Background. I am a 56M with no pension (Only IRA, 401K and brokerage). I am running some retirement scenarios and will need to use my investments to replace a "pension". However I have no clue what a typical pension would be or how it is calculated. Looking for some advise on how to calculate a number to figure out when I could "retire".
For planning purposes assume $85K in combined income between my spouse and I.
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Is there a table somewhere that computes pensions based on income?
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Is there a back of the envelope calculation that one can use as a percentage of final income?
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Other?
Thank you, submitted by /u/UnluckyNet2881
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For planning purposes assume $85K in combined income between my spouse and I.
*
Is there a table somewhere that computes pensions based on income?
*
Is there a back of the envelope calculation that one can use as a percentage of final income?
*
Other?
Thank you, submitted by /u/UnluckyNet2881
[link] [comments]