Monthly Spending
Every retirement estimate starts with what you spend today. Enter your monthly amounts and see your totals. Nothing you type is sent anywhere.
Use your best estimate. For bills paid once a year, divide the yearly amount by twelve.
If your mortgage payment already includes property tax and insurance (often called escrow), enter the full payment under housing and leave those two lines blank, so nothing is counted twice.
Some costs may already be deducted before money reaches you, such as taxes withheld from a paycheck, pension, or retirement withdrawal, or Medicare premiums deducted from Social Security. Use one approach consistently so nothing is counted twice. If you will compare your spending with your take-home income, leave out costs that are already deducted. If you will compare it with your income before deductions, include them.
Essential expenses
The costs that keep your household running.
Flexible expenses
The costs most households can reduce if they need to.
A common starting point for an emergency fund is three to six months of essential expenses. The right amount depends on your situation.
Next, see how your spending fits into the larger picture with the retirement checklist.