This Retirement Living Expenses Calculator is designed to help you classify and total your living expenses. It compares your living expenses against data from the Bureau of Labor Statistics Consumer Expenditures Survey for a husband and wife couple in their middle 50's who make a combined income of approximately $78,000 per year.
Your total income is probably not exactly $78K, but your percentages of living expenses by category are probably close the the percentages of this survey couple. The Retirement Living Expense Calculator projects the amount of your expenditures based on your income using the percentages of the survey couple.
You then enter your own expense numbers in the input column and the calculator shows the percent of your income for each expense.
The calculator has columns for Basic Expenses and Discretionary Expenses so you can evaluate your retirement living expenses by these two classifications.
If you have questions about where a particular expense should be classified, consult the copy of the complete Bureau of Labor Statistics Consumer Expenditures Survey for a detailed breakdown of the expenses.
Here is a picture of the calculator with explanation of the various input areas.
Knowing your living expenses will enable you to perform more accurate budget planning. You can also compare your retirement living expenses against the U. S. national average.