UPCOMING RETIREMENT

[RBC1300]

My wife and I will be retiring in early 2024.  We will have two pensions and both of our social security benefit distribution.  I have the gross monthly amount but we need to know the take-home / net amount we can expect to live off of.  I'm 70, she's 66 and we will be filing married jointly.  I tried using the W4 withholding calculator but it is asking for 2023 information which doesn't matter for our purposes but won't let me proceed without it.  How can I calculate our estimated net pay?  Thank you.

[Texas Roger]

You can use Taxcaster to come up with an estimate. It is for tax year 2023 right now but the results should be similar for 2024: 

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

Standard deductions have been increased for tax year 2024 which could decrease the amount of taxes owed.