Does my retirement budget balance?
Type your expected Social Security and other monthly income, your savings and the share you plan to withdraw each year, and what you expect to spend each month. The retirement budget calculator shows whether your retirement budget balances, and how much more you would need saved to close a gap.
- Left over each month
- -$716.67
Retirement income of $3,333.33 a month against spending of $4,050.00 leaves you $716.67 short.
- Your month ends
- $716.67 short
- Income a month
- $3,333.33
- Withdrawal from savings a month
- $1,333.33
- Spending a month
- $4,050.00
- Spending a year
- $48,600.00
- Spending covered without savings
- 49.4%
- Extra savings to cover the shortfall
- $215,000.00
Left over each month: -$716.67. Retirement income of $3,333.33 a month against spending of $4,050.00 leaves you $716.67 short.
The results are estimates for information only. They are not financial, tax, or legal advice. Check the numbers with your lender or a qualified professional before you decide. Terms of use
How to calculate
Adds up monthly retirement income from Social Security, a pension and a planned withdrawal from savings, subtracts monthly spending, and shows the extra savings a shortfall would need.
Example with the default inputs (Social Security a month $2,000.00, Pension a month $0.00, Other income a month $0.00, Retirement savings $400,000.00, Yearly withdrawal rate 4%, Housing $1,500.00, Food $600.00, Health care $700.00, Transportation $350.00, Travel and hobbies $400.00, Everything else $500.00): Retirement income of $3,333.33 a month against spending of $4,050.00 leaves you $716.67 short.
Method: withdrawal = savings × rate ÷ 12; income = Social Security + pension + other income + withdrawal; left = income − spending; extra savings for a shortfall = shortfall × 12 ÷ rate.
- All amounts are per month and after any tax.
- The withdrawal is a fixed share of today’s savings. The withdrawal rate is a rule of thumb, not a guarantee that the money lasts.
- Prices rise over time; rerun the budget each year. Empty boxes count as $0.
Worked examples
Each example is checked against the calculator on every build.
- Social Security a month $2,000.00, Pension a month $0.00, Other income a month $0.00, Retirement savings $400,000.00, Yearly withdrawal rate 4%, Housing $1,500.00, Food $600.00, Health care $700.00, Transportation $350.00, Travel and hobbies $400.00, Everything else $500.00 gives Withdrawal from savings a month $1,333.33, Income a month $3,333.33, Spending a month $4,050.00, Left over each month -$716.67, Your month ends $716.67 short, Spending covered without savings 49.382716%, Extra savings to cover the shortfall $215,000.00.Source: Consumer Financial Protection Bureau, Your Money, Your Goals: Monthly budget tool (list income, list spending, subtract spending from income), https://files.consumerfinance.gov/f/documents/cfpb_well-being_monthly-budget.pdf: income − spending
- Social Security a month $2,500.00, Pension a month $1,200.00, Retirement savings $300,000.00, Yearly withdrawal rate 4%, Housing $2,000.00, Food $800.00, Health care $600.00, Everything else $600.00 gives Withdrawal from savings a month $1,000.00, Income a month $4,700.00, Spending a month $4,000.00, Left over each month $700.00, Your month ends $700.00 to spare.Source: Consumer Financial Protection Bureau, Your Money, Your Goals: Monthly budget tool (list income, list spending, subtract spending from income), https://files.consumerfinance.gov/f/documents/cfpb_well-being_monthly-budget.pdf; benefit estimate: Social Security Administration, my Social Security (your benefit estimate), https://www.ssa.gov/myaccount/ (retrieved 2026-10-03)
- Social Security a month $1,800.50, Retirement savings $0.00, Yearly withdrawal rate 4%, Housing $1,000.25, Food $800.25 gives Left over each month $0.00, Your month ends nothing to spare, Spending covered without savings 100%.
How it works
Every typed amount is used as the exact decimal you typed; empty boxes count as $0. All amounts are per month except savings.
- Withdrawal from savings a month W = savings × withdrawal rate ÷ 100 ÷ 12.
- Steady income S = Social Security + pension + other income.
- Income a month I = S + W.
- Spending a month C = housing + food + health care + transportation + travel and hobbies + everything else; spending a year = 12 × C.
- Left over each month = I − C; the text says “to spare”, “nothing to spare” (to the cent) or “short”.
- Spending covered without savings = S ÷ C × 100 (shown when C is above $0).
- Extra savings to cover the shortfall = (C − I) × 12 ÷ (withdrawal rate ÷ 100), shown when there is a shortfall.
Rules
- Monthly amounts from $0 to $10⁸; savings from $0 to $10¹¹; withdrawal rate from 0.1% to 20% (leave savings empty for no withdrawal).
Assumptions
- Amounts are after any tax. The withdrawal is a fixed share of today’s savings, a rule of thumb, not a guarantee. Prices rise, so rerun the budget each year.
Worked examples by hand
The default. W = 400,000 × 0.04 ÷ 12 = $1,333.33; I = 2,000 + 1,333.33 = $3,333.33; C = 1,500 + 600 + 700 + 350 + 400 + 500 = $4,050. Left = −$716.67 (short). Covered without savings = 2,000 ÷ 4,050 = 49.4%. Extra savings = 716.67 × 12 ÷ 0.04 = $215,000.
Social Security $2,500, pension $1,200, $300,000 at 4%. W = $1,000; I = $4,700; C = 2,000 + 800 + 600 + 600 = $4,000. Left = $700 to spare.
$1,800.50 of Social Security against $1,000.25 + $800.25. Left = $0: nothing to spare; covered without savings = 100%.
Other questions people ask
How do I make a retirement budget?
List your monthly income in retirement, list your monthly spending, and subtract, as in any budget. Income includes Social Security, any pension, other income, and what you plan to withdraw from savings.
How is the withdrawal from savings worked out?
Savings × yearly withdrawal rate ÷ 12. $400,000 at 4% gives $16,000 a year, or $1,333.33 a month.
What if my retirement budget does not balance?
The page shows the shortfall and the extra savings that would cover it at your withdrawal rate: shortfall × 12 ÷ rate. A $716.67 monthly gap at 4% needs $215,000 more saved. You can also spend less, work longer, or add income.
Where do I find my Social Security estimate?
In your my Social Security account at ssa.gov, which shows your estimated monthly benefit at different claiming ages.
What does “spending covered without savings” mean?
The share of your spending paid by steady income (Social Security, a pension and other income) before any withdrawal. In the default, $2,000 covers 49.4% of $4,050.
What should I include in health care?
Medicare premiums, any supplemental or drug plan premiums, and what you expect to pay out of pocket. Review the budget each year, because premiums and prices change.