figures are within a narrow margin. A modest increase in housing, healthcare, insurance or taxes could change the result.
Possible income gap
Your entered expenses exceed your income. Review the figures, flexible expenses, retirement timing and other income options.
Reviewing a shortfall
Six ways to examine a retirement income gap
A projected shortfall does not automatically mean retirement is impossible. It means the plan deserves a closer look.
1
Verify every figure
Review Social Security estimates, pension statements, planned withdrawals, taxes and insurance costs.
2
Separate essential spending
Identify which expenses are required and which can be adjusted without affecting safety or basic needs.
3
Review dependable income
Determine how much income may continue regularly from Social Security, pensions and annuities.
4
Consider retirement timing
Delaying retirement or continuing part-time work may affect the projected result.
5
Look closely at housing
Include property taxes, insurance, utilities, maintenance and repairs—not only the mortgage or rent.
6
Get personalized guidance
Qualified professionals can help evaluate taxes, inflation, withdrawals, investments and survivor income.
Turn your estimate into a complete retirement plan
The 60AndOver Retirement Planning Workbook helps organize your income, expenses, healthcare, housing, documents and next steps.
- Retirement income and budget worksheets
- Medicare and healthcare organizers
- Home safety and document checklists
- 30-day, 90-day and one-year action plans
Practical planning resource
The 60AndOver Retirement Planning Workbook
Printable worksheets and organizers created to help adults over 60 bring important retirement information together in one place.
Related guidance
Continue reviewing your retirement plan
Use these guides and planning resources to review the broader details behind your calculator result.
Frequently asked questions
Retirement income gap calculator FAQs
What is a retirement income gap?
It is the difference between expected retirement income and estimated expenses. When expenses are higher, the difference is a possible income shortfall.
Should couples enter combined figures?
Yes. Couples should enter combined household income and combined household expenses. Individuals should enter only their personal figures.
Should I use gross or take-home income?
Take-home income usually provides a more practical monthly estimate because regular deductions have already been removed.
How do I enter annual expenses?
Add expected annual costs such as property taxes, repairs, insurance renewals and dental care, then divide the total by 12.
Does a surplus mean I am ready to retire?
No. Retirement readiness also depends on taxes, inflation, healthcare, savings, investments and unexpected expenses.
What should I do if the calculator shows a shortfall?
Verify the figures first. Then review flexible spending, housing, debt, retirement timing, employment income, Social Security timing and planned retirement-account withdrawals.
Does the calculator save my information?
The calculations run in your browser. The tool does not intentionally send or permanently store the figures entered.
Important financial disclaimer
This calculator is provided for general educational and organizational purposes only. It is not financial, tax, legal, insurance, investment or retirement advice. Results are estimates based entirely on the figures entered and do not account for every cost, rule, risk or personal circumstance. Consider consulting qualified professionals before making important retirement decisions.