Unless you opt to continue working in retirement, you're going to be living on a combination of Social Security and savings. Now the good news about Social Security is that it should pay you the same benefit for life, so you'll know how much income to expect. In fact, your monthly Social Security paychecks might increase over time as cost-of-living adjustments are applied year after year.

But still, those benefits might represent just a portion of your total retirement income. And the rest of your income might have to come from the money you've socked away in your 401(k) or IRA.

Now ideally, you'll enter retirement having amassed a fairly large chunk of money. But it's important to understand how much income your savings will allow for on a yearly basis. And there's one easy way to find out.

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Source Fool.com