How to Create a Retirement Budget | FREE Excel Template

This video shows you how to use a free, easy and highly effective retirement budget that works for just about anyone. The video also has a free accompanying excel download that you can get instantly!.

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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

[vinylEarthlink]

As a retiree, I have a simple method of budgeting. I automatically transfer a certain percentage of my investment income to my checking account every month, plus my Social Security check. If my checking balance goes up, I am spending too little; if it goes down, I am spending too much. So far, I'm consistently under budget.

[Kattyol]

People are facing a tough retirement. and it's even harder for workers to save due to low-paying jobs, inflation, and high rents. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire in.

[ronmudie]

Hi Geoff,
My brother was one of the original three at YNAB. Dealing with money the way YNAB advocates works for him. If he had a spreadsheet before that, it would have been simple with an entry cell for how much income he had and a multiplier cell of around 1.2 for how much he could spend. Working with the YNAB system really helped him out. I, on the other hand, went to college and got my degrees in accounting and business management. I have my own custom spreadsheets that I've used for over 30 years. Spreadsheets are by far one of the best financial tools that a person could ever use. I applaud you for offering a spreadsheet to everyone. Nice going.

[joycejackson]

Wow, it sounds so cool. I don't own a computer. I use envelopes, and every expense gets recorded, and new categories do come up. I'm going to go to the library and check this out. Thanks for sharing this information.

[tonyduarte]

Pre-retirement spending advice I wish I had gotten (very specific to me): You're going to have a lot of time. You're going to have a lot less energy. It isn't always sunny & warm. Lots of people you know will still be working. So while you have disposable income: Get that large TV and sound system. Get a pong pong table and ball feeding machine to get exercise on cold winter days. Maybe get a rowing machine too if you can handle boredom. Get a tennis ball feeding machine for warmer days, so can schedule routine exercise outside without depending on others (Running gets harder with age). You're going to be spending a lot of time at home - get comfy furniture - ideally a nice outdoor space too. It doesn't matter if you don't like ping-pong or tennis -- they are life-time healthy exercises. It doesn't matter if you don't like watching TV - you will need increasing recovery time from other activities.

[pinballguru]

Brilliant Excel, have it saved . You are the best. I love how you dont force buying stuff down our throats . Seems others in every video are pimping stuff from the start. Creator. Well Done.

[buuster]

Thank you so much for all you do. I am not that willing or bright when it comes to finances and living in So Cal. coast is expensive. Your videos and templates have taught me how to be prepared for next years retirement. I am grateful to you and appreciate what you do. Again Thank you.

[seminolefantodd]

I'm five-years from retiring but going to use the spreadsheet now as I think it a good exercise in preparation of retirement. Thanks, Geoff!

[kevinweaver]

Thanks -- Although I'm a numbers geek and have kept Excel spreadsheets of my personal spending for most of my adult life it's always nice to see a different approach. As I approach retirement the projected budgeting has be come more intense and seems very real . . . when the monthly paycheck is no longer coming in. I've been using your spreadsheet (in addition to my own) since the beginning of 2024. Great Tool! Thanks again.

[donmason]

I am kind of an Excel geek and was going to make my own retirement spreadsheet after watching this I can’t wait to download your spreadsheet. You most likely saved me a lot of time. Plan on retiring in 2024 at 70. Thanks for all your videos!!

[michaelcollins]

I have created a similar spreadsheet when I retired 8 years ago and this what I discovered, you don’t want a budget to become an accounting program. I found that I could use more inclusive categories than tracking each expense ie credit card vs each item on the statement also round your entries to whole dollars. I also track by month comparing income to outgo to see if I over spent doing the month. You can see that this is an overview and if something is way over, I can check that category. Also because it is a budget I don’t tie it into my checking balance. I know where my balance is and it has nothing to do with my budget. I believe that Ira budget program is to much like accounting software people will not keep using it. Mine tells me how I did for the year and helps me set my estimates for the following year. The big takeaway from this is everyone can benefit from a budget that works for them. Love the channel.

[HowardStross]

Mr. Schmidt, Thank you for sharing your budgeting video, the budgeting download tool, and all of the videos you are sharing on YouTube. The budgeting video and spreadsheet are a source of inspiration for a task I was dreading, but now I have a positive attitude toward the subject from the guidance you've provided. I hope I can help you out some day; you have certainly helped me. Howard

[TroyBlauser]

I use YNAB. I’ve used it for years and it’s worth the low fee. Easy to use. Especially for retirees.

[garrett]

I use one credit card for all my purchases. Easy to track and control every month.

[bertm]

I like and appreciate, but I do not have micro soft office. I was able to copy it onto google docs.. I had to redo the formulas and adjust it a little but I am finding it very helpful to see what I need in retirement

[floraandfaunab]

Thank you so much. So excited to use this Excel spreadsheet. I have one, the student version from Costco but I need to relearn Excel. My excel skills sucks. Got too watch twice as I don't want to butchered your version. Pre-retiree here, may do it on the middle of next year. Again, thank you so much for sharing your expertise.

[debbiejester]

Thank you for the spreadsheets. Since there are dollars for each date and if there are 10 different expenses for each day from our checking account + from your credit cards for each day. Possibly looking at 400 + entries that would accumulate in each category per month. The accumulated totals for all your groceries, clothing etc would give you the actual money you spent, then you would have a budget showing where adjustments need made to be made to get the budget to balance. I am probably over thinking this.

[daxmickelson]

I use YNAB. Seems similar to this spreadsheet but more.

[dvdvno]

I have made spreadsheets for when I would retire and I liked the creation of those.
But I haven't even looked at them since I retired last year.
I have used Budget Express software since 2014. I am a visual person and the GUI is important to me. I use the calendar in it to view all my income and planned expenses at a glance. Lots of reports available and I can see the projected outcomes in the future. That is more important to me now.
Before I retired I could have followed and made that spreadsheet. It looks nice.

[ourblazingworld]

I've been doing this in Excel every single month of my life since 2007. Before then I would do it sporadically. But in 2007 I designed a simple spreadsheet and on payday ( get paid once a month) I would sit down and put in all my anticipated expenses for the month, then a couple times a week I would jump in and put whatever else I spent, groceries, eating out, etc. and update things like car gas, etc. to the actual amounts. I don't know why I have done it for so many years... Anyway mine is not as fancy as yours. Maybe I will put some of my stuff from this year into yours and see if it want to change. We will see, either way thanks for the time and effort. I'm not retired but I do have a retirement budget that I tweak as well. January coming I will live off my estimated retirement funds for the next 36 months and if its doable, I'm retiring. :) If successful I will have a little extra nest egg of the money I have set up to auto transfer to savings on payday. I will either have it as an emergency fund or blow it on a world cruise like some people do LOL.