Retiring in 2015 (or in the Next Eight Years)?

by Jeff C. Johnson

Before you get too far along with your planning, you should prepare a worksheet of your income sources and amounts and see how they all fit together. A kind of feasibility study.

Here is a copy of the Monthly Income Worksheet that is included in The Extreme Retirement Planning Workbook. You're welcome to download and print this worksheet and use it as a tool to organize your sources and amounts of your income.

Start by filling in the years in the top row and then adding your age on your birthday in each year. This alone is helpful in forward thinking about your income needs and sources.

Next, estimate your income for each of the sources along the left side of the page and total these approximate amounts in the bottom row. This is your estimated cash flow before income taxes for each year. After paying Uncle Sam "X" percentage, does this look like an amount you can live on, now and in the future?