Retirement Savings Spreadsheet – Saving for your retirement is not a financial goal that you should postpone, the sooner you start the better. Therefore, today we provide you with an Excel template that you can use to calculate how much money you should save for your retirement each month.
Besides saving to be able to pay your next vacation, buy a car or even a house, you should also be thinking more long-term saving money for your retirement … you are the age you have.
If your thirty-something years save for retirement is at the bottom of your list of priorities you’re wrong. Despite being a distant moment in time, the sooner you start to do it, the less hard it will be and the more fortune you will amass. Remember that you are investing in your future self, and you should think of it as an unavoidable expense, just like the rent you pay every month.
As with most financial goals, what will most help you achieve it is to have a plan. The ideal is to establish in advance how much money you should save each month for your retirement and transfer it to another account automatically and immediately. For this you can download the template created by the finance platform The Simple Dollar.
Retirement Savings Spreadsheet
It takes into account several factors when calculating the ideal amount that you should save in order to maintain a good standard of living when you stop working:
- Your age: Under the ‘current age’ section you must enter your age. In case you have a joint savings plan with your partner enter the age of the oldest.
- Savings to date: In ‘current retirement savings’ enter the sum of money you already have saved for your retirement, in case you have. You must also take into account the pension plan if you have.
- Retirement age: In ‘estimated retirement age’ enter the age at which you plan to retire.
- Monthly Expenses: The section ‘estimated monthly expenses in retirement’ really refers to the monthly expenses that you plan to have when you retire, but in the long term this can be difficult to calculate. To begin, you can enter the monthly expenses that you currently have.
- The pension: Find out how much money will correspond to you each month as a pension paid for social security and enter it in ‘estimated monthly social security income’.
- The age at which you start receiving this pension: In addition to the amount you are going to receive, in ‘estimated social security start age’ you must insert at what age you will start receiving the pension.
The spreadsheet will give you two figures: what you should save each month, and what you should save each year.
Of course, the good thing about the calculator is that you can change the different variables. Keep in mind that unforeseen events may occur and you will have to change the different sums. From The Simple Dollar recommend reviewing it at least once a year to adjust your financial goals to the reality of each moment.
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