Retirement income planner
Social Security, a 401(k) drawdown, a pension, rental income, part-time work — one ledger, year by year, taxed like it will actually be taxed.
Net income, year one
$33,379
The ledger, year by year
| Age | Soc. Sec. | 401(k) draw | 401(k) left | Pension | Rental | Work | Gross | Taxes | Net |
|---|---|---|---|---|---|---|---|---|---|
| 65 | $0 | $24,000 | $506,000 | $0 | $12,000 | $0 | $36,000 | $2,621 | $33,379 |
| 66 | $0 | $24,600 | $511,760 | $0 | $12,240 | $0 | $36,840 | $2,745 | $34,095 |
| 67 | $26,400 | $25,215 | $517,251 | $0 | $12,485 | $0 | $64,100 | $5,146 | $58,954 |
| 68 | $27,060 | $25,845 | $522,440 | $0 | $12,734 | $0 | $65,640 | $5,410 | $60,230 |
| 69 | $27,736 | $26,492 | $527,295 | $0 | $12,989 | $0 | $67,217 | $5,681 | $61,537 |
| 70 | $28,430 | $27,154 | $531,779 | $0 | $13,249 | $0 | $68,833 | $5,957 | $62,875 |
| 71 | $29,141 | $27,833 | $535,853 | $0 | $13,514 | $0 | $70,487 | $6,241 | $64,246 |
| 72 | $29,869 | $28,528 | $539,476 | $0 | $13,784 | $0 | $72,182 | $6,531 | $65,651 |
| 73 | $30,616 | $29,242 | $542,603 | $0 | $14,060 | $0 | $73,917 | $6,828 | $67,089 |
| 74 | $31,381 | $29,973 | $545,186 | $0 | $14,341 | $0 | $75,695 | $7,132 | $68,563 |
| 75 | $32,166 | $30,722 | $547,175 | $0 | $14,628 | $0 | $77,516 | $7,386 | $70,129 |
| 76 | $32,970 | $31,490 | $548,516 | $0 | $14,920 | $0 | $79,381 | $7,638 | $71,743 |
| 77 | $33,794 | $32,277 | $549,149 | $0 | $15,219 | $0 | $81,290 | $8,063 | $73,228 |
| 78 | $34,639 | $33,084 | $549,014 | $0 | $15,523 | $0 | $83,247 | $8,510 | $74,737 |
| 79 | $35,505 | $33,911 | $548,044 | $0 | $15,834 | $0 | $85,250 | $8,967 | $76,283 |
| 80 | $36,393 | $34,759 | $546,167 | $0 | $16,150 | $0 | $87,302 | $9,436 | $77,866 |
| 81 | $37,303 | $35,628 | $543,309 | $0 | $16,473 | $0 | $89,404 | $9,916 | $79,488 |
| 82 | $38,235 | $36,519 | $539,389 | $0 | $16,803 | $0 | $91,557 | $10,407 | $81,150 |
| 83 | $39,191 | $37,432 | $534,320 | $0 | $17,139 | $0 | $93,762 | $10,911 | $82,851 |
| 84 | $40,171 | $38,368 | $528,012 | $0 | $17,482 | $0 | $96,020 | $11,426 | $84,594 |
| 85 | $41,175 | $39,327 | $520,366 | $0 | $17,831 | $0 | $98,333 | $11,954 | $86,379 |
| 86 | $42,204 | $40,310 | $511,278 | $0 | $18,188 | $0 | $100,702 | $12,495 | $88,207 |
| 87 | $43,259 | $41,318 | $500,637 | $0 | $18,552 | $0 | $103,129 | $13,049 | $90,080 |
| 88 | $44,341 | $42,351 | $488,324 | $0 | $18,923 | $0 | $105,614 | $13,616 | $91,999 |
| 89 | $45,449 | $43,409 | $474,214 | $0 | $19,301 | $0 | $108,160 | $14,197 | $93,964 |
| 90 | $46,586 | $44,495 | $458,172 | $0 | $19,687 | $0 | $110,768 | $14,791 | $95,976 |
| 91 | $47,750 | $45,607 | $440,056 | $0 | $20,081 | $0 | $113,438 | $15,401 | $98,038 |
| 92 | $48,944 | $46,747 | $419,712 | $0 | $20,483 | $0 | $116,174 | $16,025 | $100,149 |
| 93 | $50,168 | $47,916 | $396,979 | $0 | $20,892 | $0 | $118,976 | $16,664 | $102,312 |
| 94 | $51,422 | $49,114 | $371,684 | $0 | $21,310 | $0 | $121,846 | $17,318 | $104,528 |
| 95 | $52,707 | $50,342 | $343,643 | $0 | $21,736 | $0 | $124,785 | $17,988 | $106,797 |
What the ledger actually taxes
Retirement income doesn't get taxed like a paycheck. A traditional 401(k) or IRA withdrawal is fully taxable; a pension usually is too. Social Security is the odd one — anywhere from none to 85% of it counts as taxable, decided by a "provisional income" test that has not moved since the 1990s, so more retirees cross into it every year that other income rises. This planner runs that exact test for every year of the timeline, not once at the start.
Turning 65 changes the math again: a larger standard deduction plus a temporary bonus deduction phase in automatically the year the age input crosses that line, which is why the same withdrawal can owe less tax at 70 than it did at 63.
Assumptions on the counter
- Constant annual return on the 401(k)/IRA; real markets don't compound smoothly, and a bad sequence of returns early in retirement can matter more than the average.
- 401(k)/IRA withdrawals are modeled as fully taxable (traditional, pre-tax) — a Roth balance would owe nothing here.
- State tax applies to non-Social-Security income only; most states don't tax Social Security benefits at all, and the few that do vary too much to model here.
- Married assumes both spouses are the same age, for the 65+ deduction and Social Security timing.
- No required minimum distributions modeled — the withdrawal is whatever is entered, not an IRS-mandated floor.
Questions people ask
Where does Social Security come from in this calculator?
You supply your own estimated monthly benefit — the figure on your my Social Security statement at ssa.gov — rather than this tool guessing from a career-earnings history. It applies your claim age and cost-of-living raise from there.
How is my Social Security taxed?
By the federal "provisional income" rule: up to 85% of your benefit becomes taxable once half your Social Security plus your other retirement income clears a threshold that has never been adjusted for inflation ($25,000/$34,000 single, $32,000/$44,000 married). This calculator runs that exact worksheet every year, not a flat guess.
What about the extra deduction for being over 65?
Included. Filers 65+ get a larger standard deduction, plus a temporary $6,000-per-person bonus deduction (2025–2028) below a $175,000/$250,000 income ceiling. Both are added automatically once your age in a given projection year crosses 65.
What happens when the 401(k)/IRA balance runs out?
The withdrawal is capped at whatever remains — the receipt names the exact age the balance can no longer cover the withdrawal you asked for, rather than quietly letting the number go negative.
Does this replace a financial advisor?
No. Market returns are modeled as a constant rate, not the sequence-of-returns risk that actually decides whether a portfolio survives thirty years. Treat this as the shape of the plan — for the plan itself, especially claiming-age and withdrawal-order decisions, talk to a fee-only fiduciary.