Educational PurposeThis worksheet helps individuals and couples organize expected retirement income and understand how each source may support future expenses. It does not calculate or recommend a specific retirement strategy.
1. Retirement Planning Information
Name or household
Date completed
Current age — Adult 1
Current age — Adult 2
Expected retirement age — Adult 1
Expected retirement age — Adult 2
Planned retirement date
Next review date
2. Our Retirement Vision
Where do we expect to live?
Do we expect housing costs to change?
- Increase
- Decrease
- Remain similar
- Unsure
Will either person continue working?
- Adult 1
- Adult 2
- Both
- Neither
- Unsure
What do we most want retirement income to provide?
- Stability
- Coverage of essential expenses
- Flexibility
- Travel and lifestyle spending
- Healthcare support
- Income for a surviving spouse
- Reduced dependence on investment withdrawals
- Legacy protection
- Other
Our primary retirement-income priority
3. Estimated Monthly Retirement Expenses
Essential Expenses
| Expense | Estimated Amount |
|---|---|
| Housing | $ __________ |
| Utilities | $ __________ |
| Food and household needs | $ __________ |
| Healthcare and prescriptions | $ __________ |
| Insurance | $ __________ |
| Transportation | $ __________ |
| Taxes | $ __________ |
| Debt payments | $ __________ |
| Family responsibilities | $ __________ |
| Other essential expenses | $ __________ |
| Total essential expenses | $ __________ |
Flexible Expenses
| Expense | Estimated Amount |
|---|---|
| Travel | $ __________ |
| Dining and entertainment | $ __________ |
| Hobbies | $ __________ |
| Gifts and celebrations | $ __________ |
| Charitable giving | $ __________ |
| Optional home expenses | $ __________ |
| Other lifestyle spending | $ __________ |
| Total flexible expenses | $ __________ |
Total estimated monthly retirement spending (essential + flexible)
4. Expected Income Sources
Record income expected from each source.
| Income source | Estimated Amount |
|---|---|
| Social Security — Adult 1 | $ __________ |
| Social Security — Adult 2 | $ __________ |
| Pension — Adult 1 | $ __________ |
| Pension — Adult 2 | $ __________ |
| Existing annuity | $ __________ |
| Workplace retirement withdrawals | $ __________ |
| IRA withdrawals | $ __________ |
| Investment income | $ __________ |
| Rental income | $ __________ |
| Business income | $ __________ |
| Part-time employment | $ __________ |
| Other | $ __________ |
| Total expected monthly income | $ __________ |
5. Income Timeline
List when each income source is expected to begin and end.
| Income source | Start date | Expected end date | Continues for life? |
|---|---|---|---|
| __________ | __________ | __________ | |
| __________ | __________ | __________ | |
| __________ | __________ | __________ | |
| __________ | __________ | __________ | |
| __________ | __________ | __________ |
Income available immediately at retirement (per month)
Additional income beginning later (per month)
Period when income may be lowest
6. Social Security Planning
Adult 1
Estimated benefit at age 62
Estimated benefit at full retirement age
Estimated benefit at age 70
Planned claiming age
Estimated monthly benefit
Adult 2
Estimated benefit at age 62
Estimated benefit at full retirement age
Estimated benefit at age 70
Planned claiming age
Estimated monthly benefit
Factors still requiring review
- Continued employment
- Spousal benefits
- Survivor benefits
- Health and longevity
- Taxes
- Effect of delaying benefits
- Other
7. Pension Planning
Pension 1
Plan provider
Estimated monthly benefit
Income-start date
Payment option
- Single life
- Joint and survivor
- Period certain
- Lump sum
- Unsure
Cost-of-living adjustment included?
- Yes
- No
- Unsure
Pension 2
Plan provider
Estimated monthly benefit
Income-start date
Payment option
- Single life
- Joint and survivor
- Period certain
- Lump sum
- Unsure
Cost-of-living adjustment included?
- Yes
- No
- Unsure
Pension decision requiring further review
8. Annuity Income Planning
Complete this section for an existing or proposed annuity.
Issuing insurance company
Type of annuity
Current contract or purchase value
Income or benefit base, when applicable
Planned income-start date
Estimated monthly income
Income option
- Life only
- Joint and survivor
- Life with guaranteed period
- Fixed period
- Lifetime-withdrawal rider
- Other
Important contract information
Surrender period
Annual rider or contract fees
Amount available without an insurer surrender charge
What happens after an excess withdrawal?
Expected beneficiary benefit
9. Retirement-Account Withdrawal Plan
| Account | Current balance | Planned monthly withdrawal | Start date |
|---|---|---|---|
| 401(k), 403(b), or 457 | $ ______ | $ ______ | __________ |
| Traditional IRA | $ ______ | $ ______ | __________ |
| Roth IRA | $ ______ | $ ______ | __________ |
| Taxable investment account | $ ______ | $ ______ | __________ |
| Other | $ ______ | $ ______ | __________ |
| Total | $ ______ | $ ______ | __________ |
How were planned withdrawals estimated?
Could withdrawals change after market losses?
- Yes
- No
- Unsure
Accounts potentially subject to required minimum distributions
10. Calculate the Monthly Income Gap
Essential-Income Gap
Essential monthly expenses
Dependable monthly income
Essential-income gap (essential expenses − dependable income)
Overall Monthly Gap
Total estimated spending
Total expected monthly income
Overall monthly gap (total spending − total income)
Result
- Expected income covers planned expenses
- A monthly income gap may exist
- Income exceeds projected expenses
- More information is needed
11. How Might We Address an Income Gap?
- Reduce planned retirement spending
- Pay off debt before retirement
- Work longer
- Work part-time
- Increase savings before retirement
- Delay Social Security
- Delay pension or retirement income
- Use retirement-account withdrawals
- Consider contractual guaranteed income
- Use rental or business income
- Sell or downsize property
- Adjust the retirement date
- Other
Strategy requiring the most consideration
First action to investigate
12. Income Reliability Review
Rate each income source.
| Income source | Predictable | Variable | Temporary | Lifetime |
|---|---|---|---|---|
| Social Security | ||||
| Pension | ||||
| Annuity | ||||
| Retirement withdrawals | ||||
| Rental or business income | ||||
| Employment income | ||||
| Other |
Income source we consider most dependable
Income source with the greatest uncertainty
13. Inflation and Purchasing Power
Identify which income sources may increase.
| Income source | Expected to increase? | How is the increase determined? |
|---|---|---|
| Social Security | __________ | |
| Pension | __________ | |
| Annuity | __________ | |
| Rental income | __________ | |
| Investment withdrawals | __________ | |
| Other | __________ |
Income expected to remain level
Assets intended to support long-term growth
Our greatest inflation concern
14. Liquidity and Emergency Reserves
Current emergency savings
Target emergency savings
Funds available for short-term needs
Money subject to surrender charges or withdrawal restrictions
Expected major retirement expenses
- Home repairs
- Vehicle replacement
- Medical or dental care
- Long-term care
- Travel
- Family support
- Taxes
- Relocation
- Other
Amount being reserved for these needs
15. Survivor-Income Planning
Monthly income while both adults are living
Estimated income after Adult 1 dies
Estimated income after Adult 2 dies
Income sources that may stop or decrease after death
Survivor benefits available
- Social Security survivor benefit
- Pension survivor income
- Joint-annuity income
- Life insurance
- Retirement accounts
- Other
Survivor-income concern requiring attention
16. Tax Planning Notes
Identify the general tax status of each source.
| Income source | Pretax | After-tax | Partly taxable | Unsure |
|---|---|---|---|---|
| Social Security | ||||
| Pension | ||||
| Traditional retirement account | ||||
| Roth account | ||||
| Annuity | ||||
| Investment income | ||||
| Rental or business income |
Estimated monthly tax withholding
Estimated spendable income after taxes
Tax question requiring professional review
17. Three Retirement Stages
Expenses and income may change over time.
Early Retirement
Approximate ages
Possible priorities
- Travel
- Hobbies
- Continued work
- Major purchases
- Family support
- Other
Estimated monthly spending
Middle Retirement
Approximate ages
Possible priorities
- Stable living expenses
- Healthcare
- Reduced travel
- Home maintenance
- Other
Estimated monthly spending
Later Retirement
Approximate ages
Possible priorities
- Healthcare
- Long-term care
- Caregiving support
- Simplified finances
- Survivor planning
- Other
Estimated monthly spending
18. Our Retirement-Income Strategy
Complete this statement:
Our retirement-income plan will use ______________________ to cover essential expenses, ____________________________ for emergencies and short-term needs, and _______________ for potential long-term growth.
Income source assigned to essential expenses
Assets assigned to emergencies and liquidity
Assets assigned to future growth
Resources assigned to survivor or legacy goals
19. Action Plan
| Action | Responsible | Deadline | Done |
|---|---|---|---|
| Confirm Social Security estimates | __________ | __________ | |
| Request pension information | __________ | __________ | |
| Complete monthly retirement budget | __________ | __________ | |
| Review retirement accounts | __________ | __________ | |
| Calculate income gap | __________ | __________ | |
| Review annuity contract or proposal | __________ | __________ | |
| Review survivor income | __________ | __________ | |
| Obtain tax guidance | __________ | __________ | |
| Review beneficiaries | __________ | __________ | |
| Other | __________ | __________ |
Retirement Income Planner Checklist
Confirm that you have:
- Estimated retirement expenses
- Listed all expected income sources
- Recorded when each income source begins
- Reviewed Social Security options
- Reviewed pension options
- Identified retirement-account withdrawals
- Reviewed existing or proposed annuity income
- Calculated the essential-income gap
- Calculated the overall monthly gap
- Reviewed inflation concerns
- Preserved accessible emergency funds
- Considered survivor income
- Identified potential tax issues
- Considered different retirement stages
- Created a written action plan
- Scheduled the next review
The TrueWealth Takeaway™
A retirement-income plan is more than a list of account balances. It shows which income sources will provide money, when each payment may begin, which payments may continue for life, which income may change, whether essential expenses are covered, and what assets remain available for emergencies and growth.
— The TrueWealth Perspective™
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Educational Disclaimer: This material is provided for educational purposes only and should not be interpreted as financial, insurance, legal, tax, or investment advice. Individual circumstances vary. Consult qualified professionals before making financial or insurance decisions.