Easily determine the difference between your current nest egg and your ultimate retirement goal.
Estimated Savings Gap:
$950000
A positive number indicates the additional amount needed to reach your goal, while a negative number suggests you have already exceeded your target.
The retirement savings gap represents the shortfall between your current assets and your specific financial objective for a comfortable retirement. Essentially, it is the difference between what you have saved and what you will actually need.
Identifying this gap is a crucial first step in adjusting your monthly contributions or re-evaluating your investment strategies to ensure your financial goals are achievable.
Formula: Retirement Gap = Target Amount - Current Assets
Suppose you currently have $400,000 in various retirement accounts, but your calculated target for a comfortable lifestyle is $1,000,000.
Why is it important to know my gap?
Knowing your gap provides a clear target for your savings efforts. It helps you decide if you need to increase your contributions or adjust your investment risk to meet your future needs.
What if my gap is zero?
A zero gap indicates that your current savings and projected growth are aligned with your retirement goal. This is an excellent time to focus on maintaining consistency and protecting your assets.
How often should I recalculate my gap?
You should recalculate your gap at least once a year or whenever you experience significant life changes such as a promotion, marriage, or inheritance.
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