Things to discuss with your financial professional:

Life after the office will present a new set of financial challenges.

When it comes to retirement planning, it’s no longer enough to simply think about saving enough money. There are many factors to consider and discuss with your financial professional.

Use the exercise below to estimate how prepared you may be to face and potentially overcome these challenges and the rising cost of retirement. This could provide a foundation for discussion with your financial professional. And it could bring to light any gaps in your financial readiness.

What will I need?

Will you have an income gap?

When planning for retirement, think of your income needs as part of a pyramid. Your essential, daily expenses make up the base of the pyramid. You’ll want to start with these expenses before potentially including expenses in the next levels of discretionary income.

Pensions and Social Security used to be the main funding for retirement. Now the responsibility lies with retirees, and their personal assets play a more significant role. An important step in planning your future is identifying your priorities. Do your assets and financial plan support that vision, or should you explore some options? You can use this guide as a tool to determine whether there’s a gap between your income needs and the sources of guaranteed income you could use to fund those needs. Once you’ve determined if you have a gap, you and your financial professional can discuss how to cover it. Map out some expenses you expect to have and how they can add up over time.

Essentials

Important

Aspirational

Groceries, Medicine, Mortgage payments

Dining out, Cable bill, Hobbies

Travelling, Leaving a legacy, Charity donations

Calculate your income gap

Income Gap Calculator

Are you prepared for retirement?

Now that you’ve estimated what your expenses could be, use this section to calculate the guaranteed income you expect to have. This could include distributions from investments or a part-time job. This will help determine the gap between what you’ll need and your projected available resources.

What can I count on?

These are your income needs that are not covered by your existing sources of guaranteed income.

$2,400

$200

What's my income gap?

This worksheet is only meant to be a guide to help you estimate how much you may need to cover expenses in retirement. It is only a high-level overview and does not constitute investment advice, nor is it a measure of investment suitability. Individual investors should ultimately rely on their own judgment and/or the judgment of a financial professional when making investment decisions. Whether you’re on track to cover your expenses in retirement or expect to have an income gap, it can be a good idea to explore ways to increase the amount of guaranteed income you’ll receive. Consider working with a financial professional to define a strategy or identify goal-oriented solutions. Click on the links below to learn more.

Click here to download a copy of your personalised Income Gap report

Download my report

Experiencing the rising cost of healthcare and inflation

Living longer because of good health

Taking distributions from your retirement savings at the wrong time

Yearly

Monthly

What are your aspirational expenses?

Enter your current monthly costs into the monthly column.

Legacy

Education

Second home

Toys

Gifts/charity

Other

Total aspirational expenses

Yearly

Monthly

What are your important-to-have items?

Enter your current monthly costs into the monthly column.

Entertainment

Hobbies

Dining out

Travel

Home improvement

Other

Total important expenses

Yearly

Monthly

What are your essentials?

Enter your current monthly costs into the monthly column.

Housing (mortgage/rent, utilities, maintenance)

Food

Transportation (vehicle payments, fuel, maintenance)

Healthcare (Medicare/Medigap, co-pays, uncovered services/drugs/supplies)

Insurance (auto, home, life, health, long-term care, other)

Personal care (clothing, products/services)

Income taxes

Other

Total essential expenses

Yearly

Monthly

Guaranteed income Sources

Pensions

Social Security

Annuities

Life insurance

Other

Total Guaranteed Income

Yearly

Monthly

Expenses

Aspirational

Important

Essentials

Total projected expenses

Find Your Path Home

Be aware, dream big and be curious when finding your path to retirement.

Needs Analysis

Define a Strategy

A well-rounded strategy can go a long way toward preparing your plan in the face of unpredictability.

learn more

Goal-Oriented Solutions

Explore solutions for the lifestyle you want in retirement.

Learn more

Fill in the tables below with your current monthly expenses and projected retirement income to calculate your income gap. At the bottom of the calculator you can download a spreadsheet with your information and results.

Submit

What's my income excess?

(per month)

(per year)

+$200

+$2,400

Great Job! You are on track to cover your expenses.

Annuities are issued by Jackson National Life Insurance Company® (Home Office: Lansing, Michigan) and in New York by Jackson National Life Insurance Company of New York® (Home Office: Purchase, New York). Variable annuities are distributed by Jackson National Life Distributors LLC, member FINRA. May not be available in all states and state variations may apply. These products have limitations and restrictions. Contact Jackson for more information.

Not FDIC/NCUA insured • Not bank/CU guaranteed • May lose value • Not a deposit • Not insured by any federal agency

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