Calculator: How Much Retirement Income Will I Have?

Thang Truong
Thang Truong
Updated on:

We often wonder how much retirement income we will have when we retire and where the income comes from. Here is a calculator which helps you calculate how much retirement income you will have when you retire; where the income comes from; and what you can do increase your retirement income.

[CP_CALCULATED_FIELDS id=”11″]

You can increase your retirement income through several strategies:

  • increasing the balances of your retirement accounts. Higher retirement savings balance will allow you to withdraw more from these retirement accounts. You can achieve this by increasing your monthly savings into these accounts now and choosing the right funds to invest in to earn higher interest rates.
  • You might also want to find another source of income in your retirement years such as a part-time job or rental income.
  • Delaying to withdraw from your social security benefit will also increase your income from this source. The qualified age to start withdraw social security benefit is 62. However, if you delay withdrawing from this source until you are 70, each year delay will increase your social security benefit by 8%.

It is important to calculate your after-tax retirement income correctly. The less income tax you have to pay, the more after-tax income you will have. Investing in a Roth IRA account or an Indexed Universal Life Insurance (or IUL) policy when you are young will be extremely beneficial for your retirement income. Income from Roth IRA account or IUL policy is 100% tax-free.

[elementor-template id=”2781″]

Explore other retirement calculators:

Explore other related articles to help you save for your retirements:

Thang Truong

Thang Truong covers small business insurance and small business success at BravoPolicy. He is a licensed P&C insurance agent. Previously, he held product leadership positions at realtor.com, Capital One, NerdWallet, and Mulberry Technology. He holds a MBA degree from UC Berkeley - Haas School of Business.

Related Posts

Best Self-Directed Roth IRA Companies for 2023

IUL vs. Roth IRA: Which One is Better for Your Retirement Savings?

Best Roth IRA Companies for 2021

Is IUL a Good Investment Strategy for Retirement?

Self-Directed Roth IRA: Its Pros and Cons? How Is It Different from Regular Roth IRA?

How Much Savings is Required to Retire at Age 55?

Backdoor Roth IRA: Step-by-step with Vanguard

How to Start Saving for Retirement at Age 50?

Gold Roth IRA: Is it A Good Idea?

Mega Backdoor Roth IRA: Step-by-Step Setup with Fidelity

More Stories

Best Self-Directed Roth IRA Companies for 2023

A self-directed Roth IRA is much like a regular Roth IRA, but offers more flexibility as far as what you can invest in. Whereas a regular Roth will only let you invest in stocks, bonds, mutual funds, ETFs, and real-estate investment trusts, a self-directed Roth lets you invest in a greater variety of investment options.  […]

IUL vs. Roth IRA: Which One is Better for Your Retirement Savings?

Most people know they have to plan for retirement, but it seems so overwhelming and there are so many places to put your money that many people put off doing anything. However, it’s crucial to save for retirement because Social Security benefits alone are probably not going to provide for a comfortable retirement. IUL and […]

Best Roth IRA Companies for 2021

If the thought of paying taxes on money in retirement makes you nervous, (who knows what the tax rate will be by then?) consider a Roth IRA. You’ll invest with after-tax money, so when you go to withdraw it, it’ll be tax-free. It’s also a good option if you think you’ll earn more money over […]

Is IUL a Good Investment Strategy for Retirement?

Funding retirement is an age-old question many people wrestle with for decades before they actually retire. How much will be enough? Should I invest all my money in IRA’s or 401(k)’s? What about the stock market? An investment strategy that some people fail to consider is the IUL or Indexed Universal Life Insurance. What is […]

Self-Directed Roth IRA: Its Pros and Cons? How Is It Different from Regular Roth IRA?

If you are a savvy investor, you might feel a little limited by the traditional IRA’s or Roth IRA’s. Those retirement accounts only allow you to invest in stocks, bonds, and mutual funds. If you’re interested in investing in things like cryptocurrency or precious metals, you’ll have to consider other opportunities and that’s where self-directed […]

How Much Savings is Required to Retire at Age 55?

Retiring at age 55 is nearly ideal. You’ve put plenty of time into a career, and you have numerous achievements and accolades under your belt. On the other hand, you’re still young enough to enjoy life. You can travel, engage in new hobbies, and visit friends and family, all without the health issues that can […]

Backdoor Roth IRA: Step-by-step with Vanguard

If you’re a high income earner, or just someone who wants to put away more money for retirement than the IRS thinks you should, you might want to look into a backdoor Roth IRA. This is a legal way to skirt some of the rules around Roth IRA’s so that you can take advantage of […]

How to Start Saving for Retirement at Age 50?

As you enter your fifth decade of life, you are probably putting much more thought into retirement and how to make that happen. If you haven’t put much effort into saving for retirement by this age, you still have time to prepare.  These days most people are expected to retire at or around the age […]

Gold Roth IRA: Is it A Good Idea?

A gold Roth IRA is just what is sounds like—you’re investing part of your retirement account in gold. You can also invest in platinum, silver, or palladium (palladium is a precious metal, often used in fuel cells). How you feel about a gold Roth IRA is greatly dependent on your stance on investing in precious […]

Mega Backdoor Roth IRA: Step-by-Step Setup with Fidelity

You’re probably familiar with traditional IRA’s and Roth IRA’s. You have a 401(k) with employer matching. If you’re a high income earner, you have probably heard of a backdoor Roth IRA, since income limits prevent you from contributing to a Roth if you’re income is high enough. But what is a mega backdoor IRA? What […]