Retirement Calculator For Two Working Spouses

The Retirement Calculator For Two Working Spouses helps couples plan their retirement by estimating combined income from savings, Social Security, pensions, and more, accounting for healthcare costs, taxes, and survivor benefits.

Retirement Calculator for Two Spouses

Please enter valid savings amount
Please enter a valid contribution amount
Please enter a valid retirement age
Please enter a valid current age
Please enter a valid amount
Please enter a valid amount
Please enter a valid life expectancy
Please enter valid savings amount
Please enter a valid contribution amount
Please enter a valid retirement age
Please enter a valid current age
Please enter a valid amount
Please enter a valid amount
Please enter a valid life expectancy
Please enter a valid amount
Please enter a valid tax rate
Please enter a valid return rate
Please enter a valid inflation rate
Please enter a valid income amount

Your Combined Retirement Income Estimate

Total Annual Income (After Tax):
Spouse 1 Savings Income:
Spouse 2 Savings Income:
Income Gap/Surplus:
Spouse 1 Savings at Retirement:
Spouse 2 Savings at Retirement:
Combined Savings Duration:
Survivor Income (Spouse 1 Passes):
Survivor Income (Spouse 2 Passes):

Example Calculations

Spouse 1: $300,000 savings, $10,000 contribution, retire at 65, age 40, $20,000 Social Security, 85 life expectancy; Spouse 2: $200,000 savings, $8,000 contribution, retire at 62, age 38, $18,000 Social Security, 88 life expectancy; Joint: Spousal benefits, 50% survivor benefit, $12,000 healthcare, 15% tax, average scenario, 5% return, 2% inflation, $80,000 desired income

Total Annual Income (After Tax): ~$53,125

Spouse 1 Savings Income: ~$20,000

Spouse 2 Savings Income: ~$12,500

Income Gap: ~-$26,875

Spouse 1 Savings at Retirement: ~$800,000

Spouse 2 Savings at Retirement: ~$500,000

Combined Savings Duration: ~22 years

Survivor Income (Spouse 1 Passes): ~$40,000

Survivor Income (Spouse 2 Passes): ~$42,000

Spouse 1: $500,000 savings, $15,000 contribution, retire at 67, age 50, $25,000 Social Security, $10,000 pension, 90 life expectancy; Spouse 2: $400,000 savings, $10,000 contribution, retire at 65, age 48, $20,000 Social Security, 87 life expectancy; Joint: Delayed credits, 75% survivor benefit, $15,000 healthcare, 20% tax, optimistic scenario, 6% return, 2.5% inflation, $100,000 desired income

Total Annual Income (After Tax): ~$72,000

Spouse 1 Savings Income: ~$25,000

Spouse 2 Savings Income: ~$20,000

Income Gap: ~-$28,000

Spouse 1 Savings at Retirement: ~$1,200,000

Spouse 2 Savings at Retirement: ~$900,000

Combined Savings Duration: ~25 years

Survivor Income (Spouse 1 Passes): ~$55,000

Survivor Income (Spouse 2 Passes): ~$60,000

How to Use the Retirement Calculator For Two Working Spouses

Our free calculator estimates combined retirement income for two working spouses. Here’s how to use it:

  • Currency: Select your preferred currency (required)
  • Spouse 1/2 Current Savings: Enter each spouse’s retirement savings (required)
  • Spouse 1/2 Annual Contribution: Enter annual savings contributions until retirement (optional)
  • Spouse 1/2 Retirement Age: Enter each spouse’s planned retirement age (required)
  • Spouse 1/2 Current Age: Enter each spouse’s current age (required)
  • Spouse 1/2 Social Security: Enter expected annual Social Security benefits (required)
  • Spouse 1/2 Pension Income: Enter expected annual pension income (optional)
  • Spouse 1/2 Life Expectancy: Enter each spouse’s expected life expectancy (required)
  • Social Security Strategy: Choose a claiming strategy (required)
  • Pension Survivor Benefit: Select survivor benefit percentage (required)
  • Healthcare Costs: Enter estimated annual healthcare costs (required)
  • Tax Rate: Enter estimated tax rate on withdrawals (optional)
  • Market Scenario: Choose optimistic, average, or pessimistic returns (required)
  • Expected Annual Return: Enter estimated investment return rate (required, default 5%)
  • Expected Inflation Rate: Enter expected inflation rate (required, default 2%)
  • Desired Income: Enter desired combined annual income (required)

The calculator estimates total income, savings duration, survivor income, and any income gap or surplus.

Why Calculate Retirement Income for Two Spouses?

Planning your retirement as a couple helps you:

  • Understand if combined savings and income sources meet your needs
  • Optimize Social Security and pension survivor benefits
  • Account for healthcare costs and taxes
  • Plan for different retirement ages and market scenarios

Frequently Asked Questions

Is the calculator free?

Yes, our calculator is completely free to use with no registration required.

How accurate are the results?

The calculator provides estimates based on your inputs. Actual results may vary due to market fluctuations, unexpected expenses, or changes in inflation or tax laws.

How are survivor benefits calculated?

Survivor benefits are based on the selected pension survivor percentage and remaining Social Security benefits after one spouse passes.

Note: This calculator provides estimates only. Investment returns, inflation rates, and tax laws are not guaranteed. Consult a financial advisor for personalized retirement planning advice.