# Retirement Savings Worksheet Template

Are you on track for retirement?
If you haven’t calculated how much retirement income your current savings may provide, it’s time. To maintain your
standard of living, some experts say retirement income should be about 85 percent of your current income.
1
Figure out
how much of your current pay you may need to reach your retirement savings goal. Grab a calculator to help with the
math.
Retirement savings worksheet
TABLE A: SOCIAL SECURITY BENEFITS
Annual Gross
Estimated
STEPS
Income
Annual Beneﬁ t
1. Current income:
\$
\$25,000
\$11,900
Enter your current annual gross income.
\$30,000
\$13,300
\$
2. Retirement income goal:
x
85%
=
\$40,000
\$16,100
Multiply STEP 1 by 85%.
STEP 1
\$50,000
\$18,900
3. Social Security income:
\$60,000
\$21,500
Enter the value from
TABLE A
that
\$
\$80,000
\$24,100
\$100,000
\$26,800
\$
4. Annual retirement income:
=
Subtract STEP 3 from STEP 2
Figures show the approximate maximum beneﬁ t for a
STEP 2
STEP 3
31-year-old who will retire at age 65 in 2048 in today’s dollars.
For a more accurate estimate of your Social Security beneﬁ ts,
5. Future retirement income:
call 1-800-772-1213 to obtain SSA Form 7004. Source: Social
Multiply STEP 4 by the
inﬂ ation
Security Administration’s website beneﬁ t calculator.
\$
x
=
factor
from
TABLE B
that most
closely matches the number of
STEP 4
TABLE B*: INFLATION FACTOR
years until you retire.
Years to
Inﬂ ation
5.5 Deﬁ ned beneﬁ t estimate:
Retirement
Factor
If you have a deﬁ ned beneﬁ t (DB)
\$
=
5
1.13
STEP 5
annual DB plan beneﬁ t from STEP 5.
10
1.28
15
1.45
6. Retirement goal
2
:
\$
x
=
22.50
Multiply STEP 5 (or STEP 5.5 if
20
1.64
you have a DB beneﬁ t) by 22.50.
STEP 5
25
1.85
7. Current portfolio:
30
2.10
\$
Enter the total amount of current retirement
35
2.37
investments, including savings in the retirement plan.
40
2.69
8. Value of current investments
at retirement: Multiply STEP 7 by
\$
x
=
the
growth factor
from
TABLE C
TABLE C*: ACCUMULATION FACTOR
that corresponds most closely to the
STEP 7
Years to
Growth
Accumulation
number of years until you retire.
Retirement
Factor
Factor
9. Retirement savings shortfall:
5
1.403
.160
\$
Subtract STEP 8 from STEP 6 to
=
10
1.967
.063
get how much you still need to
STEP 6
STEP 8
accumulate before you retire.
15
2.759
.033
10. Annual savings goal:
20
3.870
.019
Multiply STEP 9 by the
25
5.427
.012
\$
x
=
accumulation factor
from
TABLE C
that most closely matches
30
7.612
.008
STEP 9
the number of years until you retire.
35
10.677
.005
11. Percentage of your pay you need to save:
40
14.974
.004
Divide STEP 10 by STEP 1, and multiply by 100 (e.g., 0.119 x 100 = 12%) to get
the total percentage (including employer match, if applicable) to help reach a
*Table B: Assumes annual inﬂ ation of 2.5%; Table C: Growth
Factor — assumes a 7% annual rate of return on current
retirement savings goal of 85 percent of your pre-retirement income at retirement.
investments before retirement; Accum. Factor — assumes
the amount you invest each year before retirement occurs
÷
=
x
=
%
100
mid-year at a 7% annual rate of return. Assumes annual
inﬂ ation of 2.5% before retirement.
STEP 10
STEP 1