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Retirement Planning Worksheet
A simple framework to figure out your number and build a plan
Your Current Status
Current Age
Annual Gross Income
Total Retirement Savings (all accounts)
Current Monthly Contribution
Your Retirement Goal
Target Retirement Age
Desired Monthly Income in Retirement
The Quick Math
Years to Retirement
Target Retirement Age minus Current Age
Your Retirement Number (Nest Egg Needed)
Desired Annual Spending x 25 (the 4% rule)
Gap to Close
Retirement Number minus Current Savings
Monthly Savings Needed
Gap divided by (Years x 12). This is a simplified estimate; investment growth will help close the gap faster.
Note: This simplified calculation does not account for investment returns, inflation, or Social Security income. A more detailed calculator would factor in 7% average annual returns and 3% inflation. The real amount you need to save monthly is likely lower than Step 4 suggests.
Retirement Account Checklist
401(k) or 403(b)
2025 Limit: $23,500/year ($31,000 if 50+)
Employer match is free money. Always contribute at least enough to get the full match.
Traditional IRA
2025 Limit: $7,000/year ($8,000 if 50+)
Tax-deductible contributions. Taxes paid on withdrawals in retirement.
Roth IRA
2025 Limit: $7,000/year ($8,000 if 50+)
No tax deduction now, but withdrawals in retirement are completely tax-free.
HSA (Health Savings Account)
2025 Limit: $4,300 individual / $8,550 family
Triple tax advantage: deductible going in, grows tax-free, withdrawals tax-free for medical expenses. After 65, works like a traditional IRA for any purpose.
Social Security Estimator Guide
Visit ssa.gov/myaccount to create an account and see your personalized estimate. Key things to know:
- - You need 40 credits (roughly 10 years of work) to qualify
- - Full retirement age is 67 for those born in 1960 or later
- - Claiming at 62 reduces your benefit by about 30%
- - Delaying to age 70 increases your benefit by about 24% above full retirement age
- - The average benefit in 2025 is roughly $1,900/month; max is about $4,800
- - Social Security should supplement your savings, not replace them
Want the full version?
The premium Retirement Planning Kit includes a Monte Carlo simulation with 10,000 market scenarios, tax-efficient withdrawal planner, healthcare cost projector, Social Security optimization calculator, and a Roth conversion analysis tool.
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This worksheet is for educational purposes only. Consult a licensed financial advisor for personalized retirement planning advice.