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Income Gap Calculator
Your guaranteed income (monthly)
Spouse guaranteed income (monthly)
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Monthly income gap
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Are you currently enrolled in Medicare (Parts A and B)?
If not yet 65, note your expected enrollment date
Which coverage type do you have?
Original Medicare, Medicare Advantage, or Medigap + Part D
Have you reviewed your plan during Annual Enrollment Period (Oct 15 – Dec 7)?
Many people stay on the same plan for years without review
Are you subject to IRMAA surcharges (income above $109,000 single / $218,000 married)?
2026 thresholds — based on 2024 MAGI. Even $1 over triggers the full surcharge tier.
Do you have known gaps in Medicare coverage (dental, vision, hearing, foreign travel)?
Do you have a plan for healthcare coverage between now and Medicare at 65?
Employer plan, ACA marketplace, spouse's plan, or COBRA — retiring before 65 without a plan is one of the costliest mistakes
Do you have a Health Savings Account (HSA)? Are you maximizing contributions?
2026 limits: $4,300 individual / $8,550 family + $1,000 catch-up if 55+. HSA contributions stop at Medicare enrollment — maximize this window now
Do you know your Medicare Initial Enrollment Window? (3 months before to 3 months after your 65th birthday)
Missing your IEP causes a permanent 10% Part B premium penalty for each 12-month period you were eligible but didn't enroll
Have you claimed Social Security yet?
If yes, note age at claiming; if no, note planned age
Have you received a formal Social Security optimization analysis (RSSA-level)?
Not just an online calculator — a comprehensive strategy review
Are you married, divorced (10+ years), or widowed? Have spousal/survivor benefits been analyzed?
Do you have a government pension (DPS, city, state, federal)? Have you confirmed your Social Security record was updated under the Social Security Fairness Act?
WEP and GPO permanently repealed Jan. 2025 — retroactive to Jan. 2024. If you never filed assuming a zero benefit, apply now.
Do you understand the impact of claiming early (age 62) vs. waiting (age 70)?
Up to 32% permanent reduction for early claiming
Have you logged into mySocialSecurity.gov to verify your earnings record is accurate?
Errors in your earnings record permanently reduce your benefit — you can only correct records within 3 years, 3 months, 15 days of the error
Do you know your projected Social Security benefit at ages 62, 67, and 70?
The difference between claiming at 62 vs. 70 often exceeds $1,000/month — knowing the numbers now shapes your entire retirement date strategy
Tier 1 — Do you have life insurance with living benefits (critical, chronic, terminal illness riders)?
Living benefits allow early access to death benefit if seriously ill
Tier 2 — Do you have long-term care protection (hybrid LTC policy or standalone LTC)?
Michigan nursing home: $10,500–$11,500/month. Women average 3.7 years of care, men average 2.2 years — 1 in 5 people need 5+ years. Medicare covers zero days of custodial care.
Tier 3 — Have you addressed gap coverage (dental, vision, hospital indemnity, cancer/critical illness)?
Have you done a full policy audit (pulled all existing policies, checked for redundancies and gaps)?
Do you have any existing permanent life insurance eligible for a 1035 exchange to a better product?
Whole life or universal life only — term does not qualify
Do you have disability income insurance protecting your income if you cannot work before retirement?
Your income is your #1 asset before retirement. 1 in 4 workers become disabled before 65. Social Security disability averages only ~$1,500/month and is difficult to qualify for
Is your life insurance adequate for your current income replacement needs and dependents?
Common benchmark: 10–12× annual income. Review if you've had major life changes — marriage, children, home purchase, divorce, or income increase
Do you own your home?
Homeownership is the gateway to Pillar 4 strategies
Is your home paid off or nearly paid off (less than 5 years remaining)?
Free-and-clear homes qualify for maximum HECM benefit
Has the right home equity tool been identified? (HECM, cash-out refinance, or HELOC)
HECM (age 62+): no monthly payments, equity converts to income — best for income gap. HELOC: flexible access, lower cost — best for episodic needs.
Has downsizing been evaluated as an option to free up equity and reduce housing expenses?
Downsizing can unlock six figures in equity while cutting property taxes, maintenance, and utility costs
Do you have any guaranteed income beyond Social Security and any pension?
Fixed annuity, MYGA, FIA, or other guaranteed income product
Has an income floor been constructed — guaranteed income covering your non-negotiable monthly expenses?
Income floor = Social Security + pension + annuity income vs. essential expenses
Have you received fixed annuity illustrations from at least two carriers?
Do you understand the difference between fixed, MYGA, and fixed-indexed annuities?
Education first — product second
Has a QLAC been considered to reduce RMDs and delay taxable income (for IRA/403(b) holders)?
SECURE 2.0 allows up to $200,000 transfer to a QLAC, excluded from RMD calculation until age 85
Are you maximizing contributions to tax-advantaged retirement accounts? (401(k), 403(b), IRA)
2026 limits: $23,500 (401k/403b) + $7,500 catch-up if 50+; IRA $7,000 + $1,000 catch-up. Every dollar not contributed now widens your future income gap
Have you mapped an income bridge strategy — how you will cover expenses between your retirement date and Social Security / Medicare eligibility?
Retiring at 60 with Social Security at 67 = 7 years to bridge. Without a plan, many retirees claim Social Security early at a permanent 20–30% reduction
Do you have a current, signed will?
Outdated wills (pre-divorce, pre-remarriage, 10+ years old) often function as no will
Have you addressed home title transfer to avoid Michigan probate? (Lady Bird Deed or Revocable Living Trust)
Michigan recognizes the Lady Bird Deed — ideal when the home is your primary asset (~$450–$900, avoids probate, Medicaid-protected). Revocable Living Trust for complex estates (~$1,800–$3,500).
Have all beneficiary designations been reviewed and updated (IRA, 401(k)/403(b), life insurance, annuities)?
Beneficiary designations override the will — an outdated designation sends assets to ex-spouses or deceased relatives
Do you have a Durable Power of Attorney for finances and a Healthcare Power of Attorney?
Have you addressed digital assets (passwords, accounts, cryptocurrency, social media legacy contacts)?
Tax-deferred — 401(k) / 403(b) / 457 / Traditional IRA
401(k)
403(b)
Traditional IRA
457 / deferred comp
Spouse 401(k) / 403(b)
Spouse Traditional IRA
Tax-free — Roth IRA / Roth 401(k)
Roth IRA
Roth 401(k) / 403(b)
Spouse Roth IRA
Other savings & assets
Savings / money market
Brokerage / investments
Annuities (existing)
Life insurance cash value
Est. home equity
Other
Total assets
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Six-Pillar Gap Summary
Complete the assessment above to generate your gap profile
Medicare
Social Sec.
Insurance
Home Equity
Guar. Income
Legacy
Answer questions in each pillar to populate your gap summary
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LifestyleSafety.com | (313) 472-5347 | Detroit, MI