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.
Electric Radiant Heat. An electric radiant heating system uses either electric cables or a mat of conductive plastic installed beneath the flooring. The cost to install an electric system is comparable to that of a hydronic system; electric systems typically cost between $8 and $12 per square foot.Electric systems don't require a boiler, but because of the relatively high cost of electricity, they are significantly more expensive to operate than hydronic systems. water-heated system, called a hydronic system, is the most common type of radiant floor heating. In general, a hydronic system will cost between $6 and $16 per square foot to install.