Retirement Reality® seminar series

Calculate living expenses

To calculate your monthly expenses in retirement, use your current expenses as a benchmark.

1. The left column of this worksheet lists the
components of a typical budget — household,
transportation, entertainment. Read through the
list and cross out the categories that best describe
the top three ways you plan to spend money in
retirement — the three activities you listed on the
previous worksheet. (If you don’t find your activities
on the list, skip this step.)
2. Fill in the middle column of this worksheet — your
current monthly expenses. Use round numbers to
make the math easier.
3. If you have expenses that aren’t represented in the
worksheet, list them on the “Other” lines. If one of the
line items doesn’t apply to you, or if you crossed it out
because it’s one of your top retirement priorities, leave
that section blank.
4. Once you’ve estimated your current monthly expenses,
estimate your monthly expenses in retirement and fill
out the right column of the worksheet.
5. Be sure to add up your totals at the end of
the worksheet.

Current Anticipated monthly

Household monthly expenses expenses in retirement
Mortgage or rent
Homeowners’ or renters’ insurance
Homeowners’ or condo association fees
Gas and electric
Cable
Internet
Water
Garbage
Security system
Telephone (land line)
Cell phone
Housekeeper
Gardener/lawn service
Furniture and decorations
Routine maintenance
Property taxes
Other
Subtotal $ $

2066969 Page 1 of 4
 Calculate living expenses

Current Anticipated monthly

Transportation monthly expenses expenses in retirement
Car payments
Car insurance
Gas
Car repairs and maintenance
Tolls
Parking
Taxis
Public transit
Other
Subtotal $ $

FOOD AND BEVERAGE

Groceries
Restaurants
Beer/wine/liquor
Other
Subtotal $ $

HEALTHCARE
Insurance premiums
Copayments
Unreimbursed expenses
Prescription medications
Nonprescription medications
Other
Subtotal $ $

SAVINGS
Emergency savings account deposits
Taxable investment account contributions
Retirement plan contributions
Other
Subtotal $ $

Page 2 of 4
 Calculate living expenses

Current Anticipated monthly

Personal Care monthly expenses expenses in retirement
Clothing
Dry cleaning
Laundry
Hairdresser, barber, nail salon
Toiletries
Gym membership
Personal training
Fitness classes
Other
Subtotal $ $

ENTERTAINMENT
Computers and accessories
Movies
Sporting events
Concerts
Classes
Hobbies
Travel
Other
Subtotal $ $

MISCELLANEOUS
Income tax
Long-term care insurance
Life insurance
Credit card debt payments
Charitable contributions
Other
Subtotal $ $
TOTAL $ $

Page 3 of 4
 Calculate living expenses

In the first exercise, you figured out how much your

top three retirement priorities — or your wants — will
cost on an annual basis. Write that number on the first
line, below.
In this exercise, you calculated the amount you
must have each year to cover your basic expenses —
your needs — in retirement. Write that number in the
second line, below.

* * * * * * *
Add these two numbers together to calculate your total annual cost of retirement spending wants and needs.

Total annual cost of top

$
retirement priorities (wants):

Total anticipated annual

expenses in retirement (needs): $

Total annual cost of retirement

spending wants and needs: $

Please wait before moving to the next exercise.

©2012 Lincoln National Corporation

LincolnFinancial.com
Login: Employer Retirement Plans

Lincoln Financial Group is the

marketing name for Lincoln National
Corporation and its affiliates.

Affiliates are separately

responsible for their own financial
and contractual obligations.

LCN1204-2066974
POD  5/12  Z01
Order code: DC-RR-BRC001
Page 4 of 4