A Free Guide from Ebby
Retirement Income Worksheet
The single best thing you can do before any retirement conversation is get your numbers on paper. Not in your head. On paper. Fill this out honestly and you'll walk in with more clarity than 90% of retirees ever have.
Skip the paper — fill it out online.
The interactive version calculates your totals and gap automatically as you type.
How to use this worksheet
This worksheet has four sections: Monthly Income, Monthly Expenses, Assets & Savings, and Gap Analysis. Work through each as completely as you can. Estimates are fine — we're looking for a clear picture, not perfect accounting. Set aside 30–45 minutes. Get your statements. Bring your spouse.
Section 1 — Monthly Income Sources
List everything coming in: Social Security (yours and your spouse's), pensions, annuity income, employment or part-time work, rental income, trust distributions, royalties.
Total it up. That's your guaranteed monthly income.
Section 2 — Monthly Expenses
Be honest. Underestimating expenses is the most common retirement planning mistake. Cover housing, transportation, healthcare, food, lifestyle, insurance, debt payments, and support for family members.
Fidelity's research suggests a retired couple may need $300,000+ for healthcare expenses in retirement. Budget conservatively.
Section 3 — Assets & Savings
Retirement accounts (IRA, 401(k), Roth), bank and savings accounts, non-retirement investments, real estate equity, life insurance cash value, business interests, vehicles. Total them up.
Section 4 — Gap Analysis
Take Total Monthly Income minus Total Monthly Expenses. That's your monthly surplus or shortfall.
If you have a surplus
Great news — your guaranteed income covers your expenses. The next question is whether your income will keep pace with inflation over a 20–30 year retirement.
If you have a shortfall
This is common and very solvable — but it requires a plan. Your shortfall tells you how much additional income your assets need to generate.
The 4% sustainability check
A common rule of thumb: in a diversified portfolio, withdrawing approximately 4% annually has historically sustained a 30-year retirement. So divide your investable assets by 25 — that's roughly your annual sustainable withdrawal. Divide by 12 for monthly. Does that cover your shortfall?
If yes, you're in good shape. If no, we need to talk about a plan.
Key questions your worksheet reveals
- Does my guaranteed income cover my essential expenses?
- How long will my assets last at my current spending rate?
- Have I planned for healthcare cost increases in my later years?
- Am I taking Social Security at the optimal time?
- Does my spouse have enough income if something happens to me?
- Do I have adequate life insurance and estate documents in place?
- Am I prepared for a significant unexpected expense?
- Have I accounted for inflation over a 20–30 year retirement?
What to do with these numbers
Bring them to your free 20-minute discovery call. Share what you found. Ebby will tell you honestly where you stand and whether a deeper conversation makes sense.