Retirement Budget Calculator
INSTRUCTIONS
Step 1: Starting with your current bills and spending habits, fill in each category of the budget worksheet. Wherever possible, use your bank statements, credit card bills, and financial account statements to accurately record your spending in each area.
Step 2: Using your current spending as a guide, estimate how much you will spend in each category in retirement. Keep in mind that most retirees spend close to their pre-retirement levels in most areas except food, transportation, clothing, and other job-related expenses. Medical expenses may go up in retirement as you transition away from employer-sponsored health insurance and start planning for long-term medical needs.
Step 3: Think about major purchases that you may make, such as remodeling your kitchen, buying a new car, or upgrading your household appliances. Also think about what's on your bucket list: big expenses like milestone vacations, charitable gifts, or a new boat or RV will need to be factored into your retirement planning.
Mortgage / Rent
Electricity
Gas / Oil
Water / Sewer / Gas
Phone
Cable & Internet
Appliances & Furniture
Maintenance & Improvements
Lawn & Garden Care
Household Supplies
Property Tax & Insurance
Other Housing Expenses
TOTAL HOUSING
Groceries
Beverages/Alcohol
Personal Products
Clothing
Dry Cleaning
Salon & Barber Visits
Other Daily Living Expenses
TOTAL DAILY LIVING
Medical & Dental Visits
Medication & Supplements
Health Insurance
Life Insurance
Long-Term Care Insurance
Health Club
Other Health & Medical Expenses
TOTAL HEALTH & MEDICAL EXPENSES
Income Taxes (est. annual ÷ 12)
Retirement Savings
Emergency Savings
Credit Card Payments
Other Debt Payments (not incl. mortgage)
TOTAL FINANCIAL EXPENSES
Auto Payments
Fuel
Public Transit/Taxi Fares
Repairs & Maintenance
License & Registration
Auto Insurance
Other Transportation Expenses
TOTAL TRANSPORTATION EXPENSES
Tuition & Education
Childcare
Eldercare
Pets
Other Family Care Expenses
TOTAL FAMILY CARE
Media
Entertainment
Dining Out
Gifts
Hobbies
Charitable Donations & Philanthropy
Travel & Vacation
Vacation Property
Recreational Vehicles
TOTAL DISCRETIONARY
TOTAL ESTIMATED MONTHLY BUDGET