Budget Tables
Grab a pen, a calculator, your income tax returns and bills, and start filling out our budget tables.
Print out the three tables below to complete each budget item by hand.
To create your projected budget in future dollars, just multiply your current expenses by the factor corresponding to the number of years until your retirement in the table below.
For example, let’s say you want to retire in 15 years, and you figure your monthly grocery and food expenses will be $400. By multiplying this amount by 1.56—the factor corresponding to the number of years until your retirement—you’ll get this expense in future dollars, i.e., $624. Ouch! That really changes things, doesn't it? This is why it’s really important to plan for your retirement.
| Conversion into Future Dollars | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| No. of years before retirement | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| Multiply by | 1.03 | 1.06 | 1.09 | 1.13 | 1.16 | 1.19 | 1.23 | 1.27 | 1.30 | 1.34 |
| No. of years before retirement | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |
| Multiply by | 1.38 | 1.43 | 1.47 | 1.51 | 1.56 | 1.60 | 1.65 | 1.70 | 1.75 | 1.81 |
| No. of years before retirement | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 |
| Multiply by | 1.86 | 1.92 | 1.97 | 2.03 | 2.09 | 2.16 | 2.22 | 2.29 | 2.36 | 2.43 |
Net Monthly Income at Retirement
| Your Current and Projected Net Monthly Income (after tax) | |||
|---|---|---|---|
| Now | At retirement (in current dollars) | At retirement (in future dollars) | |
| Retirement plans (pensions, allowances, etc.) | |||
| Investment income (interest, dividends, capital gains, etc.) | |||
| Rental income (apartments, cottages, etc.) | |||
| Various benefits (child support, insurance, disability, etc.) | |||
| Tax credit | |||
| Other income | |||
| Total monthly income | |||
Current and Projected Monthly Expenses
| Your Current and Projected Monthly Expenses (including taxes, where applicable) | ||||
|---|---|---|---|---|
| Expenses | Now | At retirement (in current dollars) | At retirement (in future dollars) | |
| Housing | Mortgage or rent | |||
| Property taxes | ||||
| Electricity and heating | ||||
| Telephone, cable, Internet | ||||
| Home insurance | ||||
| Furniture and appliances | ||||
| Domestic services (housekeeping, lawn mowing, snow removal, etc.) | ||||
| Housing subtotal | ||||
| Savings | Quebec Pension Plan (QPP) contributions | |||
| Pension plan contributions | ||||
| Personal RRSP contributions | ||||
| TFSA contributions | ||||
| Savings subtotal | ||||
| Transportation | Gas | |||
| Vehicle purchase/rental payments | ||||
| Maintenance and repairs | ||||
| Car insurance | ||||
| Parking, licence and registration, tickets | ||||
| Taxis, bus, subway | ||||
| Transportation subtotal | ||||
| Protection | Group insurance | |||
| Personal health or disability insurance | ||||
| Life insurance | ||||
| Employment insurance | ||||
| Professional or union contributions | ||||
| Protection subtotal | ||||
| Clothing | Purchase of clothes | |||
| Upkeep, cleaning | ||||
| Clothing subtotal | ||||
| Food | Groceries, market | |||
| Restaurants | ||||
| Food subtotal | ||||
| Entertainment | Newspapers, magazines, books, CDs, movies, DVDs, etc. | |||
| Trips, outings, getaways | ||||
| Gifts and donations | ||||
| Pocket money | ||||
| Classes, tuition, registration for various activities | ||||
| Physical fitness, sports | ||||
| Entertainment subtotal | ||||
| Health and beauty | Health care | |||
| Medication, dental care, glasses, etc. | ||||
| Health and beauty subtotal | ||||
| Other | Debt repayment | |||
| Child support, children-related expenses | ||||
| Tobacco, alcohol | ||||
| Pets | ||||
| Other | ||||
| Other subtotal | ||||
| Grand total | ||||
Final Budget Calculation
| Budget Calculation Summary | |||
|---|---|---|---|
| Description | Now | At retirement (in current dollars) | At retirement (in future dollars) |
|
Net monthly income |
$___________ – $___________ – $___________ |
$___________ – $___________ – $___________ |
$___________ – $___________ – $___________ |
| Total | = $___________ | = $___________ | = $___________ |
So, are your retirement years looking golden? Yes? Congratulations! But before you pat yourself on the back, have you looked to see if there was any room for improvement? Feel free to consult an advisor at one of our branches, he or she will be happy to help you get the biggest bang for your buck.
Now that you know the annual income you'll need when you retire, find out how much you need to save to reach that objective with our calculator.
