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Um, will you need $4500 a month gross? From what you cite as your expected SS income, I infer both you and your wife will be 65 when you retire. My back of the envelope calculation says that you will pay no tax on the income you cite. Your non-SS income plus half your SS income is less than $32,000; therefore your SS income is not taxed. Your standard deduction is $8800 and you have 2 exemptions. That wipes out the other income.

If, for the sake of argument, you are currently earning $60,000, you are probably taking home about $45,000. The $40,000 from pension sounds pretty close to that.

My customary apologies in advance if I have guessed wrong.
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