Retire with Confidence
When it comes to retirement, many assume that Social Security alone will carry them through. But the reality is that Social Security was designed as a supplement — not a full replacement — and cost-of-living increases, healthcare, housing, and longer lifespans all stretch the original design.
That’s why we built our Retirement Gap Calculator — so you can get a realistic estimate of where you stand, how big (or small) your gap may be, and what you can do about it.
Retirement Gap Calculator
Estimate your monthly retirement income gap
How It Works
Here’s a step-by-step of how to use the calculator and what each field means:
- Current Age
Enter your age today. This helps set the timeline for your retirement horizon. - Planned Retirement Age
When you intend to retire (or stop full-time work). This determines how many years you’ll be saving and how many years you may need income in retirement. - Life Expectancy (Age)
How long you plan (or expect) to live. A realistic estimate helps you plan for income stretching across possibly decades. - Current Retirement Savings ($)
The total you’ve accumulated so far in retirement-oriented accounts (401(k), IRA, brokerage, etc.). This gives your starting point. - Current Annual Income ($)
Your annual income now. This helps estimate how much you could contribute, and gives context for savings rate. - Annual Contribution (%) of Income
The percentage of your income you regularly contribute toward retirement savings (e.g., 10%, 15%). This helps project future savings growth. - Expected Annual Return (%) Before Retirement
The assumed annual investment return on your retirement-asset portfolio before you retire. This projects the growth of your savings over time. - Desired Monthly Retirement Expenses ($)
Estimate of how much you want to spend each month in retirement (housing, living, travel, health care, etc.). This sets your target for retirement income needs.
Why We Built This Tool
At Wealth Wallaby, we believe in empowering you to own your retirement plan — not just hope for the best. Social Security provides a base, but building meaningful security requires tools, insight, and action. This calculator is one step in that journey — we hope it gives you insight, confidence, and a clear path forward.
See if you’re saving enough
Your projected gap shows whether your current savings and contributions are truly on pace for the lifestyle you want. It’s an early warning system — giving you time to adjust your savings rate, investment mix, or retirement age before it’s too late.
Plan for inflation, longer life, or lifestyle changes
Retirement isn’t static. Prices rise, health needs shift, and your vision for how you’ll spend your time may evolve. Understanding your gap helps you prepare for these changes with flexibility and confidence.
Avoid surprises later
When you know your numbers, you can make informed decisions about work, spending, and investing today. The goal isn’t to predict the future perfectly — it’s to stay aware, in control, and ready for whatever comes next. It’s not about perfection — it’s about awareness.
Frequently Asked Questions
What is the “retirement gap”?
It’s the difference between your estimated retirement income (from savings + Social Security) and your desired monthly expenses. A gap means you may need to save more, work longer, or spend less.
How accurate are these results?
They’re educational estimates based on your inputs and assumptions. Real results depend on market returns, inflation, and personal choices.
What’s a good target income replacement rate?
Many experts suggest aiming for 70–80% of your pre-retirement income, but everyone’s ideal retirement looks different — use this tool to find your number.
How can I close my retirement gap?
You can close your retirement gap by increasing how much you save, working a little longer to give your investments more time to grow, or earning higher returns by improving your investment mix within your comfort zone. You might also reduce your expected expenses in retirement or create additional income sources, such as part-time work or passive income streams, to help cover the difference.
Can I rely on Social Security alone?
Usually not. It was designed to replace about 40% of average earnings, which often isn’t enough for total retirement needs. Read more on the truth about social security here.
Need help closing your retirement gap?
Don’t go it alone. Our 1-on-1 coaching helps you turn these numbers into a real plan — with strategies for saving smarter, building income streams, and retiring with confidence.
This calculator is for educational purposes only. It’s not financial advice. Results are estimates and may vary based on real-world factors. Consult a qualified advisor before making investment or retirement decisions.