Projected Retirement Income Worksheet
|
Annual Pre-Retirement Income |
|
Annual Retirement Income |
|
|
Basic Salary (with locality) |
|
Estimated Retirement |
|
|
Overtime |
+ |
Age Reduction(1) |
- |
|
Bonus |
+ |
Unpaid Deposit Reduction (1) |
- |
|
|
|
CSRS Offset Reduction (1) |
|
|
|
|
Survivor Election (1) |
- |
|
|
|
Former Spouse Court Order Award |
- |
|
|
|
FERS Supplement (2) |
+ |
|
|
|
Reduced Retirement |
|
|
Health Insurance (FEHB) |
- |
Federal Taxes |
- |
|
Social Security Tax (FICA) |
- |
State Taxes (3) |
- |
|
Medicare Tax (HIT) |
- |
Health Insurance (FEHB) |
- |
|
Thrift Savings Plan |
- |
Life Insurance (FEGLI) |
- |
|
Federal Taxes |
- |
Other Withholdings |
- |
|
State Taxes |
- |
|
|
|
Life Insurance (FEGLI) |
- |
|
|
|
Long-Term Care Insurance |
|
|
|
|
Retirement Contribution |
- |
|
|
|
Flexible Spending Account |
- |
|
|
|
Other Withholdings |
- |
|
|
|
NET INCOME: |
|
NET RETIREMENT: |
|
|
|
|
Social Security Income (4)* |
+ |
|
|
|
TSP Income (5)* |
+ |
|
|
|
Other Pensions * |
+ |
|
|
|
Other Investment Income* |
+ |
|
|
|
Post-Retirement Work* |
+ |
- Your retirement could be reduced for early retirement, civilian or military service credit unpaid deposits, CSRS Offset and survivor benefit reductions. These numbers can be computed on a retirement estimate prepared by your agency's benefits office.
- The FERS Supplement is not payable if you are going to work and earn substantial income after retirement (in 2006, the supplement is reduced by $1 for every $2 that you earn over $12,480). If you are retiring at age 62 or later, the supplement is not payable. MRA+10 and deferred retirements are not eligible for the supplement.
- Depending on the state you live in when you retire, you may not need to pay state income tax or some of your retirement income may be exempt from state income tax.
- Social Security retirement is payable at age 62 or later. Up to 85 percent of your Social Security benefit may be taxable. In some cases, your spouse (current, former or deceased) may provide Social Security benefits that could be higher than your own. Social Security will assist you to determine the most advantageous benefit.
- Go to the TSP Web site to explore various withdrawal options. Calculators are available for monthly payout options as well as the annuity option.
* Use income after deductions for taxes and other withholdings.
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