Retirement Income Calculator: Project Your Guaranteed Monthly Income

This free retirement income calculator projects how much guaranteed monthly income your savings could produce through an annuity, alongside Social Security, so you can see whether your essential expenses are covered for life. It’s built for people who want income they can’t outlive — not just a portfolio balance.

What this tool estimates

It models the “income floor” approach to retirement: covering your must-pay expenses (housing, food, healthcare, utilities) with guaranteed sources so market swings never threaten your essentials. It combines:

• Annuity income — the projected payout from converting a portion of savings into a fixed or fixed-indexed annuity.
• Social Security — your estimated benefit, which you can adjust for an early or delayed claim.
• The gap — how much monthly income is left to cover from investments or other sources.

How to use it

1. Enter the savings you’d consider allocating to guaranteed income and your target retirement age.
2. Add your estimated monthly Social Security benefit.
3. Review the projected guaranteed income and the remaining gap against your expenses.

Fixed vs. fixed-indexed annuities

A fixed annuity pays a set rate; a fixed-indexed annuity ties growth to a market index with a floor that protects against losses. Both can add optional lifetime-income riders. Which fits depends on your risk tolerance and time horizon — our annuities guide and retirement income overview break down the trade-offs.

Frequently asked questions

Are these income figures guaranteed? Projections use typical current payout rates and are illustrative. Actual guarantees come from the specific contract and carrier you select — always confirm with an illustration before purchasing.

Should I annuitize all my savings? Rarely. The income-floor strategy covers essential expenses with guaranteed income and keeps the rest invested for growth and flexibility.

When should I claim Social Security? Delaying past full retirement age raises your benefit about 8% per year until 70. The calculator lets you compare claiming ages side by side.