A Retirement Planning Worksheet? Which One?

Many Retirement Planning Worksheets are freely available from several sources. The question is: Which one is right for you?

I worked through several of the worksheets on offer and came to the conclusion that there isn't one single all inclusive retirement planning worksheet that covers all aspects of retirement planning.

However, I came across a workbook by Irene Hathaway of Michigan State University. This workbook is a thorough planner for people who prefer to do their retirement planning manually. The workbook contains no less than nine worksheets. It forces you to plan in great detail.

Although the workbook was designed for people in the United States of America, it can be used by anyone anywhere with a little bit of imagination.

You can download the workbook by clicking here.

The worksheets are comprehensive and address the following issues:

Worksheet 1 – Your Retirement Lifestyle
To describe, in detail, the lifestyle you desire during retirement. As you dream about your retirement days, will you be able to afford the lifestyle you find desirable?

Worksheet 2 – Estimated Annual Cost of Living
To record what you spend annually in each category. If you only have monthly expense figures, you'll use Worksheet 9 and multiply each amount by 12.

The workbook gives you a table to establish the Inflation Factor. By multiplying each category's estimate with the Inflation Factor you get an idea of the income you will need during your first year of retirement.

Worksheet 3 – Estimated Changes in Spending After Retirement
For each expense category, figure the difference between what you’re spending now and what you expect to spend after retirement.

Worksheet 4 - Estimated Annual Cost of Living 10 Years After Retirement
How much will inflation increase your living costs? Even a moderate rate of inflation will push up those costs over time.

Worksheet 5 - Large Future Irregular Expenses
This worksheet will help you answer some basic questions as you plan ahead for your large expenses. Think about when you expect the expense to occur and the estimated cost.

Worksheet 6 - How Much Are You Worth?
Your assets include everything you own that is of any value. Your liabilities include the outstanding balance due on the debts you owe. Subtracting your liabilities from your assets will show your net worth.

Worksheet 7 - Estimated Annual Income After Retirement
To get an estimate of the net annual income you can expect in retirement.

Worksheet 8 - Estimated Annual Income 10 Years After Retirement
To identify your expected sources of income then, and consider how each source might be affected by inflation.

Worksheet 9 – Monthly Cost of Living Worksheet
To help you calculate the annual figures needed for Worksheet 2.

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