A year or two ago I decided to create a retirement calculator to help me figure out my finances for when I was getting ready to retire. It occurred to me earlier today that I have done a poor job of keeping it current, so I decided to spend a few minutes and get it fully updated (I think) for 2022.
Changes include:
- Updated the 2021 pay rates to their actual rates
- Added the 2022 pay rates
- Added projected 2023 pay rates (assumes a 4.6% raise as stated in USC).
- Updated VA disability rates
- Updated federal tax brackets
- Modified the formula for Social Security Withholdings to max out at $147,000 for the year (did you know that you can actually make enough that they stop taking out social security? I didn’t until I started to have more in my paycheck on month towards the end of the year).
You can find the new and updated calculator here.