How can I estimate my retirement expenses?

Start with your current budget, then consider whether you expect to spend less, the same, or more once you're retired.

To estimate your retirement expenses, My Game Plan uses your current expenses, calculated as follows:

Income – savings = expenses

Then, think about whether you'll spend less, the same, or more than you do now. In retirement, several factors can affect your spending.

What could lower your expenses:

  • Your mortgage is paid off
  • You no longer have dependent children
  • You no longer have work-related costs (transportation, lunches, clothing)

What could increase your expenses:

  • You need healthcare services
  • You have an active lifestyle (travel, outings, hobbies, etc.)

Of course, you can't predict everything! Base your estimate on what you know today. You can always adjust your plan as your situation becomes clearer.

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Good to know: At the start of retirement, your income is generally expected to be about 70% of your current gross salary. You can use this percentage to estimate your expenses too.

If you already have a retirement budget and know your expected monthly expenses, enter that amount in the designated field.

My Game Plan screen where the “Specify your expenses” field is highlighted. My Game Plan screen where the “Specify your expenses” field is highlighted.
What should I enter in the Debts section? What do the percentages on my dashboard mean?