Retirement Income Calculator: Estimate What You'll Have From Every Source
This article is for informational purposes only and does not constitute personalized financial, tax, or investment advice. Consult a qualified financial advisor before making retirement planning decisions.
Knowing how much money you'll have in retirement is one thing. Knowing how long it will last is another. A retirement income calculator bridges that gap—helping you estimate projected income from every source and stress-test whether your withdrawal plan holds up over 20, 30, or even 40 years.
This guide covers what inputs matter most and how to account for the taxes and market risks that can quietly erode a plan that looks solid on paper.
Step 1: Identify All Your Income Sources
Take stock of every income stream you expect in retirement. Most people have more than they realize—401(k)s, traditional or Roth IRAs, Social Security, pensions, annuities. Each carries different tax treatment, timing constraints, and inflation sensitivity, so account for them separately.
Social Security
Social Security is typically the largest guaranteed income source for American retirees, but the amount depends heavily on when you claim.
The average monthly benefit for retired workers reached $2,081.16 in April 2026, according to the Social Security Administration. Your individual benefit reflects your own earnings history and claiming age—not the average.
Claiming at 62 versus 70 produces roughly a 77% difference in monthly benefit for those with a full retirement age of 67. For every year past full retirement age up to 70, benefits increase 8%. That's a significant retirement income decision most people face.
Get your personalized estimate at ssa.gov. That number is the foundation every retirement income calculator needs.
401(k)s, IRAs, and Investment Portfolios
Your portfolio balance and withdrawal rate together determine how much you can draw each year. Enter each account balance separately—traditional, Roth, and taxable accounts are taxed differently at withdrawal, and sequencing them strategically can meaningfully affect how long your money lasts.
Pensions and Annuities
Note the monthly payout and whether it includes a cost-of-living adjustment. Guaranteed income sources reduce pressure on your investment portfolio and allow for a higher withdrawal rate from other accounts.