How Much Do You Need to Retire?  

How much do you really spend — and what does that mean for retirement?

Most retirement guides use generic "industry standards" that don't reflect your life. The most accurate way to plan your future is to understand your current cost of living.

To help you do this, I've built two tools that connect your everyday bank data to your long-term retirement strategy — choose whichever suits you best:

Both tools follow the same four steps below. SpendLens automates Steps 1 and 2 — with the spreadsheet you work through them manually. 

SpendLens — Web App (recommended) Upload your bank statements and SpendLens automatically categorises your transactions, identifies your spending patterns, and produces an analysis you can use directly in the retirement planner. No installation, no spreadsheet skills required. 

Spreadsheet Tracker A manual Excel-based tracker for those who prefer full control over their data. Download your own free copy and work at your own pace. 

Step 1: Build Your Data Foundation

To get a meaningful view of your life, you should start with one full year of data. This ensures you capture seasonal fluctuations, annual bills, and holiday spending. Once you have mastered the first year, you can add previous years to identify long-term trends.

• Import Transactions: Upload your CSV or PDF bank statements directly into SpendLens, or paste your raw data into the spreadsheet. Either way, you only need the date, amount, and description.

• Categorise Your Transactions: Each transaction needs a Vendor (e.g., Petbarn) and Category (e.g., Pets). SpendLens does this automatically using a built-in merchant library and an optional AI — most transactions are categorised instantly, with the remainder flagged for a quick manual review. The spreadsheet version requires you to build and maintain the categorisation rules manually.

• Add as Needed: New vendors can be added at any time as new types of transactions appear in your bank history.

Step 3: Adjust for Your Future Lifestyle

Knowing what you spend today is only half the battle. The real value of understanding your current spending is the ability to model your transition into retirement.

Retirement often changes your cash flow significantly. Use your categorised data as a starting point — then adjust for what will change. Some expenses will disappear, such as mortgage repayments, work-related costs, or school fees. Others will increase, particularly healthcare and travel.

Both SpendLens and the spreadsheet give you the category-level view you need to make these adjustments thoughtfully. The result is a "Required Income" figure grounded in your real-world habits — not an industry average or a guess.