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Business360.Pro is pleased to provide a variety of resources on accounting, taxation and other related subjects that I hope will be helpful to both individuals and businesses.

If you have any questions, simply contact me by email or call 778-968-2850. I will be happy to meet with you for a free, no-obligation consultation.

How Much Money Will I Need to Retire?

retire Retirement and Money

It’s not a simple question to answer. Different people will need different amounts, depending on the income they have and what their plans are after they stop working. The best scenario is that at retirement, one should not have a mortgage or any debt that is not tax deductible. At that point, you should have defined goals, a budget, little or no debt, and income-earning investments. At that point, calculate the money you need to live on and the source of those funds.

There are several things you won’t need to fund:

  • a new home
  • children at home
  • post-secondary education

Some things will cost you less:

  • clothes
  • automobiles and their related costs
  • some forms of insurance like life or disability

Other things will likely remain the same or increase with inflation:

  • home insurance and maintenance
  • groceries
  • phone, cable and internet services
  • subscriptions
  • entertainment and eating out
  • travel and leisure
  • health care – this could be significant
  • household utilities
  • gifts

To plan, organize your expenses into a must-do and maybe-do list. These lists will be personal to your needs.

Then, compare your total costs to all of the income you know will be coming in, like

  • Canada Pension Plan
  • Old Age Security (OAS)
  • Maybe the Guaranteed Income Supplement (GIS) if you’re below a certain income level
  • pension plan(s) from your working life
  • annuities
  • dividends from investments outside of an RRSP or RRIF

Some may be intimidated by this exercise, so look online for resources that can help you with planning, such as an Annual Retirement Income Calculator or the RRSP/RRIF Calculator

One further thought is, as plans can often go awry, allow for some adjustment in your calculations and don’t hesitate to reach out to our office for assistance.

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