Principle #7 - Retirement Worksheet Report
This worksheet is designed for anyone to obtain a basic understanding of financial needs at retirement. The numbers and estimates will not be exact, but
can be used as general guidelines toward retirement planning.
Retirement Income from Outside Sources
Retirement Savings Goal - How Much You Will Need
Annual Savings Amount
Enter your current annual income. This is your gross income, before taxes and other
Estimate the percentage of your income that you will need at retirement. This estimate should
be between 70% and 90%. Enter the percentage on line 2.
3. Multiply line 1 by line 2. This is your approximate annual needs at retirement. The higher the
percentage in line 2 the more comfortable you will live at retirement.
Enter the annual amount from Social Security. Use the Social Security Estimate worksheet on
page 2. Enter the amount from line C.
Enter the annual income from company pension plans (not 401(k) or personal savings.
Enter other annual income (like rental income, annuity income, etc).
Add lines 4, 5, and 6. This is the total income received from outside sources for your
Subtract line 7 from line 3. This is the amount of income you will need to generate from
personal savings. If this number is less than zero, you have planned very well.
11. Subtract line 10 from line 9. This is the amount of savings you will need to accumulate by the
time you retire.
Enter the amount of your current savings balances for retirement. Include any savings
accounts, IRA's, 401(k) balances, etc.
Use the Retirement Needs Table on page 2. Enter the total amount you will need from line F.
12. Use the Savings Factor table on the back to determine the savings factor for your retirement
savings. Enter the factor here.
15. Subtract line 14 from line 13. This is