Retirement Budget Estimator

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How much income are you going to need in retirement? How does one estimate their retirement expenses? If you do not understand the costs associated with your desired retirement lifestyle, how can you know when to retire and if your retirement nest egg is sufficient? Use this spreadsheet to summarize your pre-retirement income and expenses and to estimate the same in your retirement. Compare up to three retirement lifestyle scenarios. (Printable Reports and savable to “My Folder”)

In order to save your calculations and spreadsheets online in the MyFolder section you will need to create a free account.

Sources of Annual Income

  Year
> Projected at Retirement
Alternative #1
Alternative #2

Salary: T4

Salary: T4

Commission: T4

Commission: T4

Contract Income

Bonus

Private Company

Director’s Fee

Dividends

Shareholder Loan Payment

Tax Credits

Child Support/Alimony

GST/PST/HST Refund

Child Tax Benefits

Guaranteed Income Supplement

Interest Income: T5

Dividend Income: T5

Other Income: T3

Rental Revenue #1

Rental Revenue #2

Old Age Security Pension: T4-OAS

CPP/QPP Pension Income: T4-CPP

Disability Pension

WCB Income

Private Pension Income: T4A

#1

#2

#3

#4

Other Income

Annuity Income

RRIF Income: T4-RIF

RRSP Income: T4-RSP

RESP Withdrawals

Social Assistance Payments

Estate/Trust Income: T3

Realized Capital Gains

Other Income

Deductions

Reg. Pension Plan Contribution: T4

Reg. Pension Plan Contribution: T4

Personal Income Tax Paid

Personal Income Tax Paid

CPP/QPP Premiums: T4

CPP/QPP Premiums: T4

Employment Insurance Premiums: T4

Employment Insurance Premiums: T4

Company Life Insurance Premiums

Company Life Insurance Premiums

Long-Term Disability Premiums

Long-Term Disability Premiums

Charitable Donations: T4

Charitable Donations: T4

Union Dues: T4

Union Dues: T4

Professional Fees: T4

Professional Fees: T4

Calculated Income

From Your Income Tax Assessment

Unused RRSP Contribution Room
Unused RRSP Contribution Room
RRSP Contributions Not Deducted
RRSP Contributions Not Deducted

Sources of Expenses

Mortgage Payment/Rent
Property Taxes
Strata Fees
Garbage/Sewer
Property Insurance
Electricity
Heating Oil/Gas
Water/Garbage/Sewer
House Line
Long Distance
Pager
Cellular
Bottled Water
Internet
Cablevision
Lawn Care
Cleaning
Gardening
Repairs/Maintenance
Improvements
Capital Assessments

Recreational/Rental Property #1

Description:

Mortgage Payment/Rent
Strata Fees
Property Taxes
Property Insurance
Garbage/Sewer
Utilities
Telephone
Cablevision
Repair/Maintenance
Improvements
Management Fees

Recreational/Rental Property #2

Description:

Mortgage Payment/Rent
Strata Fees
Property Taxes
Property Insurance
Garbage/Sewer
Utilities
Telephone
Cablevision
Repair/Maintenance
Improvements
Management Fees

Automobile #1

Description:

Loan/Lease Payment
Insurance
Oil/Gas Expense
Service/Maintenance
Repairs

Automobile #2

Description:

Loan/Lease Payment
Insurance
Oil/Gas Expense
Service/Maintenance
Repairs

Automobile #3

Description:

Loan/Lease Payment
Insurance
Oil/Gas Expense
Service/Maintenance
Repairs

Automobile #4

Description:

Loan/Lease Payment
Insurance
Oil/Gas Expense
Service/Maintenance
Repairs

Boat/RV/Plane

Description:

Loan/Lease Payment
Insurance
Oil/Gas Expense
Service/Maintenance
Repairs
Moorage/Storage

Family Expenses

Banking Expense
Safe Deposit Box
School Fees
Children’s Sports
Children’s Dance/Theatre
Childrens’ Allowance Expense
Books, Videos, etc
Movies, Concerts, etc
Restaurants
Wine, Beer, etc
Entertaining Expense
Hobbies
Club Memberships
Professional Membership Fees
Subscriptions
InvestingForMe Membership
Home Office Expenses
Clothing
Dental/Medical
Prescriptions
Groceries
Hair Expenses
Pocket Money
Birthday Presents
Holiday Season Expense
Furniture
Electronics
Bus/Travel Expense
Ferry Expense
Dry Cleaning
Line of Credit Payments
Loan Payments
Investment Costs
Investment Costs
Registered Account Fees
Registered Account Fees
Miscellaneous
Donations
Vacation/Travel
Travel Insurance
RRSP Contributions
RESP Contributions
TFSA Contributions
Savings Contributions
Realized Capital Losses
Post Secondary Education Expense
Life/Disability
Medical/Dental/ Eye Care
Business Expenses
Accounting Expense
Support Expense for Family Member
Child Support/Alimony

Pets

Veterinary Expense
Food
Toys
Kennel
Drug Expense

Total Expenses

Income Surplus/Deficit