Retirement Budget Planner

This retirement budget planner is a truly exceptional FREE tool! Everyone should download this template because everyone should be planning for retirement. According to the US Department of Labor, in 2010, 30% of workers with access to contribution plans through their employers (like 401Ks), weren’t opted into them and less than half of the US working adult population has actually sat down and determined what they are going to need to spend every month during their retirement.

This information seems realistic when you think about your coworkers and friends and even maybe yourself. However, these figures are scary when you consider that the US Department of Labor has also stated that the average US citizen will spend an average of 20 years in retirement! If you aren’t a wealthy person, perhaps you have been more focused on feeding yourself and your loved ones right now than you have been with saving for retirement. However, retirement has always been something that’s been nagging you in the back of your mind.

The good news is, that the first thing you can do towards this end is to determine how much you will actually need to live on every month when you retire. Simply thinking about these goals in advance will help to clearly define your long term savings plan.

As you can see saving for retirement is crucial and if your employer offers a contribution program you have opted out of, now might be the time to see if the terms will work for you or if you should seek out other options. You might also want to look into investments, mutual funds and even turnkey franchises where you just collect some of the profit (ex. managed rental properties, hotdog stands run with hired help), in order to increase your money while you are working and still earning money.

How to Use Your Retirement Budget Planner

This retirement budget worksheet makes it simple for you to figure out what your retirement budget will look like every month compared to what it is now. Because of some of the information it asks for like your projected social security income, you might not be able to fill it out right away and you might have to gather information from several different sources for the definitive numbers.

Basically you will be plugging information into the form for the present and for the time of your retirement. This information includes your age, the cost for your housing, the cost of your personal expenses like clothing, food, cosmetics, toiletries and living expenses like gas, utilities, cable and web, and your income sources.

This retirement budget spreadsheet will get you thinking about some of the most important factors of your retirement, like what your realistic income will be without a job and what your cost of living will be.

Tips on Using Your Retirement Budget Spreadsheet

• Do some research. Some states are cheaper and friendlier to retire in than others. For example, many people realize that there is no financial reason to retire in New York City. If you love it, that’s one thing, but financially it’s not the best choice.
• Take your retirement budget worksheet to a professional planner or several and see what ideas they have to help you realistically meet your goals and needs.

Download: Retirement Budget Planner