Updated on February 1, 2008.

And, if early retirement is one of your goals, the worksheets will help you calculate just how early you can retire — and still live the lifestyle you're used to.

A Moving Target
What the worksheets won't tell you is what to save five years from now, or even next year. By then, any number of factors might have changed — from the size of your salary to the rate of return on your investments. Moreover, as your income and lifestyle improve over the years, your expectations for retirement income will grow. What this means is that you should take the time to repeat this planning exercise every couple of years — or every year as you near retirement.

One other consideration: When you're young, many of the projections the worksheets demand of you are almost impossible to make reliably. So, if you are in your 20s, 30s or even your early 40s you might want to just give these worksheets a quick look and then move right to Making the Most of Your 401(k) or Investing It, to start tailoring your investment program. As you edge into your 40s, however, knowing more precisely what you'll need becomes increasingly important for one simple reason: You don't want to get caught short when you still have time to do something about it. Happily, estimating future needs becomes easier the closer you get to retirement.

Still with us? Then let's move on to the worksheets...