Free calculator · tax year 2026
Retirement income calculator
This year’s income from Social Security, pensions, withdrawals and investments, the federal tax on it, and what is left to spend each month.
After federal tax, a month in 2026: $7,767.
After federal tax, a month in 2026$7,767State income tax and Medicare premiums withheld from Social Security are not subtracted from any figure here.
Plan withdrawals and Roth conversions together
See how cash, IRA, Roth and brokerage withdrawals cover spending, with federal and state tax.
With these inputs, $97,900 of income in 2026 leaves $93,203 after $4,697 of federal tax, or $7,767 a month. That is $267 a month more than the $7,500 you plan to spend.
| Source | Amount | How it is taxed |
|---|---|---|
| Social Security | $38,400 | $32,640 taxable (Pub 915) |
| Pensions and annuities | $18,000 | ordinary income |
| IRA / 401(k) withdrawals | $30,000 | ordinary income |
| Interest and non-qualified dividends | $2,500 | ordinary income |
| Qualified dividends | $9,000 | $9,000 at 0% |
| Gross income | $97,900 | $4,697 federal tax, 4.8% of gross |
- Gross income$97,900
- −Federal tax$4,697
- =After federal tax, the year$93,203
- =A month$93,203 ÷ 12, to the dollar$7,767
- −Spending a month$7,500
- =Left over a month$267
- Income before Social Security$59,500
- +Taxable Social Security85% tier: provisional income $78,700 is over $44,000$32,640
- =Adjusted gross income$92,140
- −Standard deductionbase $32,200 + 1 × $1,650 for age 65+$33,850
- −Enhanced deduction for seniors1 × max(0, $6,000 − 6% × max(0, MAGI − $150,000))$6,000
- =Taxable income$52,290
- =Federal income tax2026 Tax Table on $43,290 of ordinary income; qualified dividends $9,000 at 0%; no net investment income tax$4,697
Calculations, not tax, legal or investment advice.
Method and sources
- Gross income is the sum of the yearly amounts you enter.
- Taxable Social Security follows IRS Publication 915: provisional income is your other income plus half of the benefits. Filing jointly, none is taxed up to $32,000, up to 50% of benefits above it and up to 85% above $44,000 (single: $25,000 and $34,000).
- Federal tax uses the 2026 brackets, the standard deduction with its age 65+ additions, the enhanced deduction for seniors, the 0%, 15% and 20% rates on qualified dividends, and the net investment income tax. Ages are 2026 minus the birth year.
- After federal tax is gross income minus federal tax; a month is that divided by 12, to the dollar; left over or short is a month minus your monthly spending.
This is one year, as entered; nothing is projected forward. Not included: state and local income tax, Medicare premiums, wages, capital gains, tax-exempt interest, Roth withdrawals and itemized deductions. The full planner adds state tax, every account and how much to draw from each.
Below $100,000 of taxable income, federal tax comes from the IRS Tax Table, which taxes the middle of each $50 band, so it can differ by a few dollars from working the brackets by hand.
Tables and sources
- IRS Publication 915, Social Security and Equivalent Railroad Retirement BenefitsIRC §86 base amounts; Pub 915 Worksheet 1; not indexed · 2026 · www.irs.gov
- Rev. Proc. 2025-32§4.14(1) and (3); §4.01 Tables 1 and 3; §4.03 · 2026 · www.irs.gov
- Schedule 1-A (Form 1040), Part V Enhanced Deduction for SeniorsSchedule 1-A Part V; IRC §151(d)(5)(C), effective 2025–2028 · 2026 · www.irs.gov
- IRS: Questions and Answers on the Net Investment Income TaxIRC §1411; thresholds are statutory and not indexed · 2026 · www.irs.gov