The Retirement Expense Worksheet was created for you to use when preparing your retirement plan. Here is a brief description of the uses of this worksheet, along with some explanations of what it is and how it works.
Retirement expense worksheets are very useful for preparing your retirement savings plan. First, you will be able to understand the types of expenses that you will have with your future savings. And you will be able to make adjustments for these expenses on your retirement plan when it comes time to withdraw money from your account.
You must know your entire financial situation before you prepare this worksheet. There are three sections to this worksheet: budget, income, and investments. Use the savings section to list all of your income and expenses. Also include any gifts or loans that you received during the year.
In the Budget section, you should enter all of your expenses such as mortgage, rent, utilities, taxes, food, travel, medical bills, entertainment, car payments, maintenance, and an annual list of your other spending. Your Annualized Expenses should be your total for all the expenses for the year. Then, in the Income section, put in the information on how much you currently make, the amount of income you expect to have for the next year, and how much you have invested over the past few years.
In the Investments section, put in the amount of money you currently have invested in the form of stocks, bonds, CDs, mutual funds, and other investment vehicles. You will also need to include the value of all your tax-deferred or pre-tax retirement accounts that you have established such as 401(k) s, IRAs, SEP-IRAs, and you must enter a new maximum amount of money that you expect to save for retirement. Finally, you must include any Roth contributions for this section.
When you are finished, print out your Retirement Expense Worksheet. If you are looking for additional resources to help you develop a good retirement plan, you can go online to view sample retirement expense worksheets. You will find many examples of these worksheets on the internet.
If you want to create your own retirement expense worksheets, the first step is to gather the information you entered for your annual income and expenses. Include everything such as mortgage, rent, utilities, and taxes. You will also need to include your car payments, other miscellaneous expenses, and any other investment vehicles you have at this point.
And don’t forget to include any new income that you expect for the year. And remember, the Retirement Expense Worksheet is only one of many tools that will be used to help you make a good retirement plan.