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How to account for spouse continue work
Old 04-28-2016, 09:27 AM   #1
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How to account for spouse continue work

Hi everyone,
I am Active Duty 06 CAPT with plans to retire 2021 (30 yrs of service), at which time I will be getting 75% of my pay. i will be 52 at retirement and husband will be 54. Husband will continue to work until 2030 (63yrs).
Trying to use FIRECal for this scenario and not sure where to place his income from 2021-2030. Right now I am getting low success rate. Our combined per tax income in 2021 will drop to 190,000 and with our annual spending of 120,000, should be enough, right

so what I need to know is how to add husband continue income stream in Firecal. any help with this will be greatly appreciated it..

Nana
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Old 04-28-2016, 09:35 AM   #2
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Hi Nana,
Under FIRECalc's "Other Income/Spending" tab you can add other sources of income. Scroll down to the section for pensions and add SO's income there.
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Old 04-28-2016, 09:36 AM   #3
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One way to do it:

Other Income tab > input his earnings as 'pension income' starting the same year you retire

Input the same income amount as 'off-chart spending' effective the year he is expected to retire (this will effectively zero out his work income when he retires)
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Old 04-28-2016, 10:19 AM   #4
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Nana,

I'm not sure if you were you saying that your combined gross income will be $190K, and that you should be able to pay your tax on that and still have $120K? As you probably know, FIREcalc can't calculate your taxes. You can estimate them with 2016 tax tables, though.

P.S. Thanks for your service.

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Quote:
Originally Posted by aknowhow78 View Post
Our combined per tax income in 2021 will drop to 190,000 and with our annual spending of 120,000, should be enough, right

a
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Old 04-28-2016, 10:44 AM   #5
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Nana,

I'm not sure if you were you saying that your combined gross income will be $190K, and that you should be able to pay your tax on that and still have $120K? As you probably know, FIREcalc can't calculate your taxes. You can estimate them with 2016 tax tables, though.

P.S. Thanks for your service.

Amethyst
You are welcome and thank you for responding. 190k will be pretax
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