We use the standard 4% rule — a withdrawal rate broadly considered safe for a 30-year retirement — combined with your Social Security and any pension. Adjust the inputs and see your honest gap.
If you're already retired, leave at 0.
Total in 401(k), IRA, brokerage, and any other invested savings.
Your yearly contributions including any employer match.
Pre-tax. A common rule is 70–80% of pre-retirement income.
Estimate from ssa.gov/myaccount. Average IL retired worker benefit is ~$22K/yr.
If none, leave at $0. Most private-sector retirees no longer have one.
Assumes 6% average real growth before retirement and a 4% safe withdrawal rate after. Inflation-adjusted; results in today's dollars.
| Projected savings at retirement | $645,424 |
| Annual income from savings (4% rule) | $25,817 |
| + Social Security | $28,000 |
| + Pension | $0 |
| Total projected income | $53,817 |
| Desired income | $85,000 |
Annual income gap
−$31,183/year
To fully close this gap with additional savings at the 4% rule, you'd need approximately $780,000 more saved by retirement.
This is a meaningful gap, but it's also exactly the kind of number that motivates real planning. The fix usually combines several levers: increasing contributions (especially catch-up at 50+), delaying retirement by a few years, claiming Social Security at full or delayed retirement age, and possibly using a portion of savings to buy guaranteed lifetime income through an annuity.
We're independent — we'll tell you honestly if an annuity fits and, just as often, when it doesn't.
About annuities — the honest version
Annuities are one tool for converting savings into guaranteed lifetime income — useful for some people, wrong for others. They're not a magic answer to every retirement question, and any broker who treats them that way is selling, not advising. We're independent, so we have no incentive to push them when they don't fit.
Numbers on a screen are a starting point. A 30-minute conversation is how you turn this into a strategy — including whether annuities, additional life coverage, or simply different savings choices fit your situation.
Or call us directly at (847) 000-0000By calling the number above, you will be connected to a licensed insurance agent.