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Joined: Aug 2005
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Honestmath.com offers a free and comprehensive calculator. Worth a look if nearing retirement.

GB1

Joined: Nov 2022
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Here's a link to a set that I use:

https://www.calculator.net/retirement-calculator.html

I especially like the:

"How much can you withdraw after retirement"

and

"How long will your money last"


“Might does not make right but it sure makes what is.”
Joined: Apr 2011
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I’d think you would need as much as you were making before you retired to allow for some inflation. More would be better. My pensions and SS are more than I made working, but there is few pensions anymore. I’m very lucky to have them, but had to take a 12.00 an hour pay cut to get on a job with pension. I had to start putting plumbing in houses on the side for 10 years to make that income loss up. I’m getting all the salary I lost back now with the pension if I wife or I live ten more years. My friend that stayed at that same mechanical contractor is living on 2500.00 a month SS. He could have gone to work at the school district with me twice, but wouldn’t take a pay cut. Shame on him.

Last edited by hanco; 03/20/24.
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I agree, but there's quite a few expenses that come off the table when you retire.

Just a few in my case:

Taxes are lower
I was maxing a 401K and 2 ROTH IRAs for a total of $45K
I was contributing to my son's 529 plan
For a lot off retirees, their mortgage is paid off
My commute just got drastically shorter
Work wardrobe, although all I wore was cargo pants, polo shirts and hiking shoes (I did play dress up for briefings and meetings though)

I also took a pay cut transitioning from a contractor position to a .GOV job in order to get another pension.


“Might does not make right but it sure makes what is.”
Joined: Apr 2011
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Yep, don’t drive near as much, the 8 per cent I was paying into Teachers Retirement went away, home has been paid for many years. My work clothes were Wrangler jeans, blue jean shirts, work boots. Wifey still works, taxes are 50,000 a year for the two of us. She is a semi big shot at an oilfield service company. Our taxes will come down as well as income when she hangs it up. My Medicare will cut in half. We have to pay double, because of her income.

Last edited by hanco; 03/20/24.
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