The worksheet assumes that youâll need to replace about 80 percent of your pre-retirement income. Social Security retirement benefits should replace about 40 percent of an average wage earnerâs income after retiring. This leaves approximately 40 percent to be replaced by retirement savings. Keep in mind, this is an estimate and you may need more or less depending on your individual circumstances.
Equipment Costs. The average price for a new gas furnace ranges from around $2,300 to $3,000 depending on manufacturer according to a November 2012 article by Consumer Reports. Qualitysmith.com estimates the cost of a new electric furnace at $1,000 to $1,500 as of December 2012.lectric space heaters all have AFUE ratings of 100 percent. Assuming an electric heater with 100 percent efficiency, homeowners should expect to pay roughly $34.32 per million BTUs of heat. Natural gas is generally sold in therms, where one therm is equal to 100,000 BTUs.
However, these are radiant electric heaters that are permanently filled with oil. Many of the models available come with wheels so they are easy to move around your home. This type of heater provides a steady heat source for an entire room. The price range for oil-filled heaters is $50 to $110. Another option for additional heating in your home is using either a gas or kerosene heater. Both of these heaters give off a great deal of heat and come in handy when there is no power, since they don't require electricity.