Retirement Budget Planner

Who this is for

Set what retirement will cost against what it will pay. Each spending line has a figure for now and one for retirement, each income source has its expected monthly amount, and the sheet totals both by month and by year and shows the gap, using only your own estimates.

People planning for retirement, whether it is years away or close, couples working out a joint budget, and anyone checking whether their pension forecasts cover the life they expect to lead.

What this helps you track

• What you spend now on each part of the household budget
• What you expect each line to cost once you retire
• Every expected income: state pension, other pensions, savings, work
• Monthly and yearly totals for spending and for income
• The gap or surplus between them, by the month and by the year

How to use it

1. Write who the budget is for, the planned retirement date and the date you prepared it.
2. Fill the Now column from your current budget or bank statements, then write what you expect each line to cost in retirement; some will fall and some will rise.
3. List each expected income with its monthly amount from your forecasts and statements, when it starts, and whether the figure is a statement, a forecast or your own estimate.
4. Use the same basis in both tables: before or after tax, and today's money throughout.
5. Totals, the gap and the summary are worked out in the browser and the workbook; on paper, add each column and take spending from income.
6. Revisit it when a forecast or your plans change, and keep the old copy to compare.

Formats

• Printable PDF (A4 and US Letter)
• Fillable PDF with form fields
• Fill in online, saved in your browser
• Excel / Google Sheets workbook

The printable is laid out inside a box that fits both A4 and US Letter, so the two files are identical and neither one is scaled. The fillable PDF has real form fields. The workbook uses plain formulas only — SUM, IF, COUNTIF and the like — so it opens in Excel, LibreOffice and Google Sheets without anything breaking, and every calculated cell is grey so you can see which figures it worked out.

How to print

Download the A4 or US Letter file to match the paper in your printer, open it in a PDF reader and print at 100% — not "fit to page", which shrinks the writing space. Both files leave a 14 mm margin, which clears the unprintable edge on home printers. To print the online version with your entries in it, use the Print this sheet button, which prints only the sheet and none of the page around it. More on printing.

Questions

Should I use figures before or after tax?

Either works if both tables use the same basis, but income after tax set against spending is the easier comparison. How pension income is taxed depends on the rules where you are, and a forecast or an adviser can help.

What about inflation?

The sheet applies no rate. Putting everything in today's money keeps spending and income comparable; if a forecast is given in future money, note that in the income table so you know the basis.

Where do I get my state pension figure?

From a forecast issued by the government department that pays it where you live. Write the forecast amount and when it starts, and mark it as a forecast rather than a statement.

What are one-off goals?

Larger costs you expect in retirement, such as a car, a new kitchen or a big trip. Divide each by the months you will save for it and enter it as a monthly line, so it is not lost in a monthly budget.