Begin with the year 2022, select a year to retire and end at your projected life expectancy.
It must contain at least the following:
Common budget items like wage income and living expenses. Living expenses should include items like housing, transportation, food, and more.
Social security benefits in retirement. Calculate your social security benefit on a separate worksheet.
Purchase of a home (at some point). Create an amortization schedule for the loan used to purchase the home. Include property taxes and home insurance in addition to the mortgage payment.
Contributions, investment and distribution from a Traditional 401K Account, Roth IRA account and a Taxable Investment Account. Keep track of balances in a separate worksheet.
Taxes including, income, medicare, social security and property tax. Include tax rate calculation and deductions.
Show the net cash flow per year after subtracting expenses, taxes and contributions from income.
Time value of money calculations where appropriate.
Inflation calculations (income and expenses) where necessary.
Application of retirement plan contribution, investment and distribution rules.
A separate worksheet for all assumptions (raw data) to be used in calculations in the main budget and other worksheets..
You may also include:
Credit card debt payments. You should keep track of the balance.
Student loans payments. You should keep track of the balance.
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