Create Retirement Budget Worksheet in Excel (with Easy Steps)

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Microsoft Excel is a powerful software. We can perform numerous operations on our datasets using Excel tools and features. There are many default Excel Functions that we can use to create formulas. Many educational institutions and business companies use excel files to store valuable data. Even individuals sometimes need to have different excel worksheets for their benefit. Each of those worksheets will serve a distinct purpose. Such a kind is the Retirement Budget Worksheet where we can estimate the post-retirement financial aspects. This article will show you the step-by-step procedures to create a Retirement Budget Worksheet in Excel.

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Download the following template to practice by yourself.

Step-by-Step Procedures for Creating Retirement Budget Worksheet in Excel

The Retirement Budget worksheet is where we estimate the post-retirement earnings and spending for a sound financial future. This is important for any individual to plan this well ahead of time. In this way, one can cautiously consume their present resources. After we retire, our income sources and incomes will get limited. On the other hand, our medical expenses may increase by a considerable amount. So, it’s crucial to plan early to manage all these aspects. In this regard, a retirement budget worksheet can keep that in check. Therefore, go through the steps carefully to create the desired worksheet.

STEP 1: Add Heading & Age Info

  • First, we’ll type the desired heading that’ll give users a clear understanding of the worksheet.
  • In our example, the heading is Creating Retirement Budget Worksheet.
  • Then, we’ll input the Age information.
  • This includes today’s age, age at retirement, and years left to retire from today.
  • See the below picture for a better understanding.

retirement budget worksheet excel

  • To calculate Years to Retirement, select cell E5.
  • Type the formula:
  • Subsequently, press Enter.

Add Heading & Age Info

Read More: How to Create Actual Vs Budget Variance Reports in Excel

STEP 2: Input Income

  • Now, we’ll input the income information.
  • Here, include all of your income sources and incomes by week, month, or year.
  • In our example, the Company Pension and the Social Security Income are two monthly income sources.

Input Income

  • To determine the annual income from the monthly amount, we just need to multiply the figure by 12.
  • Look at the following dataset to make yourself clear.

  • Next, we’ll compute the total income.
  • For this purpose, use the AutoSum feature in cell C11 which sums the cell range.
  • Accordingly, apply AutoFill to the right side to get the subsequent results.

Total income in retirement budget worksheet

Read More: How to Make a Personal Monthly Budget in Excel (with 6 Quick Steps)

STEP 3: Insert Payments

  • After the income section, we’ll add the Payments.
  • Here, the payments are the ones that are usually fixed amounts we have to pay within a definite time frame.
  • House Rent and Society Service Charges are the payments in our example and they are monthly payments.

Insert Payments

  • After that, we’ll determine the Total as we did in the income section.

total payments in retirement budget worksheet

Read More: How to Create a Personal Budget in Excel (With Easy Steps)

Similar Readings

STEP 4: Include Expenses

  • Similarly, we have to add the Expenses.
  • In this step, do include all of your expense titles and amounts categorized as weekly, monthly, and annually.
  • Notice that some of the expenses can happen annually, like the clothing expense in our dataset.

Include Expenses

  • Again, to get the annual calculation from the weekly amount, such as for Phone Bills, select cell E24.
  • Then, input the formula:
  • Afterward, press Enter.
  • We multiply C24 by 52 because there are approximately 52 weeks in a year.

  • Subsequently, we’ll determine the Total Expenses by using the AutoSum feature.
  • Next, apply AutoFill.

total expenses in retirement budget worksheet

Read More: How to Calculate Remaining Budget Using Formula in Excel

STEP 5: Generate Summary

  • Lastly, we’ll generate the Summary section.
  • We’ll calculate the Required Annual Income first.
  • In this regard, click cell D29.
  • Then, type the formula:
  • Hit Enter.
  • Here, this output is the sum of the expenses and the payments.

Generate Summary

  • Next, we’ll determine the annual income that we receive.
  • So, in cell D30, input the formula:
  • Click Enter.
  • E11 is our sum of the incomes.

  • At last, we’ll compute the Annual Net Balance.
  • Accordingly, select cell D31.
  • Insert the formula:
  • Press Enter.
  • Thus, you’ll get the net balance.

Read More: How to Prepare Annual Budget for a Company in Excel

Final Output

Hence, our retirement budget worksheet is ready to be demonstrated. You can modify the template as per your own requirements. See the following worksheet which is our outcome.

Final Output of retirement budget worksheet

Read More: How to Make a Budget in Excel (2 Easy Methods)


Henceforth, you will be able to create a Retirement Budget Worksheet in Excel following the above-described steps. Keep using them and let us know if you have more ways to do the task. Follow the ExcelDemy website for more articles like this. Don’t forget to drop comments, suggestions, or queries if you have any in the comment section below.

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Aung Shine
Aung Shine

My name is Aung. I have my B.Sc. degree in EEE. From now on, I will be working with Microsoft Excel and other useful software, and I’ll upload articles related to them. My current goal is to write technical contents for anybody and everybody that will make the learning process of new software and features a happy journey.

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