Add extra spending money for retirement

Your retirement projection covers the bills you've entered. To plan for travel, hobbies, or a cushion beyond those bills, add extra spending money. It's added to your retirement budget and paid from your income and accounts like any other expense.

Before you start

• Retirement planning is a Pro feature.
• You need permission to update retirement settings.

Steps

1. Go to Retirement (opens in a new tab) and open the Spending Money settings card.
2. Turn on Add extra spending money in retirement.
3. Enter the amount in How much extra, then choose Monthly or Annually from How often.
4. Optionally check Goes up with prices each year so the amount keeps its buying power over time.
5. Changes save automatically. Check the chart to see the effect.

How the projection handles it

• Starts at retirement. The amount is added once at least one person in the household has retired. Nothing is added during working years.
• Yearly amounts become monthly. An Annually amount is divided by 12.
• Inflation is optional. With Goes up with prices each year checked, the amount rises at your inflation rate (how fast prices rise each year). Without it, the amount stays the same every year.
• Stops when money runs out. If your retirement accounts are depleted, this spending drops to $0 along with other withdrawals.

Good to know

• One amount for all of retirement. You can't set a higher amount for early retirement and a lower one later. To compare levels, change the amount and watch the chart.
• Add it on top, not instead. Your regular bills still count. Don't re-enter bills here, or they'll be counted twice.
• Guided setup asks about extra spending in plain language too — see Set up your retirement plan with guided setup.