Retirement calculators can leave a LOT to be desired. This one, which I go over in this video, is okay. And definitely something you should use if you’re going to retire. BUT it does have a default tax rate of 28%.
First, there is NO 28% tax bracket anymore. Secondly, to even be in the 22% tax bracket now, if you’re married filing jointly, you’d need over $100k of Gross income.
Thirdly, the tax rates are MARGINAL, meaning you don’t pay 22%, or whatever your bracket is, on the very first dollar of income. You only pay that on the amount of income that is above the previous bracket!
You really need to understand the tax code before you start making plans based on simple calculators like this.
But for starters? Nothing wrong with it.