Retirement Spending Plan

Start with the life you want to pay for. Build an after-tax spending target, then compare it with the income you expect to receive.

Read: How much annual income do I need in retirement?

Prefer a spreadsheet? Download the Excel template (.xlsx) and complete it on your own device.

Use retirement spending in today’s dollars. Exclude savings contributions and work costs that will stop; include health benefits you will need to replace. Count purchases only once. Couples can budget together, but should estimate each person’s tax separately. Download a PDF for your records, or log in to save your scenario and return to it later.

1. Regular spending

Enter expected monthly spending in Canadian dollars. Keep rent or mortgage payments unless they will genuinely stop.

Housing ($/month)

Groceries ($/month)

Utilities ($/month)

Transportation ($/month)

Insurance ($/month)

Health and dental ($/month)

Dining, hobbies and gifts ($/month)

Other regular spending ($/month)

2. Occasional costs

Enter yearly allowances for costs not included above. For a large purchase, set aside an annual share of its cost.

Travel ($/year)

Home repairs ($/year)

Vehicle replacement allowance ($/year)

Other occasional costs ($/year)

3. Buffer and inflation

10% contingency and 2% inflation are starting assumptions, not recommendations. Adjust them to suit your circumstances.

Contingency buffer (%)

Years until retirement

Annual inflation (%)

4. Income check

For one representative retirement year, enter annual income before tax, planned withdrawals, and your own total tax estimate, all in today’s dollars. Include benefits only if they have started that year. Tax-free withdrawals still count as available cash.

CPP / QPP ($/year)

OAS ($/year)

Employer pensions ($/year)

Savings withdrawals ($/year)

Other income ($/year)

Estimated total income tax ($/year)

Your spending target

All amounts are in today’s dollars unless marked as future dollars. Rounded to the nearest dollar.

Annual spending before buffer: $0
Contingency buffer: $0
Annual after-tax target: $0
Monthly after-tax target: $0
Annual target in 0 years (future dollars): $0
Annual cash available after estimated tax: $0
Annual surplus: $0

This is a spending budget, not a gross taxable-income target. It does not calculate Canadian income tax or prove that withdrawals will last.

Explore savings with Retirement Horizon →Explore taxes with the Income Sequencer →

My Scenarios

General education only, not personalized financial or tax advice. Review your budget annually and allow for changing travel and care costs. Read the disclaimer.