Retirement Needs Worksheet
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1Retirement Needs Worksheet
Step A
Total Income Needed in Retirement
1. $
Income needed annually in retirement (current earned income x 70%)
2.
Growth Factor (where number of years until retirement matches 3% in Table 1)
3. $
0
Inflation-adjusted income needed (A1 x A2)
4.
Future Value Factor (where life expectancy at retirement matches 3% in Table 2)
5. $
Total amount of income needed in retirement (A3 x A4)
0
Step B
Total Amount You Expect to Receive from Social Security
1. $
Annual amount expected from Social Security at retirement
2. $
0
Inflation-adjusted value of Social Security benefit (B1 x A2)
0
Future value of Social Security benefits, adjusted for inflation, during retirement (B2 x A4)
3. $
Step C
Total Amount You Expect to Receive from Defined Benefit Pension
1. $
Annual amount expected from defined benefit pension at retirement
Inflation-adjusted value of annual pension benefit (C1 x A2)
2. $
0
Future value of pension benefits, adjusted for inflation, during retirement (C2 x A4)
3. $
0
Step D
Income You Need to Produce
1. $
0
Total future value of Social Security and pension benefits (B3 + C3)
Total income needed during retirement in addition to Social Security and pension benefits (A5 - D1)
0
2. $
= income shortfall
3.
Savings Factor (where life expectancy at retirement matches savings factor in Table 3)
4. $
Additional savings needed to meet shortfall (D2 x D3)
0
Step E
Savings vs. Income
1. $
Current savings (add total qualified plan/IRA savings plus non-qualified savings accounts)
2.
Savings Factor (where number of years until retirement matches 6% in Table 1)
3. $
Expected value of all savings accounts at retirement (E1 x E2)
0
4. $
Additional savings needed before retirement (D4 - E3)
0
Step F
Amount You Need to Save Each Year for Retirement
1.
Future Value Factor (where number of years until retirement matches 6% in Table 2)
2. $
Amount you need to save each year before retirement (E4 ÷ F1)
Table 1: Future Value of Lump Sum
Table 2: Future Value of Annuity
Table 3: Savings Factor Table
What $1 will grow to, at various interest
What $1 saved at the end of each year will grow
For each $1 you’ll need when you retire, here’s the
(or inflation) rates
to, at various interest (or inflation) rates
amount you should save before you retire
Year
3%
6%
Year
3%
6%
Life expectancy at
Savings Factor (6%)
retirement
1
1.03
1.06
1
1.00
1.06
25
.51
2
2.06
2.06
2
1.06
1.12
20
.57
3
1.09
1.19
3
3.09
3.18
15
.65
4
1.13
1.26
4
4.18
4.37
10
.74
5
1.16
1.34
5
5.31
5.64
5
.84
10
1.34
1.79
10
11.46
13.18
15
1.56
2.40
15
18.60
23.28
20
1.81
3.21
20
26.87
36.79
25
2.09
4.29
25
36.46
54.86
30
2.43
5.74
30
47.58
79.06
35
2.81
7.69
35
60.46
111.43
BSMG | 11/2013
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