Money » Calculators » Retirement Income Calculator
Advertiser Disclosure

This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

Retirement Income Calculator

Your annual savings, expected rate of return and your current age all have an impact on your retirement's monthly income.

I Don't Need Background, Take Me to the Calculator!

How You Can Increase Your Retirement Incomes

Here are a couple of suggestions you can do now and can help you increase your retirement income:

Get an IRA

An IRA is a great way to help you stock away some money for retirement that’s outside of the 401k that you might have with your employer.

You can get a Traditional IRA for those who have a standard income and they can even be tax-deductible so you don’t have to pay taxes on the money that you’re putting away.

Of course, you’ll want to talk over the different options and see which type of IRA might be the best for you and/or your spouse.

Use Automatic Investments

Automatic investments can be a great option if you’re interested in putting away money in your IRA frequently, such as every month or every quarter. You can make these automatic so you don’t even have to think about them.

This is commonly called paying yourself first, and it’s a great way to make sure that you invest, even when you know that you’re not good at remembering to put that money away.

Also, it's great for just about anyone and lets you set up automatic payments from any account you want and just about any institution as well.

Get a Rental

Rental properties can be a great way to earn some additional money, but you have to think about the fact that you’re going to have some work involved.

Rental properties are actually easier to get than you might think because you could decide to purchase a new home for yourself and rent out your old one or purchase a new property elsewhere.

Just keep in mind the real estate market in your area before you decide to buy and definitely understand the rental market as well.

Delay Your Social Security Income

This may not seem like a way you can increase your income, but it actually is because if you delay taking out social security until you can get the maximum amount you’re going to get even more money. That could be somewhere around 66 or 67.

If you wait a little longer, however, you can get a bonus of 8% for every year you delay up to the age of 70. That’s a little known fact that will help you get a bigger benefit.

Run a Side Business

A side business is a great way to make sure that you have plenty of income as you’re heading into retirement and beyond.

That’s because you could jump into just about anything and you may be able to make a small amount of money or even a large amount of money. After you retire, it could be a great time to dive in and create something new.

When you retiree you’re going to have all of those old acquaintances and business contacts that you had before you retired and you’re going to have a whole lot more time on your hands.

But if you do it before you retire you’re going to have those connections as well as a whole lot more pull amongst them. They might take you more seriously. Plus, you’ll have more money coming in so it’s easier to make that kind of investment into a new business.

Pay in Full

If you have annual expenses or larger bills that you can pay in full it can be a whole lot easier and more convenient to do so. You can generally get a discount by going this route and you may be able to still make it work even with a smaller income.

If you save up money every month to get to the amount for the next year you could be better off in the long run and you could be able to get all of those savings bonuses.