Step 7: Annual Income Statement

State of Residence:

State Effective Rate: 0.0% Federal Estimate: Simplified 2026 Brackets

Description	Annual Amount
Taxable Income
Social Security — Taxable Portion (85%)	$0
Pension & Fixed Income	$0
Qualified Plan Withdrawals (401k / Traditional IRA)	$0
Subtotal — Taxable Income	$0

Non-Taxable Income
Social Security — Non-Taxable Portion (15%)	$0
Non-Qualified Plan Withdrawals (Roth / Brokerage / Savings)	$0
Subtotal — Non-Taxable Income	$0

Total Gross Income	$0
Estimated Federal Income Tax (on taxable income only)	−$0
Estimated State Tax — TX (0.0% on taxable income only)	−$0
Total Net Annual Income	$0

Gross Monthly Income

per month before taxes

Net Monthly Income

per month after estimated taxes

These amounts reflect your income goal in today's dollars. Once you set a future start date on Step 6, this statement will automatically update to show the equivalent purchasing power at that future date. Your spending goal grows at your chosen inflation rate (3.0%) each year in retirement. Social Security benefits grow at 2.5%/yr (the federal cost-of-living adjustment) — if your inflation assumption is above 2.5%, your SS income will cover a slightly smaller share of expenses each year.

These values are projections based on 2026 tax estimates and are not intended as tax advice. Federal estimate uses simplified brackets (10% / 12% / 22%) applied to taxable income only. The 85% Social Security taxable estimate is an approximation — actual taxability depends on provisional income. State rates are estimated effective rates and do not account for state-specific deductions or filing status adjustments.

Retirement Modeler

Step 7: Annual Income Statement

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