Retirement Planner for Two Working Spouses

Your annual earned income

Enter the total of your gross earned income. This is the income that Social Security is based on, and does not include other income sources like interest, rental, dividends, etc.

Partner/Spouse annual earned income

Enter the total of your partner/spouse gross earned income. This is the income that Social Security is based on, and does not include other income sources like interest, rental, dividends, etc.

If you are married

Check this box if you are married. Married couples have a higher maximum Social Security benefit than single wage earners.

Include Social Security

Check this box if you wish to include Social Security benefits in your retirement planning. Social Security is based on a sliding scale depending on your income, how long you work and at what age you retire. Social Security benefits automatically increase each year based on increases in the Consumer Price Index. Including a spouse increases your Social Security benefits by 1.5 times your individual estimated benefit. Please note that this calculator assumes that only one spouse works. Benefits could be different if your spouse worked and earned a benefit higher than one half of your benefit. If you are a married couple, and both spouses work, you may need to run the calculation twice – once for each spouse and their respective income. This calculator provides only an estimate of your benefits.

The calculations use the 2024 FICA income limit of $168,600 with an annual maximum Social Security benefit of $45,864 ($3,822 per month) for a single person and 1.5 times this amount for a married couple. To receive the maximum benefit would require earning the maximum FICA income for nearly your entire career. You would also need to begin receiving benefits at your full retirement age of 66 or 67 (depending on your birthdate). This calculator rounds the age you can receive full Social Security benefits to the next highest full year. If your birthdate is in 1955 through 1959 your actual full retirement age for Social Security is 66 plus two months for each year after 1954. Your actual benefit may be lower or higher depending on your work history and the complete compensation rules used by Social Security.

Your age

Your current age.

Partner/Spouse age

Partner/Spouse current age.

Age you begin taking Social Security

The age you plan to begin receiving Social Security benefits. This must be between age 62 and 70 but can’t start before retirement. For example, if you are currently 55 and the household will retire in 10 years, the minimum Social Security age to start is 65. Also note that estimated benefits will be reduced if taken before full retirement age. Full retirement age was 65 for those born before 1943. If you were born between 1943 and 1954 it is 66, then gradually increases to 67 from 1955 to 1959. If you were born in 1960 or later full retirement age is 67.

Age partner/spouse begins taking Social Security

The age your partner/spouse plans to begin receiving Social Security benefits. This must be between age 62 and 70 but can’t start before retirement. For example, the Spouse/Partner is currently 55 and the household will retire in 10 years, the minimum Social Security age to start is 65. Also note that estimated benefits will be reduced if taken before full retirement age. Full retirement age was 65 for those born before 1943. If you were born between 1943 and 1954 it is 66, then gradually increases to 67 from 1955 to 1959. If you were born in 1960 or later full retirement age is 67.

Years until retirement

If you are retired today, enter 0. This calculator assumes the spouse retires at the same time. Consider this as the number of years until you expect to begin taking withdrawals from your retirement savings.

Number of years in retirement

The number of years you expect to spend in retirement. If this retirement savings plan is intended to support you and your spouse, make sure this is enough years to account for your partner/spouse potentially longer lifespan.

Expected inflation rate

This is what you expect for the average long-term inflation rate. A common measure of inflation in the U.S. is the Consumer Price Index (CPI). From 1925 through 2023 the CPI has a long-term average of 3.0% annually. Over the last 40 years the highest CPI recorded was 13.5% in 1980. For 2023, the last full year available, the CPI was 3.1% annually as reported by the U.S. Bureau of Labor Statistics.

Expected salary increase

Annual percent increase you expect in your household income.

Current retirement savings

Total amount that you currently have saved toward your retirement. Include all sources of retirement savings such as 401(k)s, IRAs and Annuities.

Monthly retirement contributions

The amount you will contribute each month to your retirement savings. This calculator assumes that you make your contribution at the beginning of each month. The tool also assumes that this amount remains constant until you retire. Your contributions should be the total you save toward your retirement each month. This should include any 403(b), 401(k), or 457(b) plans and your employer’s contributions to these plans. It should also include any other retirement accounts such as an IRA or a Roth IRA and any retirement savings in non-retirement accounts.

Rate of return before retirement & Rate of return during retirement

This is the annual rate of return you expect from your investments before taxes. The actual rate of return is largely dependent on the types of investments you select. The Standard & Poor’s 500® (S&P 500®) for the 10 years ending December 31st 2023, had an annual compounded rate of return of 15.2%, including reinvestment of dividends. From January 1, 1970 to December 31st 2023, the average annual compounded rate of return for the S&P 500®, including reinvestment of dividends, was approximately 10.9% (source: www.spglobal.com). Since 1970, the highest 12-month return was 61% (June 1982 through June 1983). The lowest 12-month return was -43% (March 2008 to March 2009). Savings accounts at a financial institution may pay as little as 0.25% or less but carry significantly lower risk of loss of principal balances.

It is important to remember that these scenarios are hypothetical and that future rates of return can’t be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that investment funds and/or investment companies may charge.

Monthly gross income desired in retirement

The total amount of monthly income that will be needed, including paying taxes. Be sure to include expenses paid semi-annually or annually in your income requirement, such as property taxes or insurance premiums. This income level will be increased with inflation.

Other monthly income sources in retirement

Enter the monthly income streams that will be available in retirement. Examples include pensions, rental income, interest, etc. This amount is not adjusted for inflation.

Withdrawals for retirement

This is the projected net amount per year that is needed from retirement savings to cover retirement expenses. If you include Social Security or pensions in your results, this is the net amount after those income sources.

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.