Written by Stina Antonopoulos
Founder of Roots & Wealth | Retirement Income Planning | Author of What If? (Coming August 2026)

Quick Answer

Calculate Your Retirement Income Gap

Step 1 — Desired Monthly Retirement Income: $________
Step 2 — Social Security: $________
Step 3 — Pension: $________
Step 4 — Other Dependable Income: $________

Estimated Monthly Income Gap: $________

That gap is the amount your savings, investments, real estate, insurance strategies or other resources may need to help provide.

You may be able to retire when your available resources can reasonably support the life you want to live—not simply when your investment accounts reach a certain number.

Start by calculating your expected monthly retirement expenses. Then identify the dependable income you expect from Social Security, pensions and other sources. The difference is your retirement income gap.

That gap is where retirement income planning really begins.

“Do I Have Enough Money to Retire?”

It's one of the biggest questions you'll ever ask.

And I think we often start with the wrong number.

People are told they need $1 million.

Or $2 million.

Or 10 times their salary.

Those numbers may be useful as general savings targets, but they don't tell you whether you can retire.

I've met people with substantial retirement accounts who are terrified to retire.

I've also seen people with much less who have built a lifestyle and income plan that works for them.

Why?

Because an account balance and an income plan are not the same thing.

Retirement isn't simply about how much money you've accumulated.

It's about whether the resources you have can support the life you want to live.

Step 1: Start With Your Life, Not Your Portfolio

Before asking what your investments can produce, ask:

What will it actually cost me to live the retirement I want?

Start with the expenses that probably won't disappear just because you stop working:

Housing

Property taxes

Insurance

Utilities

Food

Transportation

Healthcare

Debt payments

Travel

Hobbies

Family support

Charitable giving

Home maintenance

Then think about the things that may change.

Maybe your mortgage will be gone.

Maybe commuting costs disappear.

But perhaps you plan to travel more.

Maybe you'll finally have time for golf, boating, dining out, grandchildren or that trip you've postponed for years.

Don't build a retirement budget around merely surviving.

Build it around the retirement you're actually trying to create.

Step 2: Find Your Monthly Retirement Income Number

Let's use a simple example.

Suppose you've looked at your expected expenses and lifestyle and decide you want approximately:

$7,000 per month

to support your retirement.

That's $84,000 per year before considering the details of taxes.

Now we have something useful.

Not a magic retirement number.

A retirement income number.

Step 3: Identify the Income You Already Have

Next, list the income sources you reasonably expect.

For example:

Retirement Income Source Monthly Amount Social Security — Spouse 1 $3,000 Social Security — Spouse 2 $1,500 Pension $500 Total $5,000

If your desired retirement income is $7,000 per month and these sources provide $5,000:

Your initial income gap is $2,000 per month.

Now the planning conversation becomes much clearer.

Instead of asking:

“Is $900,000 enough to retire?”

you're asking:

“How can our remaining resources reasonably help us create the additional $2,000 per month we want?”

That's a much better question.

Social Security's own tools allow workers to estimate benefits based on their earnings record and compare benefits at different claiming ages.

Step 4: Now Look at Your Assets

Once you understand the gap, inventory what you've accumulated.

That could include:

401(k)s

403(b)s

IRAs

Roth IRAs

Brokerage accounts

Savings

CDs

Annuities

Real estate

Rental properties

Business interests

Life insurance

Other assets

Now comes an important distinction.

Having assets doesn't automatically mean you have retirement income.

A $700,000 IRA is an asset.

You still need to determine how and when money will come out of it, how much risk it carries, how taxes may affect withdrawals, and what happens if you live much longer than expected.

The IRS also generally requires distributions from traditional IRAs and many retirement-plan accounts beginning at the applicable RMD age; under current rules that is generally age 73 for people reaching that threshold now.

So retirement planning isn't simply about accumulation anymore.

It's about distribution.

Step 5: Give Every Dollar a Job

This is one of the principles I teach:

Every retirement dollar deserves one clear job.

Some money needs to pay you.

Some needs to be there when the roof leaks.

Some needs time to grow.

Some may be intended for your spouse, children or grandchildren.

In Create a Pension, I break those jobs into a simple framework:

Income money helps pay regular bills.

Emergency money needs to be safe enough and accessible enough when life happens.

Growth money has time to work for later years and inflation.

Legacy money is intended to outlive you.

Those jobs don't necessarily belong in the same financial tool.

And that's important because one dollar cannot win every contest. More guaranteed income can mean giving up some liquidity. Greater market potential generally means accepting market movement. Greater accessibility may mean accepting a different return.

Step 6: Decide Which Risks You Are Willing to Carry

There's no risk-free retirement.

Keeping everything in cash can expose you to inflation.

Investing can expose you to market losses.

Drawing from a portfolio introduces withdrawal and sequence-of-returns considerations.

Real estate can create income, but also requires management and carries property and vacancy risks.

Insurance contracts can transfer certain risks to an insurer but may limit liquidity and depend upon the issuing company's financial strength.

Risk doesn't disappear. Someone carries it.

The question is:

Which risks are you comfortable keeping—and which ones would you rather transfer?

Step 7: Stress-Test the Plan Against Real Life

A retirement plan shouldn't only work when everything goes right.

Ask:

What if I live to 95?

What if my spouse dies first?

What if the market falls early in retirement?

What if healthcare expenses increase?

What if inflation remains higher than expected?

What if I need access to a large amount of money unexpectedly?

And one I think gets overlooked:

What if retirement goes wonderfully and I simply live much longer than I expected?

Longevity is good news.

Your income plan needs to be prepared for it.

So, Can I Retire?

There isn't one account balance that can answer that question for everyone.

Instead, determine:

1. What does my retirement lifestyle cost?

2. What dependable income do I already have?

3. What is my income gap?

4. What assets can help fill it?

5. Which dollars need liquidity, income, growth or legacy?

6. Which risks am I willing to carry?

7. What happens when life doesn't follow the plan?

When you can answer those questions, “Can I retire?” becomes much easier to evaluate.

About Create a Pension

I wrote Create a Pension because I don't believe retirement education should begin with someone telling you which product to buy.

The book is designed to give you enough information about many of the major pathways for creating retirement income to understand the landscape before deciding where you want to go next.

We look at Social Security and pensions, CDs and MYGAs, Treasuries and bonds, portfolio withdrawals and dividends, real estate, and insurance-based lifetime-income strategies, among other tools. The book doesn't suggest that you need all of them; its framework asks what job each potential tool would perform in your plan.

You'll learn about the potential benefits, risks and trade-offs so you can identify which strategies deserve a closer look based on your life.

Because my goal isn't to take the decision out of your hands.

It's to help you ask better questions, understand what you're being offered and stay in the driver's seat of your life savings.

You've worked too hard to arrive at retirement without understanding your choices.

The goal isn't simply to retire.

It's to Love Your Retirement.

Frequently Asked Questions About Retirement Income

How do I know if I have enough money to retire?

Start by estimating how much monthly income you'll need to support the retirement lifestyle you want. Then subtract dependable income sources such as Social Security and pensions. The remaining amount is your retirement income gap. From there, you can evaluate whether your savings, investments, real estate, insurance strategies and other resources can reasonably help provide that income for the length of your retirement.

How much monthly income do I need to retire?

There isn't one amount that works for everyone. Your retirement income needs depend on your housing costs, healthcare, taxes, debt, travel, lifestyle, family responsibilities and other expenses. Rather than relying only on a percentage of your pre-retirement salary, build a realistic retirement budget based on how you actually expect to live.

Is $1 million enough to retire?

It may be enough for one household and not enough for another. A $1 million account balance doesn't tell you how much income you'll need, how long your retirement may last, what other income you have, how the money is invested, how much you pay in taxes or what unexpected expenses may arise. The better question is how much income your retirement resources need to produce.

Can I retire on Social Security alone?

Some people do, but whether Social Security is enough depends on your benefit amount and expenses. Compare your expected Social Security income with your anticipated retirement spending. If there's a difference, you'll need to determine how your other resources may help fill that income gap.

What is a retirement income gap?

Your retirement income gap is the difference between the income you want or need each month and the dependable income you already expect to receive.

For example, if you estimate needing $7,000 per month and expect $5,000 per month from Social Security and a pension, your initial retirement income gap is $2,000 per month.

That gives you a much more useful planning question: How will we create the additional $2,000?

What are the main ways to create income in retirement?

Retirement income can come from many sources, including Social Security, pensions, interest from CDs or bonds, portfolio withdrawals, dividends, rental or business income and certain insurance-based lifetime-income strategies.

There isn't one universally best source. Each has different risks, benefits, tax considerations, liquidity and trade-offs. The objective is to understand what job you need the money to perform and then determine which strategies deserve further consideration.

What should I do with my 401(k) when I retire?

You don't necessarily need to do one thing with your entire 401(k). Before making a decision, consider what different portions of your retirement savings need to accomplish.

Some money may eventually provide income. Some may need to remain accessible for emergencies. Some may be positioned for longer-term growth. Some may ultimately be intended for a spouse or other beneficiaries.

That's why I believe:

Every retirement dollar deserves one clear job.

Your specific choices can have investment, insurance and tax consequences, so individual decisions should be based on your complete financial circumstances.

Ready to Take the Next Step?

Retirement isn't just about numbers. It's about the life you've worked so hard to build.

Whether your dream is traveling more, spending time with your grandchildren, supporting the causes you care about, or simply enjoying the peace of knowing your bills are covered, your financial decisions today can shape the future you envision.

I believe every family deserves honest guidance, thoughtful education, and a retirement strategy built around their unique goals—not a one-size-fits-all recommendation.

Throughout my career, I've had the privilege of helping individuals and families navigate important financial decisions involving retirement income, life insurance, annuities, mortgages, and real estate. One thing I've learned is that every family's story is different, and every retirement plan should be too.

Before we ever talk about products or strategies, I want to understand you.

What does financial freedom mean to you? What are your biggest concerns? What kind of legacy do you hope to leave? Those conversations are the foundation of every recommendation I make because the best plans begin with listening.

My role isn't to tell you what to do. My role is to educate you, simplify complex financial decisions, and help you feel confident in the choices you make for yourself and your family.

Whether you're just beginning to plan for retirement or looking for a second opinion on your current strategy, I'd be honored to be a resource for you.

Why "Roots & Wealth"?

When I chose the name Roots & Wealth, it wasn't just because it sounded good. It reflects what I believe financial planning should be.

Just like a strong tree, lasting financial security begins with strong roots.

Those roots are built through education, thoughtful planning, meaningful conversations, and decisions that align with your values. Wealth isn't only about the size of your portfolio—it's about having choices, creating stability, protecting the people you love, and living with confidence.

Life will bring changing seasons. Markets will rise and fall. Tax laws will change. Unexpected challenges will happen. But when your financial foundation is built on strong roots, you're in a better position to weather those changes and continue growing.

That's the philosophy behind everything I do.

My goal is to help you build a retirement strategy that's deeply rooted in what matters most to you, so you can enjoy today while creating a lasting legacy for tomorrow.

If you're ready to build a retirement strategy with confidence and clarity, I'd love the opportunity to meet you. Schedule your complimentary Retirement Strategy Consultation and let's start growing your Roots & Wealth together.

Educational Disclosure

This article is for educational purposes only and is not financial, tax, or legal advice. Annuity products are insurance contracts. Guarantees are backed by the claims-paying ability of the issuing insurance company. Product availability, rates, surrender schedules, withdrawal provisions, riders, caps, participation rates, spreads, and other terms vary by carrier and state. Withdrawals may be subject to surrender charges, taxes, and, if taken before age 59½, potential IRS penalties. Fixed index annuities are not stock market investments and do not directly participate in any stock or equity index. You should review your personal situation with a qualified professional before making a decision.