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3 | Retirement Expenses Worksheet | |||||||
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5 | Instructions: Fill in highlighted cells with your best estimate of expenses, at current price levels. In column E, enter in the expected annual inflation rate between now and your retirement. In the cell below, enter the number of years until your target retirement date. | |||||||
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8 | Expected Years Until Retirement: | 25 | ||||||
9 | Expected Annual Inflation Rate: | 3.0% | ||||||
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11 | Housing | Estimate (Today's Dollars) | Annual | Expected Annual Inflation | Expected Annual Cost In Retirement | Notes | ||
12 | Mortgage Payment | $0 | Per Month | $0 | 3.0% | $0 | If you plan to own your house outright in retirement, this will be $0. | |
13 | Property Taxes | $500 | Per Month | $6,000 | 3.0% | $12,563 | ||
14 | Homeowners Insurance | $150 | Per Month | $1,800 | 3.0% | $3,769 | ||
15 | Rent | $0 | Per Month | $0 | 3.0% | $0 | If you own your home, this will be $0 | |
16 | Maintenance | $250 | Per Year | $250 | 3.0% | $523 | ||
17 | Home Improvements | $500 | Per Month | $6,000 | 3.0% | $12,563 | ||
18 | Other Housing Expenses | $0 | Per Month | $0 | 3.0% | $0 | Add any expenses not explicitly mentioned here. | |
19 | Total Housing | $1,400 | $14,050 | $29,418 | ||||
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21 | Utilities | Estimate (Today's Dollars) | Annual | Expected Annual Inflation | Expected Annual Cost In Retirement | Notes | ||
22 | Phone | $150 | Per Month | $1,800 | 3.0% | $3,769 | Some of these expenses may be $0, or may be bundled with other utilities. | |
23 | Internet | $75 | Per Month | $900 | 3.0% | $1,884 | Some of these expenses may be $0, or may be bundled with other utilities. | |
24 | Water | $350 | Per Month | $4,200 | 3.0% | $8,794 | Some of these expenses may be $0, or may be bundled with other utilities. | |
25 | Power | $100 | Per Month | $1,200 | 3.0% | $2,513 | Some of these expenses may be $0, or may be bundled with other utilities. | |
26 | Trash | $45 | Per Month | $540 | 3.0% | $1,131 | Some of these expenses may be $0, or may be bundled with other utilities. | |
27 | Gas | $0 | Per Month | $0 | 3.0% | $0 | Some of these expenses may be $0, or may be bundled with other utilities. | |
28 | Other Utilities Expenses | $0 | Per Month | $0 | 3.0% | $0 | Add any expenses not explicitly mentioned here. | |
29 | Total Utilities | $720 | $8,640 | $18,090 | ||||
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31 | Transportation | Estimate (Today's Dollars) | Annual | Expected Annual Inflation | Expected Annual Cost In Retirement | Notes | ||
32 | Gas | $250 | Per Month | $3,000 | 3.0% | $6,281 | ||
33 | Car Insurance | $100 | Per Month | $1,200 | 3.0% | $2,513 | ||
34 | Car Repairs / Replacement | $500 | Per Month | $6,000 | 3.0% | $12,563 | ||
35 | Public Transportation | $0 | Per Month | $0 | 3.0% | $0 | ||
36 | Other Transportation Expenses | $0 | Per Month | $0 | 3.0% | $0 | Add any expenses not explicitly mentioned here. | |
37 | Total Transportation | $850 | $10,200 | $21,357 | ||||
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39 | Health Care | Estimate (Today's Dollars) | Annual | Expected Annual Inflation | Expected Annual Cost In Retirement | Notes | ||
40 | Health Insurance | $180 | Per Month | $2,160 | 3.0% | $4,523 | ||
41 | Medications | $200 | Per Month | $2,400 | 3.0% | $5,025 | ||
42 | Disability Insurance | $150 | Per Month | $1,800 | 3.0% | $3,769 | ||
43 | Dental Expenses | $150 | Per Month | $1,800 | 3.0% | $3,769 | ||
44 | Vision Expenses | $150 | Per Month | $1,800 | 3.0% | $3,769 | ||
45 | Other Health Care Expenses | $200 | Per Month | $2,400 | 3.0% | $5,025 | ||
46 | Total Health Care | $1,030 | $12,360 | $25,879 | ||||
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48 | Other Needs | Estimate (Today's Dollars) | Annual | Expected Annual Inflation | Expected Annual Cost In Retirement | Notes | ||
49 | Clothing | $200 | Per Month | $2,400 | 3.0% | $5,025 | ||
50 | Groceries | $1,000 | Per Month | $12,000 | 3.0% | $25,125 | ||
51 | Life Insurance | $50 | Per Month | $600 | 3.0% | $1,256 | ||
52 | Other Needs #1 | $150 | Per Month | $1,800 | 3.0% | $3,769 | ||
53 | Other Needs #2 | $0 | Per Month | $0 | 3.0% | $0 | ||
54 | Other Needs #3 | $0 | Per Month | $0 | 3.0% | $0 | ||
55 | Other Needs #4 | $0 | Per Month | $0 | 3.0% | $0 | ||
56 | Other Needs #5 | $0 | Per Month | $0 | 3.0% | $0 | ||
57 | Total Other Needs | $1,400 | $16,800 | $35,175 | ||||
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59 | Total Annual Needs In Retirement | $129,919 | ||||||
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61 | Wants | Estimate (Today's Dollars) | Annual | Expected Annual Inflation | Expected Annual Cost In Retirement | Notes | ||
62 | Travel | $2,000 | Per Month | $24,000 | 3.0% | $50,251 | ||
63 | Dining Out | $500 | Per Month | $6,000 | 3.0% | $12,563 | ||
64 | Entertainment | $500 | Per Month | $6,000 | 3.0% | $12,563 | ||
65 | Other Purchases | $500 | Per Month | $6,000 | 3.0% | $12,563 | ||
66 | Charitable Contributions | $500 | Per Month | $6,000 | 3.0% | $12,563 | ||
67 | Pet Care | $100 | Per Month | $1,200 | 3.0% | $2,513 | ||
68 | Gym Memberships | $100 | Per Month | $1,200 | 3.0% | $2,513 | ||
69 | Other Discretionary Expense #1 | $100 | Per Month | $1,200 | 3.0% | $2,513 | ||
70 | Other Discretionary Expense #2 | $0 | Per Month | $0 | 3.0% | $0 | ||
71 | Other Discretionary Expense #3 | $0 | Per Month | $0 | 3.0% | $0 | ||
72 | Other Discretionary Expense #4 | $0 | Per Month | $0 | 3.0% | $0 | ||
73 | Other Discretionary Expense #5 | $0 | Per Month | $0 | 3.0% | $0 | ||
74 | Total Wants | $4,300 | $51,600 | $108,039 | ||||
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76 | Total Annual Expenses In Retirement | $237,958 | ||||||
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