Withdrawing money from the retirement savings plan (i.e. 402(b), 401(k), Traditional IRA, Roth IRA etc.) can lead to you subsequent costs. In addition to taxes, you will additionally be charged with penalties if you start distribution before 59.5 years of age. This calculator will calculate and display the amount of penalties, taxes, and thus the net withdrawal you can make from your retirement account.The amount you can withdraw from your investments each month in retirement will be based on how much you’ve saved, your asset allocation, how long you expect to spend in retirement, and which withdrawal method you plan to use. In general, Vanguard suggests making withdrawals at rates no greater than 3% to 5% at the outset of your retirement, depending on your withdrawal method.
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Amount to withdraw
Amount of dollar you wish to take out from the retirement savings. Amount of taxes and penalties (if you are below 59 & 1/2) are calculated on this amount.
Your age at the time of this calculation.
Federal income tax rate
Rate of Federal Tax applicable on your level of income based on your filing status. By default, this calculator uses 25% as the Federal Income Tax rate. Visit http://www.irs.gov for detailed and latest tax brackets.
State income tax rate
Marginal income tax rate charged on your income by the state tax authority.