Planning for Retirement

 

Once you have a feel for what you plan to do in retirement, then you need to work out how much income you need to achieve your retirement goals. It’s generally a good idea to prepare a detailed budget that looks at how much you are spending now and compare this with how much you think you’ll spend in retirement – bearing in mind that your expenses may change once retired. For example you may no longer have travel expenses to work or mortgage repayments. However in retirement you may spend more on hobbies and holidays.

Here’s a sample worksheet to help you get started.

 

 
 
Expenses
Housing
Mortgage
$
$
Rent
$
$
Bills (water, gas, electricity)
$
$
Renovations
$
$
Rates
$
$
Other
$
$
Sub total
$
$
Transport
Public transport
$
$
Petrol
$
$
Car registration
$
$
Loan repayments
$
$
Repairs
$
$
Car/boat/bike insurance
$
$
Other
$
$
Sub total
$
$
Living
Food and groceries
$
$
Entertainment
$
$
Holidays
$
$
Hobbies/sports
$
$
Other
$
$
Sub total
$
$
Medical
Health insurance
$
$
Prescription medicine
$
$
Dental and other bills
$
$
Other
$
$
Sub total
$
$
Dependants
Education
$
$
Lodging
$
$
Other
$
$
Sub total
$
$
Debts
Credit cards
$
$
Personal loans
$
$
Other
$
$
Sub total
$
$
Miscellaneous
Pet insurance/vet bills
$
$
Donations
$
$
Other
$
$
Sub total
$
$
Grand total
$
$