It appears that your current savings will only provide enough income to age 80. To provide the income you desire, you will need to save an additional $10,882 per year (6.9% of your income) before tax or $907 a month. <div id="chart1Container">Chart will load here</div> <script type="text/javascript">  </script> <ul><li><a href="ret01">How will retirement impact my living expenses?</a></li><li><a href="retirement-calculator">How much will I need to save for retirement?</a></li><li><a href="are-my-current-retirement-savings-sufficient">Are my current retirement savings sufficient?</a></li><li><a href="social-security-retirement-income-estimator">Social security retirement income estimator</a></li><li><a href="ret05">How does inflation impact my retirement income needs?</a></li><li><a href="i-am-retired-how-long-will-my-savings-last">I'm retired, how long will my savings last?</a></li><li><a href="ret07">When should I begin saving for retirement?</a></li><li><a href="ret08">Should I convert discretionary expenses to savings?</a></li><li><a href="ret09">How much retirement income may my 401(k) provide?</a></li><li><a href="ret10">Compare a Roth 401(k) to a Traditional 401(K)</a></li></ul><table class='pure-table pure-table-bordered' role='grid'><tr><th scope="col">Age</th><th scope="col">Salary @ 3.0%</th><th scope="col">Beginning Retirement Balance</th><th scope="col">Interest<br/>Pre-Ret 7.0%<br/>Post-Ret 7.0%</th><th scope="col">Current Savings</th><th scope="col">Desired Retirement Income <br/>150.0%</th><th scope="col">Pension Income</th><th scope="col">Social Security Income</th><th scope="col">Retirement Account Withdrawals</th><th scope="col">Ending Retirement Balance</th></tr><tr><td role="rowheader" scope="row">34</td><td>$157,000</td><td>$335,000</td><td>$23,450</td><td>$28,260</td><td>$0</td><td>$0</td><td>$0</td><td>$0</td><td>$386,710</td></tr><tr><td role="rowheader" scope="row">35</td><td>161,710</td><td>386,710</td><td>27,070</td><td>28,825</td><td>0</td><td>0</td><td>0</td><td>0</td><td>442,605</td></tr><tr><td role="rowheader" scope="row">36</td><td>166,561</td><td>442,605</td><td>30,982</td><td>29,402</td><td>0</td><td>0</td><td>0</td><td>0</td><td>502,989</td></tr><tr><td role="rowheader" scope="row">37</td><td>171,558</td><td>502,989</td><td>35,209</td><td>29,990</td><td>0</td><td>0</td><td>0</td><td>0</td><td>568,188</td></tr><tr><td role="rowheader" scope="row">38</td><td>176,705</td><td>568,188</td><td>39,773</td><td>30,590</td><td>0</td><td>0</td><td>0</td><td>0</td><td>638,551</td></tr><tr><td role="rowheader" scope="row">39</td><td>182,006</td><td>638,551</td><td>44,699</td><td>31,201</td><td>0</td><td>0</td><td>0</td><td>0</td><td>714,450</td></tr><tr><td role="rowheader" scope="row">40</td><td>187,466</td><td>714,450</td><td>50,012</td><td>31,825</td><td>0</td><td>0</td><td>0</td><td>0</td><td>796,287</td></tr><tr><td role="rowheader" scope="row">41</td><td>193,090</td><td>796,287</td><td>55,740</td><td>32,462</td><td>0</td><td>0</td><td>0</td><td>0</td><td>884,489</td></tr><tr><td role="rowheader" scope="row">42</td><td>198,883</td><td>884,489</td><td>61,914</td><td>33,111</td><td>0</td><td>0</td><td>0</td><td>0</td><td>979,515</td></tr><tr><td role="rowheader" scope="row">43</td><td>204,849</td><td>979,515</td><td>68,566</td><td>33,773</td><td>0</td><td>0</td><td>0</td><td>0</td><td>1,081,854</td></tr><tr><td role="rowheader" scope="row">44</td><td>210,995</td><td>1,081,854</td><td>75,730</td><td>34,449</td><td>0</td><td>0</td><td>0</td><td>0</td><td>1,192,033</td></tr><tr><td role="rowheader" scope="row">45</td><td>217,325</td><td>1,192,033</td><td>83,442</td><td>35,138</td><td>0</td><td>0</td><td>0</td><td>0</td><td>1,310,613</td></tr><tr><td role="rowheader" scope="row">46</td><td>223,844</td><td>1,310,613</td><td>91,743</td><td>35,841</td><td>0</td><td>0</td><td>0</td><td>0</td><td>1,438,196</td></tr><tr><td role="rowheader" scope="row">47</td><td>230,560</td><td>1,438,196</td><td>100,674</td><td>36,557</td><td>0</td><td>0</td><td>0</td><td>0</td><td>1,575,427</td></tr><tr><td role="rowheader" scope="row">48</td><td>237,477</td><td>1,575,427</td><td>110,280</td><td>37,288</td><td>0</td><td>0</td><td>0</td><td>0</td><td>1,722,995</td></tr><tr><td role="rowheader" scope="row">49</td><td>244,601</td><td>1,722,995</td><td>120,610</td><td>38,034</td><td>0</td><td>0</td><td>0</td><td>0</td><td>1,881,639</td></tr><tr><td role="rowheader" scope="row">50</td><td>251,939</td><td>1,881,639</td><td>131,715</td><td>38,795</td><td>0</td><td>0</td><td>0</td><td>0</td><td>2,052,149</td></tr><tr><td role="rowheader" scope="row">51</td><td>259,497</td><td>2,052,149</td><td>143,650</td><td>39,571</td><td>0</td><td>0</td><td>0</td><td>0</td><td>2,235,370</td></tr><tr><td role="rowheader" scope="row">52</td><td>267,282</td><td>2,235,370</td><td>156,476</td><td>40,362</td><td>0</td><td>0</td><td>0</td><td>0</td><td>2,432,208</td></tr><tr><td role="rowheader" scope="row">53</td><td>275,300</td><td>2,432,208</td><td>170,255</td><td>41,169</td><td>0</td><td>0</td><td>0</td><td>0</td><td>2,643,632</td></tr><tr><td role="rowheader" scope="row">54</td><td>283,559</td><td>2,643,632</td><td>185,054</td><td>41,993</td><td>0</td><td>0</td><td>0</td><td>0</td><td>2,870,680</td></tr><tr><td role="rowheader" scope="row">55</td><td>292,066</td><td>2,870,680</td><td>200,948</td><td>42,833</td><td>0</td><td>0</td><td>0</td><td>0</td><td>3,114,460</td></tr><tr><td role="rowheader" scope="row">56</td><td>300,828</td><td>3,114,460</td><td>218,012</td><td>43,689</td><td>0</td><td>0</td><td>0</td><td>0</td><td>3,376,162</td></tr><tr><td role="rowheader" scope="row">57</td><td>309,853</td><td>3,376,162</td><td>236,331</td><td>44,563</td><td>0</td><td>0</td><td>0</td><td>0</td><td>3,657,056</td></tr><tr><td role="rowheader" scope="row">58</td><td>319,149</td><td>3,657,056</td><td>255,994</td><td>45,454</td><td>0</td><td>0</td><td>0</td><td>0</td><td>3,958,504</td></tr><tr><td role="rowheader" scope="row">59</td><td>328,723</td><td>3,958,504</td><td>277,095</td><td>46,364</td><td>0</td><td>0</td><td>0</td><td>0</td><td>4,281,963</td></tr><tr><td role="rowheader" scope="row">60</td><td>338,585</td><td>4,281,963</td><td>299,737</td><td>47,291</td><td>0</td><td>0</td><td>0</td><td>0</td><td>4,628,991</td></tr><tr><td role="rowheader" scope="row">61</td><td>348,742</td><td>4,628,991</td><td>324,029</td><td>48,237</td><td>0</td><td>0</td><td>0</td><td>0</td><td>5,001,257</td></tr><tr><td role="rowheader" scope="row">62</td><td>359,205</td><td>5,001,257</td><td>350,088</td><td>49,201</td><td>0</td><td>0</td><td>0</td><td>0</td><td>5,400,547</td></tr><tr><td role="rowheader" scope="row">63</td><td>369,981</td><td>5,400,547</td><td>378,038</td><td>50,185</td><td>0</td><td>0</td><td>0</td><td>0</td><td>5,828,770</td></tr><tr><td role="rowheader" scope="row">64</td><td>381,080</td><td>5,828,770</td><td>408,014</td><td>51,189</td><td>0</td><td>0</td><td>0</td><td>0</td><td>6,287,973</td></tr><tr><td role="rowheader" scope="row">65</td><td>0</td><td>6,287,973</td><td>440,158</td><td>0</td><td>588,769</td><td>18,000</td><td>0</td><td>570,769</td><td>6,157,363</td></tr><tr><td role="rowheader" scope="row">66</td><td>0</td><td>6,157,363</td><td>431,015</td><td>0</td><td>606,432</td><td>18,000</td><td>0</td><td>588,432</td><td>5,999,946</td></tr><tr><td role="rowheader" scope="row">67</td><td>0</td><td>5,999,946</td><td>419,996</td><td>0</td><td>624,625</td><td>18,000</td><td>0</td><td>606,625</td><td>5,813,317</td></tr><tr><td role="rowheader" scope="row">68</td><td>0</td><td>5,813,317</td><td>406,932</td><td>0</td><td>643,364</td><td>18,000</td><td>0</td><td>625,364</td><td>5,594,886</td></tr><tr><td role="rowheader" scope="row">69</td><td>0</td><td>5,594,886</td><td>391,642</td><td>0</td><td>662,665</td><td>18,000</td><td>0</td><td>644,665</td><td>5,341,863</td></tr><tr><td role="rowheader" scope="row">70</td><td>0</td><td>5,341,863</td><td>373,930</td><td>0</td><td>682,545</td><td>18,000</td><td>0</td><td>664,545</td><td>5,051,249</td></tr><tr><td role="rowheader" scope="row">71</td><td>0</td><td>5,051,249</td><td>353,587</td><td>0</td><td>703,021</td><td>18,000</td><td>0</td><td>685,021</td><td>4,719,816</td></tr><tr><td role="rowheader" scope="row">72</td><td>0</td><td>4,719,816</td><td>330,387</td><td>0</td><td>724,112</td><td>18,000</td><td>0</td><td>706,112</td><td>4,344,091</td></tr><tr><td role="rowheader" scope="row">73</td><td>0</td><td>4,344,091</td><td>304,086</td><td>0</td><td>745,835</td><td>18,000</td><td>0</td><td>727,835</td><td>3,920,343</td></tr><tr><td role="rowheader" scope="row">74</td><td>0</td><td>3,920,343</td><td>274,424</td><td>0</td><td>768,210</td><td>18,000</td><td>0</td><td>750,210</td><td>3,444,557</td></tr><tr><td role="rowheader" scope="row">75</td><td>0</td><td>3,444,557</td><td>241,119</td><td>0</td><td>791,256</td><td>18,000</td><td>0</td><td>773,256</td><td>2,912,420</td></tr><tr><td role="rowheader" scope="row">76</td><td>0</td><td>2,912,420</td><td>203,869</td><td>0</td><td>814,994</td><td>18,000</td><td>0</td><td>796,994</td><td>2,319,295</td></tr><tr><td role="rowheader" scope="row">77</td><td>0</td><td>2,319,295</td><td>162,351</td><td>0</td><td>839,444</td><td>18,000</td><td>0</td><td>821,444</td><td>1,660,202</td></tr><tr><td role="rowheader" scope="row">78</td><td>0</td><td>1,660,202</td><td>116,214</td><td>0</td><td>864,627</td><td>18,000</td><td>0</td><td>846,627</td><td>929,789</td></tr><tr><td role="rowheader" scope="row">79</td><td>0</td><td>929,789</td><td>65,085</td><td>0</td><td>890,566</td><td>18,000</td><td>0</td><td>872,566</td><td>122,309</td></tr><tr><td role="rowheader" scope="row">80</td><td>0</td><td>122,309</td><td>8,562</td><td>0</td><td>917,283</td><td>18,000</td><td>0</td><td>130,870</td><td>0</td></tr><tr><td role="rowheader" scope="row">81</td><td>0</td><td>0</td><td>0</td><td>0</td><td>944,801</td><td>18,000</td><td>0</td><td>0</td><td>0</td></tr><tr><td role="rowheader" scope="row">82</td><td>0</td><td>0</td><td>0</td><td>0</td><td>973,145</td><td>18,000</td><td>0</td><td>0</td><td>0</td></tr><tr><td role="rowheader" scope="row">83</td><td>0</td><td>0</td><td>0</td><td>0</td><td>1,002,340</td><td>18,000</td><td>0</td><td>0</td><td>0</td></tr><tr><td role="rowheader" scope="row">84</td><td>0</td><td>0</td><td>0</td><td>0</td><td>1,032,410</td><td>18,000</td><td>0</td><td>0</td><td>0</td></tr></table><h2>Further Resources</h2><ul style="list-style: unset !important;"><li>Discuss the <a href="https://www.moneyhelpcenter.com/can-i-retire/" target="_blank">factors to consider when determining if you have enough retirement income.</a></li><li>Calculate your <a href="https://www.moneyhelpcenter.com/retirement/calculate/social-security-retirement-income-estimator/" target="_blank">estimated Social Security retirement income.</a></li><li>Read <a href="https://www.moneyhelpcenter.com/article/changes-living-expenses-retirement/" target="_blank">how the changes in living expenses in retirement can affect your retirement needs.</a></li><li>Calculate <a href="https://www.moneyhelpcenter.com/retirement/calculate/inflation-impact-retirement-income-needs/" target="_blank">how inflation impacts your retirement income needs.</a></li><li>Read about <a href="https://www.moneyhelpcenter.com/article/costs-early-retirement/" target="_blank">the costs associated with early retirement.</a></li></ul><br><span style="padding-bottom:2px;background-color:#eee;line-height:1.45em;border-bottom:1px dotted;border-top:1px dotted;"><span style="color:#81A41E;font-size:100%;font-weight:700;"> FINANCIAL PLANNERS</span> <span style="color:#000;font-size:100%;font-weight:normal;">– <a href="http://www.plannerportal.com" target="_PP_WINDOW">Affordable Financial Planning Software</a> – <a href="http://www.plannerportal.com" target="_PP_WINDOW">www.PlannerPortal.com</a></span>  </span>