Retirement planning template
Discussion
Does anyone have a decent retirement planning spreadsheet template they'd be willing to share?
I'm looking to retire early but want to run the numbers. I'd like to enter my pension and ISA figures but have some variables such as potential growth rates (for example 4%, 7%, 10% etc. ), retirement age (57, 58, etc.). Maybe with 25% lump sum or without. I'm looking for a retirement cashflow sheet showing drawdown year by year (including ISA withdrawals and pension withdrawals ) so I can see exactly how my projected income is structured with the remaining values in ISA and Pension shown.
I appreciate that retirement planning financial advisors come up plans and normally provide these spreadsheets but I'm having trouble getting independent financial advice. Most want to sell me a new consolidated pension package or manage my ISA, etc. I don't need that.
I'm looking to retire early but want to run the numbers. I'd like to enter my pension and ISA figures but have some variables such as potential growth rates (for example 4%, 7%, 10% etc. ), retirement age (57, 58, etc.). Maybe with 25% lump sum or without. I'm looking for a retirement cashflow sheet showing drawdown year by year (including ISA withdrawals and pension withdrawals ) so I can see exactly how my projected income is structured with the remaining values in ISA and Pension shown.
I appreciate that retirement planning financial advisors come up plans and normally provide these spreadsheets but I'm having trouble getting independent financial advice. Most want to sell me a new consolidated pension package or manage my ISA, etc. I don't need that.
I have the end result of such a template ( based I think on Voyant ) but not a blank start version to share I'm afraid.
All I would say is that it ended up being both in depth and equally "as if " so much so that the variables became a little tedious.
I did this when my DB scheme was converted to Private at a decent multiplier of annual so I could start with a known real pot.
Given the budget of last year some traditional FA advice of previously always use ISA first also now appears to have altered.
Whether you are married /partner can also impact the numbers should you pre decease her etc.
And then State Pension potential also to be factored in along with a potential market crash should that be a factor -fwiw i used 30% as a number.
I started with knowing exactly what our annual expenditure was ( to include everything ) as when I retired early I wanted the same lifestyle - this was easy enough as being sad I had always kept an annual budget ss.
I didn't do a variable inflation rate nor growth rate but just assumed a single digit for both.
I also assumed unchanged spending patterns for at least a decade.
From there it was easy enough to calculate the required annual drawdown ( net of tax ) as had always intended to use the Pension as my income.
I had done the same exercise about 5 years prior but the then multiplier number meant achieving that balance was difficult.
Obviously if you have meaningful ISA's and your intent was always to use those first rather than any Pension income, you can ignore most of this and the calculation will be much quicker !
Knowing your expenditure will be obviously key although others will of course disagree -its about what suits you.
All I would say is that it ended up being both in depth and equally "as if " so much so that the variables became a little tedious.
I did this when my DB scheme was converted to Private at a decent multiplier of annual so I could start with a known real pot.
Given the budget of last year some traditional FA advice of previously always use ISA first also now appears to have altered.
Whether you are married /partner can also impact the numbers should you pre decease her etc.
And then State Pension potential also to be factored in along with a potential market crash should that be a factor -fwiw i used 30% as a number.
I started with knowing exactly what our annual expenditure was ( to include everything ) as when I retired early I wanted the same lifestyle - this was easy enough as being sad I had always kept an annual budget ss.
I didn't do a variable inflation rate nor growth rate but just assumed a single digit for both.
I also assumed unchanged spending patterns for at least a decade.
From there it was easy enough to calculate the required annual drawdown ( net of tax ) as had always intended to use the Pension as my income.
I had done the same exercise about 5 years prior but the then multiplier number meant achieving that balance was difficult.
Obviously if you have meaningful ISA's and your intent was always to use those first rather than any Pension income, you can ignore most of this and the calculation will be much quicker !
Knowing your expenditure will be obviously key although others will of course disagree -its about what suits you.
alscar said:
I have the end result of such a template ( based I think on Voyant ) but not a blank start version to share I'm afraid.
All I would say is that it ended up being both in depth and equally "as if " so much so that the variables became a little tedious.
I did this when my DB scheme was converted to Private at a decent multiplier of annual so I could start with a known real pot.
Given the budget of last year some traditional FA advice of previously always use ISA first also now appears to have altered.
Whether you are married /partner can also impact the numbers should you pre decease her etc.
And then State Pension potential also to be factored in along with a potential market crash should that be a factor -fwiw i used 30% as a number.
I started with knowing exactly what our annual expenditure was ( to include everything ) as when I retired early I wanted the same lifestyle - this was easy enough as being sad I had always kept an annual budget ss.
I didn't do a variable inflation rate nor growth rate but just assumed a single digit for both.
I also assumed unchanged spending patterns for at least a decade.
From there it was easy enough to calculate the required annual drawdown ( net of tax ) as had always intended to use the Pension as my income.
I had done the same exercise about 5 years prior but the then multiplier number meant achieving that balance was difficult.
Obviously if you have meaningful ISA's and your intent was always to use those first rather than any Pension income, you can ignore most of this and the calculation will be much quicker !
Knowing your expenditure will be obviously key although others will of course disagree -its about what suits you.
Thanks for the thoughts. I'm really good with my financial tracking. I know my income and spend down to the smallest detail. My pension is maxed and my plan is to grow my ISA (it's maxed out this year) and will be for the next 3 years and use that to bridge the gap before drawing on my pension. I have no debt other than the mortgage but that won't be paid off until 61 and I'd like to retire before then. So I'd need more spending initially and I'd also like to travel a bit but plan to reduce that as I get older. Obviously the state pension kicks in although I'm not sure what the current government will do to spoilt those plans. All I would say is that it ended up being both in depth and equally "as if " so much so that the variables became a little tedious.
I did this when my DB scheme was converted to Private at a decent multiplier of annual so I could start with a known real pot.
Given the budget of last year some traditional FA advice of previously always use ISA first also now appears to have altered.
Whether you are married /partner can also impact the numbers should you pre decease her etc.
And then State Pension potential also to be factored in along with a potential market crash should that be a factor -fwiw i used 30% as a number.
I started with knowing exactly what our annual expenditure was ( to include everything ) as when I retired early I wanted the same lifestyle - this was easy enough as being sad I had always kept an annual budget ss.
I didn't do a variable inflation rate nor growth rate but just assumed a single digit for both.
I also assumed unchanged spending patterns for at least a decade.
From there it was easy enough to calculate the required annual drawdown ( net of tax ) as had always intended to use the Pension as my income.
I had done the same exercise about 5 years prior but the then multiplier number meant achieving that balance was difficult.
Obviously if you have meaningful ISA's and your intent was always to use those first rather than any Pension income, you can ignore most of this and the calculation will be much quicker !
Knowing your expenditure will be obviously key although others will of course disagree -its about what suits you.
eliot said:
I used this and found it very useful:
https://james-shack.co.uk/retirement-planner-downl...
Thanks. I follow James on YouTube but haven't seen this.https://james-shack.co.uk/retirement-planner-downl...
I used this (I think it was recommended by someone on here on a similar thread) to give me a ballpark figure and see if I was on track, I'm early 40's so was just trying to gauge where I was at more than anything else, but found it useful.
https://try.guiide.co.uk/simple/
https://try.guiide.co.uk/simple/
toon10 said:
Thanks for the thoughts. I'm really good with my financial tracking. I know my income and spend down to the smallest detail. My pension is maxed and my plan is to grow my ISA (it's maxed out this year) and will be for the next 3 years and use that to bridge the gap before drawing on my pension. I have no debt other than the mortgage but that won't be paid off until 61 and I'd like to retire before then. So I'd need more spending initially and I'd also like to travel a bit but plan to reduce that as I get older. Obviously the state pension kicks in although I'm not sure what the current government will do to spoilt those plans.
You didn't mention your current age but otherwise sounds like the calculation is relatively easy.Maybe do the sums assuming SP kicks in as anticipated - and assuming you aren't 30 !
Plenty of other things Rachel can do for the next couple of years so trying to factor in her mind is impossible.
Maybe a little off topic but this YouTube video shows how you can build a spreadsheet that may help, I found it useful and it's free.
https://www.youtube.com/watch?v=1R3jto6IL7s&li...
https://www.youtube.com/watch?v=1R3jto6IL7s&li...
I was in a similar position - I didn't want a sales pitch and wanted to be able to run endless simulations & models of my own.
I signed up for a year with Meaningful Money - that came with a year of Voyant Go which is the software that a lot of pro's use. I got an intro offer & paid less than the current 700, but even at that price, probably worth it.
I found the videos & Voyant very useful to provide a level of reassurance before I finally pulled the trigger.
https://meaningfulacademy.com/rp-1/
I signed up for a year with Meaningful Money - that came with a year of Voyant Go which is the software that a lot of pro's use. I got an intro offer & paid less than the current 700, but even at that price, probably worth it.
I found the videos & Voyant very useful to provide a level of reassurance before I finally pulled the trigger.
https://meaningfulacademy.com/rp-1/
mario328 said:
Maybe a little off topic but this YouTube video shows how you can build a spreadsheet that may help, I found it useful and it's free.
https://www.youtube.com/watch?v=1R3jto6IL7s&li...
take a look at the james shack one above - it's very good, models against past stockmarket, can list all your pensions and investments, set different dates for retirement, along with different stages of retirement.https://www.youtube.com/watch?v=1R3jto6IL7s&li...
I signed up for a year with Meaningful Money - that came with a year of Voyant Go which is the software that a lot of pro's use. I got an intro offer & paid less than the current 700, but even at that price, probably worth it.
I found the videos & Voyant very useful to provide a level of reassurance before I finally pulled the trigger.
https://meaningfulacademy.com/rp-1/
[/quote]
Me too..
I found the videos & Voyant very useful to provide a level of reassurance before I finally pulled the trigger.
https://meaningfulacademy.com/rp-1/
[/quote]
Me too..
my pension provider has one on their website, but I also like this free planner https://www.guiide.co.uk/
mario328 said:
Maybe a little off topic but this YouTube video shows how you can build a spreadsheet that may help, I found it useful and it's free.
https://www.youtube.com/watch?v=1R3jto6IL7s&li...
I used this and found it good, as I understood the tool I'd built and could fiddle with it. James Shack's one is very good, but I found it helpful to see the plumbing when thinking about my plans.https://www.youtube.com/watch?v=1R3jto6IL7s&li...
I've played with the guiiide one, but this one works better imho.
https://blackandwhitefire.com/
It doesn't quite handle the situation for a couple, but you can enter double the numbers in the pension box to take care of that, and you then get some decent graphs over time etc.
https://blackandwhitefire.com/
It doesn't quite handle the situation for a couple, but you can enter double the numbers in the pension box to take care of that, and you then get some decent graphs over time etc.
fat80b said:
I've played with the guiiide one, but this one works better imho.
https://blackandwhitefire.com/
It doesn't quite handle the situation for a couple, but you can enter double the numbers in the pension box to take care of that, and you then get some decent graphs over time etc.
Shame it doesn't handle a couple, where there's an age difference in particular between the couple it would be useful, also for things like doubling ISA allowances.https://blackandwhitefire.com/
It doesn't quite handle the situation for a couple, but you can enter double the numbers in the pension box to take care of that, and you then get some decent graphs over time etc.
Hopefully they'll add that functionality.
SunsetZed said:
fat80b said:
I've played with the guiiide one, but this one works better imho.
https://blackandwhitefire.com/
It doesn't quite handle the situation for a couple, but you can enter double the numbers in the pension box to take care of that, and you then get some decent graphs over time etc.
Shame it doesn't handle a couple, where there's an age difference in particular between the couple it would be useful, also for things like doubling ISA allowances.https://blackandwhitefire.com/
It doesn't quite handle the situation for a couple, but you can enter double the numbers in the pension box to take care of that, and you then get some decent graphs over time etc.
Hopefully they'll add that functionality.
What's your age?
What's your state of health?
How long do you think you will remain fit and healthy?
In many ways these questions are more significant than anything else.
IMO, all things being equal, you should assume fit and healthy to at least 70 and life expectancy of at least 85. Bear in mind that spending can probably be higher in the earlier "fit and healthy" years, then subside when you've got your slippers on before escalating sharply in the later "care" years. No magic answers though.
What's your state of health?
How long do you think you will remain fit and healthy?
In many ways these questions are more significant than anything else.
IMO, all things being equal, you should assume fit and healthy to at least 70 and life expectancy of at least 85. Bear in mind that spending can probably be higher in the earlier "fit and healthy" years, then subside when you've got your slippers on before escalating sharply in the later "care" years. No magic answers though.
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