Understand Your Retirement Income

Use this calculator to estimate how your retirement income will feel compared to your current federal salary. Many people mistakenly believe they need to match their full working salary in retirement. Not true! With fewer expenses in retirement—such as no longer paying into Social Security, Medicare taxes, FERS, or contributing to your TSP—your retirement income doesn’t need to match your current salary to maintain the same lifestyle.

The “Feels Like” number below in the FERS Retirement Readiness Calculator shows how much your retirement income will feel like compared to your current federal salary. This estimate factors in your FERS annuity and TSP withdrawals to give you a clearer picture of your take-home pay in retirement.

Important Note

To use this calculator, start by obtaining your FERS monthly payment by using the FERS Annuity and Supplement Estimator for a ballpark number or contact your agency’s HR department for a more precise calculation.

Additionally, please note that the FERS cost (1.3%) used in this calculator is based on the assumption that you are a special category federal employee nearing retirement.

FERS & TSP: What Will My Paycheck Feel Like?

FERS & TSP: What Will My Retirement Paycheck Feel Like?

How much will it feel like you are bringing home in retirement?

Inputs

Current Annual Salary ($):

Estimated Monthly FERS Annuity & Supplement ($): (Get this estimated monthly number from the FERS Annuity and Supplement Estimator)

Your Estimated TSP Balance at Retirement ($):

Your Expected TSP Annual Withdrawal Rate. Hint: 3-5% (%):

How Much Are You Currently Contributing Annually to Your TSP and Other Investments (Include ROTHs etc..) Note – You will no longer be contributing to this when you retire ($):