Saving for Retirement

Building a retirement savings plan involves more than just maxing out your 401(k) contributions. To know how much money you'll need to retire, you need to consider how much you'll likely spend each year of your retirement, the number of years you and your spouse will be retired, and how much you'll receive from Social Security or other pension plans.

The tools to help you answer all those questions are available here. Plus, once you have a good estimate of how much you'll need, you can use our Retirement Savings Plan Worksheet to develop a savings plan that will enable you to reach your goal. By using all these tools, you can create a complete retirement savings plan that you know will succeed!

COMBINE AND SAVE: Buy all five Retirement Savings Worksheets and pay only $49.95 (regular price $79.75) DOWNLOAD THEM ALL NOW

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1. Estimated Retirement Spending Worksheet

This custom-built spreadsheet will help you estimate the amount you and your spouse will need to spend each year you are retired. To calculate this number, you first project the maximum amount your family's net income will achieve. This amount, which we call the "Peak Net Income", multiplied by a certain percentage, forms the basis of your retirement savings plan.

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Using this spreadsheet, you will be able to:

1. Forecast your future earnings based on the amount of "merit" (above inflation) increases you expect to receive each year



2. See the effect of different levels of inflation on your future earnings



3. Calculate the amount of money you will be earning in today's dollars



4. Adjust your forecast to account for higher rates of income growth at certain points of your career than other points



5. Estimate the changing impact of taxation as your income grows



6. Determine what percentage of your Peak Net Income you will spend each year

2. Life Expectancy Worksheet

This custom-built spreadsheet will show you the likelihood of you and your spouse living to certain ages. This knowledge will help you determine how many years of retirement you must build a nest egg to support.

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Using this spreadsheet, you will be able to:

1. Select your and your spouse's anticipated retirement age



2. See the likelihood that a specific one of you will reach any future age (for example, you can see that a 67-year old woman has a 48% chance of living to be 83 years old and 12% chance of living to 93 years old)



3. See the likelihood that both of you will reach any future age or that either of you will reach any future age



4. Determine, based on that information, how many years of retirement saving you will attempt to accumulate

3. Estimated Social Security Benefit Worksheet

This custom-built spreadsheet will help you estimate how much money you and your spouse will receive in monthly Social Security benefits when you retire

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Using this spreadsheet, you will be able to:

1. Forecast the income that will be counted toward your social security benefit each year



2. Adjust that income for inflation using the Social Security Administration's Index factor



3. Calculate your Average Indexed Earnings



4. See what your monthly retirement benefit will be at different retirement ages



5. Estimate the amount of additional taxes you will owe due to your social security benefit



6. Estimate how future changes in the Social Security laws might affect your benefit



7. Determine whether your spouse will receive a benefit amount based on his/her Social Security contributions or on your benefit amount

4. Retirement Fund Target Worksheet

This custom-built spreadsheet will help you determine how much money you need to have saved in order retire

(To use this worksheet, you should have already used the above worksheets to forecast your annual retirement spending, your Social Security benefit, and the number of years you expect to be retired)

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Using this spreadsheet, you will be able to:

1. Identify the amount of annual retirement spending that you will need to use your savings to support



2. Understand the impact of different expected investment returns after your retirement on the amount of savings required at the time you retire



3. Choose a retirement investment philosophy that fits your goals and financial means



4. Set a target amount that will enable you to retire with confidence

5. Retirement Savings Plan Worksheet

This custom-built spreadsheet will help you create a savings plan that will enable you to achieve your Retirement Fund Target

(To use this worksheet, you should have already used the above worksheets to set a Retirement Fund Target)

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Using this spreadsheet, you will be able to:

1. Understand the impact of different savings rates over the course of your life



2. See the precise impact of the age you begin saving for retirement on the required savings rate once you begin saving



3. Take into account whatever money you have currently set aside for your retirement



4. Account for increased savings potential once you have paid off your home



5. Calculate the impact of accelerating or delaying your retirement date



6. Calculate the impact of working part-time while you are retired



7. Understand how different rates of return on your retirement savings affect the achievement of your Retirement Fund Target

COMBINE AND SAVE: Buy all five Retirement Savings Worksheets and pay only $49.95 (regular price $79.75) DOWNLOAD THEM ALL NOW

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