Retirement Income Calculator With Social Security
Retirement income comes from three places: Social Security, any pension or annuity, and withdrawals from savings. Only the third one can run out — so the job is to work out how much it has to carry, and for how long.
Build the income stack
Write down the three lines, then subtract. What remains is the only number the calculator needs.
| Source | Lasts as long as you do? | Inflation-adjusted? |
|---|---|---|
| Social Security | Yes | Yes, annually |
| Pension or annuity | Usually yes | Rarely — most private pensions are fixed |
| Portfolio withdrawals | Only if managed | Only if you increase them |
What a portfolio adds to Social Security
Taking a 4% withdrawal and adding the average retired-worker benefit gives the pre-tax monthly income below. It is the single most useful table on this site for answering "is that enough?", because it converts a balance into the thing you actually live on.
| Portfolio | 4% withdrawal | Plus Social Security | Couple, two average benefits |
|---|---|---|---|
| $250,000 | $833/mo | $2,809/mo | $4,785/mo |
| $500,000 | $1,667/mo | $3,643/mo | $5,619/mo |
| $750,000 | $2,500/mo | $4,476/mo | $6,452/mo |
| $1,000,000 | $3,333/mo | $5,309/mo | $7,285/mo |
| $1,500,000 | $5,000/mo | $6,976/mo | $8,952/mo |
| $2,000,000 | $6,667/mo | $8,643/mo | $10,619/mo |
Before tax. A couple with two average benefits and a $750,000 portfolio clears $6,452 a month, which is above the median US household income.
The sequencing decision
Which account you draw from first changes how long the portfolio lasts, sometimes by years. The textbook order is taxable brokerage first, then traditional 401(k) and IRA, then Roth last — it keeps tax-deferred money compounding and leaves the tax-free account for the end. The important refinement is to fill up the lower tax brackets with traditional withdrawals or Roth conversions in the years before Social Security and required minimum distributions start, rather than leaving those brackets unused and being forced into higher ones at 73.
Pensions are not inflation-adjusted
A $2,000 monthly pension with no cost-of-living adjustment is worth about $1,220 in today's money after 20 years at 2.5% inflation. If most of your guaranteed income is a fixed pension, the portfolio has to grow its contribution over time to compensate — which means starting at a lower withdrawal rate than someone whose guaranteed income is mostly Social Security.
Required minimum distributions
From age 73 the IRS requires a minimum withdrawal from traditional accounts each year whether you need the money or not, starting at roughly 3.8% of the balance and rising with age. For retirees who have been living on less, this can push taxable income — and Medicare premiums — higher than planned. See the IRA withdrawal calculator.
Frequently asked questions
How much monthly income will $1 million give me?
About $3,333 a month at a 4% withdrawal rate, before tax. Add an average Social Security benefit and a single retiree is near $5,309 a month; a couple with two benefits is near $7,285.
What is a good retirement income?
A common benchmark is 70–80% of pre-retirement income, on the basis that commuting, payroll taxes and retirement saving all stop. It is only a starting point — housing status and healthcare costs move the real figure far more than the rule does.
Should I count my pension as part of my portfolio?
No. Treat it the way you treat Social Security: subtract it from spending so the calculator only models what savings must cover. If the pension has no cost-of-living adjustment, reduce its assumed value in later years.
When do required minimum distributions start?
Age 73 for people reaching 72 after 2022, rising to 75 for those born in 1960 or later. They apply to traditional 401(k) and IRA balances, not to Roth IRAs, and the first year can be deferred to 1 April of the following year — which doubles up two distributions into one tax year.
More on Social Security
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SavingsLast calculators are educational estimates. They assume a constant average return and steady inflation; real markets are volatile and sequence-of-returns risk can shorten how long money lasts. Nothing here is financial, investment, tax, or legal advice. Consult a qualified professional before making decisions.