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

PDF Version

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
Fixed monthly expenses
Variable monthly expenses

$___________
– $___________
– $___________
$___________
– $___________
– $___________
$___________
– $___________
– $___________
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.

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