How to Use the Retirement Income Gap Fund Calculator
The retirement income gap is the stretch between when your paycheck stops and when Social Security benefits kick in. This calculator uses your planned retirement age, Social Security claiming age, and monthly living expenses to estimate the total fund you'll need to bridge that gap.
For example, if you retire at 62 but wait until 67 to claim Social Security for a larger benefit, that's a 5-year (60-month) gap. You'll need to cover monthly expenses during that window with savings, a 401(k)/IRA, or other income, so it pays to plan this fund well before you actually retire.
Claiming Social Security earlier (as young as 62) permanently reduces your monthly benefit, while waiting past your full retirement age up to 70 increases it. Weigh a shorter gap against a smaller lifetime benefit, or consider part-time work or an annuity to shrink the gap you need to self-fund.
Frequently Asked Questions
It's the period between when your paycheck stops (retirement) and when Social Security benefits begin. During this window, you need savings or other income to cover living expenses.
Then there's no income gap, and this tool shows 0 months and $0 needed since benefits are already available when you stop working.
You can claim as early as 62 at a reduced benefit, or wait until your full retirement age (66-67 depending on birth year) or up to 70 for a higher benefit. Check your actual full retirement age with the Social Security Administration.