In fact, with the exemption in effect, shoppers from the suburbs and perhaps those from nearby parts of Connecticut, which has a 6.35 percent sales tax, might be enticed by a simple calculation: Shop for clothes (under $110) in New York City, and pay no sales tax. And city residents might be enticed to stay.
For example, if you're 64 years old, taking home $1,100 a month in Social Security benefits ($13,200 annually), and you earn $24,000 in wages in 2016, you can expect the SSA to reduce your 2016 annual benefit by $4,140 ($24,000 minus $15,720, then divided by $2). Your net benefit would be $9,060.
You estimate youâre getting $1,500 a month from Social Security and $1,500 a month from your pension, for a total of $3,000 a month. That results in a shortfall of $2,000 a month, or $24,000 per year. And $24,000 x 25 = $600,000.Thatâs the amount you need in your individual retirement account, 401(k) or other savings vehicle to close the gap of $2,000 a month.Like all the other numbers you project into retirement, these are estimates and averages.here are many ways to figure how much money you need in retirement, just like there are different methods to make money in the stock market. But hereâs the best method Iâve seen, which requires a bit of math but nothing too challenging.