Retirement Plan Withdrawal Calculator
Use this calculator to see what your net withdrawal would be after taxes and penalties are taken into account.
How the retirement plan withdrawal calculator works
It subtracts income tax and, if you are under 59½, a 10% early-withdrawal penalty from your withdrawal to show the cash you actually keep.
Worked example: with withdrawal amount of $40,000, your age of 45 and marginal tax rate of 24.00%, the retirement plan withdrawal calculator shows amount you keep of $26,400.
- Gross withdrawal
- $40,000
- Income tax
- $9,600
- Early-withdrawal penalty
- $4,000
- Net to you
- $26,400
The formula
Net = amount − (amount × tax rate) − (under 59½ ? amount × 10% : 0).
Results are estimates for educational purposes and are not financial advice. Confirm exact figures with your lender, plan administrator or advisor.
Questions about the retirement plan withdrawal calculator
How much will I keep from a retirement withdrawal?
After income tax and, if under 59½, a 10% penalty, often little more than half on pre-tax accounts. The calculator shows your net for any amount and age.
When does the early-withdrawal penalty apply?
Generally on withdrawals from traditional retirement accounts before age 59½, with exceptions for certain hardships, first homes, education and medical costs. Income tax still applies.
Should I withdraw early?
Only as a last resort — the tax, penalty and lost growth are steep. Consider a loan, other savings, or a 72(t) SEPP for penalty-free income first.
Is the Retirement Plan Withdrawal Calculator free to use?
Yes. Every calculator on FinCalculators is completely free, with no sign-up, login or paywall. You can run as many scenarios as you like.