Reviewed & updated by WordNExcel Team — Updated October 31, 2026
A retirement planner template helps you estimate how much you will have saved by the time you retire, what your income and expenses might look like in retirement, and whether you need to save more. On this page you can use the free retirement savings calculator above, then download three free retirement planner templates in Excel: a retirement savings planner, a retirement income and expense budget and a retirement readiness check.
Each file is a real, editable .xlsx spreadsheet created for this page. You enter your own figures in the yellow cells, and the formulas build a year-by-year savings table, total your retirement income and expenses and work out any savings gap. The templates open in Excel, Google Sheets and LibreOffice Calc. They are planning tools that use simple assumptions, not financial advice.
Retirement Savings Calculator
Runs in your browser; nothing is sent or saved. Assumes a fixed yearly return, with contributions spread through each year; this is an estimate, not financial advice.
Free download: 3 templates (.xlsx). Works in Excel and Google Sheets. No sign-up needed.
What Is a Retirement Planner?
A retirement planner is a worksheet that helps you plan for the years after you stop working full-time. It usually answers three questions:
- How much will my savings grow to by the time I retire?
- How much income will I need each month in retirement?
- Is there a gap between what I will have and what I will need, and how much extra should I save to close it?
Planning early gives your savings more time to grow, and makes it easier to adjust your plans while there is still time to make a difference.
How to Use the Retirement Savings Calculator
Enter your current age, the age you plan to retire, your current savings, how much you save each month, an expected annual return and how much you expect to increase your contributions each year. The calculator shows your estimated balance at retirement, the total you will have contributed and the growth earned on your savings.
With the example figures, a 35-year-old with 25,000 saved who adds 500 a month, increases contributions by 2% a year and earns 6% a year would have about 751,100 at 65. Around 268,400 of that comes from contributions and the rest from growth. Try a lower return or a later start to see how much difference time and returns make. The calculator runs only in your browser and nothing is saved.
Download the Free Retirement Planner Templates
The three Excel files below cover saving for retirement, budgeting in retirement and checking whether you are on track.
Retirement Savings Planner
The savings planner builds a year-by-year table from your current age to your retirement age. Each row shows the opening balance, contributions for the year, estimated growth and closing balance. Your projected balance at retirement is shown at the top. Change the return or contribution to see the effect immediately.
Retirement Income and Expense Budget
The retirement budget lists monthly income sources, such as a state or social security pension, a workplace pension, savings withdrawals and part-time work, and monthly expenses such as housing, utilities, food, health, transport and leisure. It shows your monthly and annual surplus or shortfall, with shortfalls in red.
Retirement Readiness Check
The readiness check compares the income you want in retirement with the pension income you expect. It works out the savings you need at retirement to fill the gap, what your current savings could grow to and the monthly amount you would need to save to close any shortfall.
How to Plan for Retirement Step by Step
- Decide when you would like to retire. Your retirement age affects how long you have to save and how long your savings must last.
- Estimate the income you will need. Start with your current spending and adjust for changes, such as a paid-off mortgage or higher health costs.
- List expected pension income from state, social security and workplace schemes.
- Work out the gap between the income you need and the pension income you expect.
- Use the readiness check to estimate how much savings you will need to fill that gap.
- Enter your current savings and contributions in the savings planner to see whether you are on track.
- If there is a shortfall, look at saving more, retiring later, working part-time or reducing planned spending.
- Review your plan every year and after major life events.
What to Include in Your Retirement Budget
Income:
- State pension or social security.
- Workplace or private pensions.
- Withdrawals from savings and investments.
- Rental income or part-time work.
Expenses:
- Housing: rent or mortgage, property tax, maintenance.
- Utilities and household bills.
- Food and groceries.
- Health care and insurance.
- Transport.
- Travel, hobbies and leisure.
- Gifts and support for family.
Many people find that some costs fall in retirement, such as commuting and work clothes, while others rise, such as health care and travel. Build both into your budget.
Understanding the Assumptions
Every retirement projection depends on assumptions, and small changes can make a big difference over many years.
- Return: the templates use a fixed yearly return. Real investment returns go up and down, and can be negative in some years.
- Inflation: prices usually rise over time. To think in today's money, use a return that is lower than you expect by roughly the rate of inflation.
- Contributions: the planner assumes you save steadily and increase contributions by a fixed percentage each year.
- Retirement length: plan for a long retirement. Many people live 25 years or more after they stop working.
Because of these assumptions, treat the results as estimates. Try a cautious, a middle and a hopeful scenario to see a range of outcomes.
Ways to Improve Your Retirement Outlook
- Start as early as you can. Time gives your savings longer to grow.
- Increase contributions when you get a pay rise.
- Take any employer contributions that are available to you.
- Pay off high-interest debt before retirement.
- Consider working a little longer or part-time, which adds savings and shortens the time they must last.
- Review fees, because high fees reduce growth over many years.
- Get professional advice for decisions about pensions, tax and investments.
Retirement Planning at Different Ages
In your 20s and 30s, the most important step is to start saving regularly, even small amounts. In your 40s and 50s, check your progress with the readiness check and increase contributions if there is a gap. In the five to ten years before retirement, build a detailed retirement budget, check your pension statements and plan how you will draw income from your savings.
Keeping Your Plan Up to Date
Update your planner at least once a year with your actual savings balance, contributions and any pension statements you receive. Review it after big life events, such as marriage, children, a change of job, an inheritance or a move. Keeping a copy of each year's plan lets you see your progress over time.
Drawing Income in Retirement
Saving is only half of the plan. Once you retire, you need to decide how to turn savings into a regular income. Common approaches include taking a fixed amount each month, taking a fixed percentage of your savings each year, or combining a guaranteed income product with flexible withdrawals. Whatever you choose, use the retirement budget to check that your planned withdrawals, together with any pension income, cover your expected expenses, and keep some savings in cash for emergencies and unexpected costs.
Retirement Planner Checklist
- Your target retirement age is set.
- Pension statements for every scheme are collected.
- Current savings and contributions are up to date.
- Your retirement budget covers all regular costs.
- A cautious return has been tested.
- Any savings gap has an action plan.
Related Templates
You can also check these important templates like the family monthly budget planner templates for managing spending today, and the monthly budget templates for tracking income and expenses each month.
You may also like the amortization schedule templates for planning to pay off a mortgage or loan before you retire.
Frequently Asked Questions
How much do I need to save for retirement?
It depends on the income you want, the pension income you expect and how long your retirement lasts. Use the readiness check to estimate the savings needed to fill your income gap.
What return should I use in the planner?
Use a cautious figure, and try several. Using a return below what you expect, by roughly the rate of inflation, gives results in today's money.
Are the results financial advice?
No. The templates are planning tools based on simple assumptions. Speak to a qualified adviser for personal advice.
Can I plan for a partner as well?
Yes. Make a copy of the savings planner for each person, and combine both incomes in the retirement budget.
Can I use the templates in Google Sheets?
Yes. Upload the .xlsx files to Google Drive and open them with Google Sheets. The formulas keep working.
How often should I review my retirement plan?
At least once a year, and after major life events such as a new job, marriage or an inheritance.
