Originally Posted by MasterBlaster
No don't discount the pension or SS. Firecalc doesn't do taxes. Just take the gross income amount from your Firecalc run and then discount all the income using your appropriate tax situation.
Here's a fun online tax calculator you could use:
1040 Tax Calculator
Seems like I would get better results by taking current estimated expenses and apply my estimated combined tax bracket after retirement to expenses, along with Pension and SS benefits doing the same to get a better idea of the drain against saved assets.
I see many here have mentioned doing their own calculations and spreadsheets...same here...pretty elaborate (imo) - which accounts for taxes against the asset type (taxable, TD, and taxfree). But it is a static model for given returns I input, and not iterative like Firecalc.
Taxes wreak havoc on my results - so was simply wondering if 'better' results would be had by burdening expenses and benefits with tax estimates.