Simple spending/savings calculator
Individual age - 65 Year 1 Year 2 Year 3 Year 4
1 Annual old age contributory pension $9,000 $9,180 $9,364 $9,551
2 Annual rental income $12,000 $12,240 $12,485 $12,734
3 Annualised Bermuda national pension $2,550 $2,550 $2,550 $2,550
divided by 10 years plus 2% interest rate
4 Wages, part or full-time $10,000 $10,000 $10,000 $5,000
5 Other income
6 Total income $33,550 $33,970 $34,398 $29,835
7 Less annual expenses $40,000 $42,000 $44,100 $46,305
8 Inflation rate for expenses 1.05 1.05 1.05 1.05
9 Expense surplus (shortfall) ($6,450) ($8,030) ($9,702) ($21,470)
10 Accumulated savings $100,000 $96,357 $90,976 $83,713
11 Capital amount left at end of year $93,550 $88,327 $81,275 $67,434
Savings rate 3% 1.03
Personal inflation rate 5% 1.05
Pension cost of living adjustment 2% 1.02
Hypothetical retirement situation/estimated results
Not to be relied upon for actual circumstances