Simple Retirement Planning Worksheet

August, 2016

Retirement planning worksheet is a chart that helps you to take record of your expenses and incomes if you are retired, or plan for retirement by calculating the amounts of money you should save up if you are still working. Such worksheets can be printed or, better, exist in electronic format, which makes it easier to fill them in and change some data if necessary.

The simplest way to make this worksheet is to sum up your expenses per some period of time (for example, per month) regularly.

It will look like this:

Monthly expenses

Housing
- Mortgage $
- Property taxes $
- Homeowners insurance $
- Rent $
- Utilities $
- Maintenance/fees $

Food
- Groceries $
- Dining out $

Transportation
- Vehicle maintenance $
- Fuel $
- Auto insurance $
- Public transportation $

Health care
- Medical services $
- Medications and supplies $
- Health insurance $

Personal insurance
- Life insurance $
- Disability insurance $
- Long-term care insurance $
- Other insurance $

Personal care
- Clothing $
- Products and services $

Family care
- Alimony $
- Child care $

Miscellaneous
- Loans/credit cards $
- Entertainment $
- Travel/vacation $
- Hobbies $
- Gifts $
- Education $
- Charitable contributions $
- Other $

Total monthly expenses

Add sums from each category to get the total sum of expenses. This simple list will help you see, how much money you spend for different things, and which expenses you can or should reduce in order to save more. Such worksheets are useful not only for current or potential retirees; they can help any person to manage their expenses better.

In order to see the situation more clearly and plan your financer more efficiently, make a similar list for your retirement incomes:

Incomes
- Social Security $
- Pension $
- Employment income $
- Rental income $
- Veteran's benefits $
- Other $

This will help you compare your incomes and your expenses. Take taxes into account and calculate how much money you are left with, after all your incomes are taxed:

Taxes and expenses
- Federal income tax rate %
- State income tax rate %
- Local income tax rate %
- Estimated monthly expenses (excluding taxes)$

Results
- Total pre-tax monthly income
- Total monthly income tax liability
- Total after-tax monthly income
- Monthly income surplus or (shortfall)

Now that you have calculated your incomes and expenses, you can estimate the situation and decide whether to save up more, whether you should reduce your expenses, or, on the contrary, can afford to spend more. If you have income surplus, you may invest this money to get even more income.