What will my take-home pay be in retirement?
Short answer
Your pension and savings withdrawals are taxed as income. Up to 85% of Social Security can be taxed too, depending on your other income. For 2026, people 65 and older get a larger standard deduction plus a new $6,000 senior deduction (2025 through 2028). Enter your amounts to see what you'd keep each month.
Your yearly amounts
PERS, DRS, FERS or other, before tax.
From the TSP, IAP, 457, 403(b) or traditional IRAs. Leave out Roth money.
Part-time pay, interest, dividends.
For both of you, if married.
Washington has no income tax, so use 0. Oregon taxes pensions at rates from 4.75% to 9.9%; your average rate is lower than your top rate. See state taxes.
Medicare Part B, a supplement or retiree plan.
How we worked this out
What this estimate leaves out
- After-tax contributions. If you paid into your pension with money that was already taxed, part of each payment comes back tax free. Your retirement system's 1099-R shows the taxable amount. See how pensions are taxed.
- Itemized deductions, credits, capital gains, and the 3.8% net investment income tax.
- State rules. We apply your state rate to your pension, withdrawals and other income only, because Oregon, Washington and most states don't tax Social Security. Oregon also offers a subtraction for federal pensions earned before October 1991 and a few credits for retirees.
- Medicare surcharges. Higher incomes pay more for Parts B and D. See IRMAA.
To set withholding on a pension, use IRS Form W-4P with your retirement system (federal retirees use OPM's Services Online). For Social Security, use Form W-4V. Our guides explain how Social Security is taxed and how to build a retirement budget.
An estimate, not tax advice. We aren't tax professionals. Ask a tax preparer or the IRS about your own return.