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PROSPERITY
Five Pillars of Retirement Income Worksheet
I originally created this worksheet for the AARP Bulletin, and it was published in a regular issue as well as their annual financial planning guide.
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It addresses the
financial aspect of prosperity, and has two main goals. The first is to
help you begin to calculate how much retirement income you may have, if
you haven't yet tried to do that. Surveys show that less than half of
Americans have even attempted to figure out how much money they need to
retire. One reason is that it just seems too complicated. While you can
make it as complex as you want, this worksheet is a good way to just
get started.
However, the worksheet has a second goal, too.
Even if you've done sophisticated retirement income planning with an
online calculator or a financial advisor, the calculations can seem
like a "black box." For almost everyone, there are five key sources of
retirement income that you want to pay close attention to. You can
remember those sources with the acronym PERKS. They are:
Personal Savings
Employer Plans
Real Estate
Keep Working (or Continued Employment)
Social Security
Those key sources of your retirement income can become obscured by
complex calculations. This worksheet takes you back to the big picture,
and helps you remember what your five main sources of income will
probably be. Even if you've done a lot of planning, you can use this
worksheet like a cheat sheet. That way you can keep those core sources
in mind -- and keep an eye on them -- even when things get complicated!
RETIREMENT INCOME WORKSHEET
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