Investing

Calculator exist that deals with retirement income/expense levels changing?

  • Last Updated:
  • Aug 19th, 2018 4:20 pm
Deal Expert
Aug 2, 2001
18946 posts
10527 upvotes

Calculator exist that deals with retirement income/expense levels changing?

As we work towards planning our retirement income out, one of the holes I have found is that our income and expenses will change significantly at various points in our retirement. For example, if we retire early there will be a lengthy period when we do not have CPP and OAS. Additionally, at the beginning we may travel more because of our health being better. I have not seen an online calculator that deals with this and since our scenario doesn't seem too extreme figured I would ask to see if anyone has seen such a calculator that allows for changes in income / expenses throughout the retirement timeframe.
7 replies
Deal Addict
Jul 27, 2017
2180 posts
950 upvotes
dinosaur method, self created - in percentages is the way that I do it on a spreadsheet for each calendar year & looking forward statements, converted from dollars to percentage when the income goes up or the the expenses categories change

so lets suppose your income is $60k = 100%

expenses total $20k or 20% of income

on expenses you could do percenatges as a percent of expenses or percent of income

I do percent of expenses

property tax 25%

utilities

home electronics

groceries (everything)

all insurances

medical/dental/prescriptions

vehicle expenses/gasoline

transportation

clothing/grooming

travel only

entertainment/dining out

interest/carrying charges

misc
Penalty Box
Dec 27, 2013
8003 posts
4050 upvotes
Toronto
excel
or pay someone
Deal Expert
Aug 2, 2001
18946 posts
10527 upvotes
daivey wrote: excel
or pay someone
I have no problem creating within Excel or on a webpage. I was just hoping someone else went through the same question and found something. It just seems like such a common scenario when retiring early with the various social benefits out there.
Deal Expert
Aug 2, 2001
18946 posts
10527 upvotes
porticoman wrote: dinosaur method, self created - in percentages is the way that I do it on a spreadsheet for each calendar year & looking forward statements, converted from dollars to percentage when the income goes up or the the expenses categories change
That's what I was thinking I might have to do - I don't think it'd be too hard to do but just time consuming to create it all from scratch. With retiring early I have to account for CPP, OAS, etc. In addition I have to account for certain expenses going down as I age and others going up. Perhaps I'm making it too complicated, but with early retirement I just see there being a couple "stages" of retirement with things like CPP/OAS not being present at the beginning, but potentially high levels of expenses at the beginning.
Sr. Member
Jan 15, 2015
643 posts
410 upvotes
TrevorK wrote: Thanks I'll go through them and take a look if they are robust enough for what I need!
I haven't tried them but it seems the last ones allow you to download as Excel which you could modify.

Good luck!

Edit: For that last calculator, seems that anyone familiar with Excel could easily add more "Period" columns to track variable spending over months/years and ALSO create a second sheet linking spousal income/spending. Might be easier than creating your own.

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