Retirement budget calculator

You've reached retirement – an exciting chapter full of opportunity and change. You want to realize some life-long dreams, while taking care of your health and your family. Building a budget can help.

We'll guide you through a simple budgeting exercise that will help paint a picture of where your money is going. It's a great starting point for developing a spending strategy for a long and happy retirement.

What this budget can provide

  • Get a bird's-eye view of your changing spending habits in retirement.
  • Track your spending to ensure you have money for the things that matter most.
  • Get tailored advice on how to manage your finances in retirement.

As you work on your budget, select the learn-more buttons for information that can help guide you through the process.

Not what you're looking for?

Return to all budget calculators.

Calculate your government and pension income

Enter your income using whole numbers, then select a frequency. If you're building a budget for yourself and a spouse or partner, combine your incomes. All fields are optional.

If you'd like to personalize your budget, enter your name here. It can contain up to 30 characters. We value your privacy, so we won't store this information.

You may receive benefits from the Canada Pension Plan (CPP) or Quebec Pension Plan (QPP), based on your contributions to these plans while you were employed or self-employed.

If your spouse or common-law partner has passed away, you may also be receiving a survivor's pension. Include that amount here, too. Use after-tax amounts.

If you receive Old Age Security (OAS) pension payments, enter that amount here. If you also receive the Guaranteed Income Supplement (GIS), provided to certain low-income OAS recipients, include it here, too. Use after-tax amounts.

Include the total amount for all your employer pensions, including any survivor's benefits you receive from a deceased spouse or partner. Use after-tax amounts.

Calculate your other sources of income

Enter your income using whole numbers, then select a frequency. If you're building a budget for yourself and a spouse or partner, combine your incomes. All fields are optional.

Include any regular withdrawals you make from your registered retirement savings plan (RRSP) or registered retirement income fund (RRIF). Use after-tax amounts.

Include the after-tax amount of any annuities payments you receive.

If you generate income from your investments, whether through dividend payments or asset sales, enter the after-tax amount here.

Many Canadians continue to work during their retirement. If you do, include your take-home pay here, after tax and other deductions. And if you have a spouse or partner who still works, include their after-tax income, too.

Enter your housing expenses

Enter your expenses using whole numbers, then select a frequency. If you have multiple properties, combine their costs. All fields are optional.

This could include the costs of snow removal, landscaping, home cleaning, pool maintenance and other services.

As you age, you may need to make renovations to improve your home's accessibility, such as installing mobility aids or a walk-in shower.

Enter your communication expenses

Enter your expenses using whole numbers, then select a frequency. All fields are optional.

Include the monthly cost of any streaming platform you use for entertainment — movies, TV shows, music, magazines or anything else.

Enter your food expenses

Enter your expenses using whole numbers, then select a frequency. All fields are optional.

Enter your transportation expenses

Enter your expenses using whole numbers, then select a frequency. All fields are optional.

Consider the costs of oil changes, tire rotations and various repairs.

Enter your debt costs

Enter your expenses using whole numbers, then select a frequency. All fields are optional.

Enter your health and well-being expenses

Enter your expenses using whole numbers, then select a frequency. All fields are optional.

Include the costs of health services not covered by your provincial or territorial health plan or another insurance policy, such as dental care, eye care or physiotherapy.

Only include out-of-pocket costs, not those covered by insurance.

As you age, you may need assistance with household chores, preparing meals, getting around or attending to healthcare needs. If you pay for these services, include their costs here.

This could include hairstyling, makeup, manicures, pedicures and massage therapy.

This could include therapy or counselling, and the costs of apps for wellness and meditation.

Enter your family expenses

Enter your expenses using whole numbers, then select a frequency. All fields are optional.

If you financially support your children, whether through cash transfers or by covering their expenses, include those costs here.

If you financially support grandchildren – by helping pay for their education, for example – include those costs here.

If you pay personal care or housing expenses for aging relatives, include those costs here.

This could include the costs of food, accessories, grooming, veterinary care and pet insurance.

Enter what you spend on gifts and donations

Enter your expenses using whole numbers, then select a frequency. All fields are optional.

Include anything you spend on gifts for birthdays, holidays, weddings and other events.

Enter what you pay for professional services

Enter your expenses using whole numbers, then select a frequency. All fields are optional.

If you hire an accountant or advisor to help you with tax planning or preparation, include those costs here.

You may need to consult a legal advisor when creating or updating your will, or appointing a power of attorney.

This could include documenting your final wishes, as well as saving for and planning your service. Good planning can make things easier on your family when the time comes.

Enter your shopping expenses

Enter your expenses using whole numbers, then select a frequency. All fields are optional.

This could include decor items and furniture purchases.

This could include soap, toothpaste, toilet paper and cosmetics.

Enter your recreation expenses

Enter your expenses using whole numbers, then select a frequency. All fields are optional.

Include the costs of supplies for crafting, woodworking, sewing, gardening — anything you spend on your personal pastimes.

This could include admission to concerts, movies, museums, theatres, theme parks and more.

Enter your savings goals

Enter how much you're saving for different goals using whole numbers, then select a frequency. All fields are optional.

When budgeting for travel, don't overlook the cost of foreign exchange if you vacation outside Canada.

If you regularly put something aside for your grandchildren's or another child's education, including money in registered education savings plans (RESPs), include that here. And if you're saving for your own lifelong learning, consider that here, too.

Many Canadians worry about the costs associated with unexpected health issues during retirement and long-term care. Put money aside to help prepare for these challenges.

If you put money aside to leave to family, charity or any others, enter that here.

Annual budget breakdown

 
 
 
 
 

Your retirement budget

Create PDF or print Opens in a dialog. Save your results Opens in a dialog.
Meet with us Opens in a new window.

Save your budget as a PDF or print a copy so you can share it with your advisor. They'll use it to help build a strategy that's right for you.

Where's your money going?

 
 
 
 
 

Annual cash flow summary

Insights

Give to causes you care about

When you give back, you get back. Learn about 3 ways to donate. Opens in a new window.

Have the estate conversation

Talk to your kids now to help them develop a shared understanding of the future. Read some tips on how to have this potentially sensitive conversation. Opens in a new window.

Get personalized advice

We'll work with you to develop a plan for reaching your goals in retirement. Find a CIBC advisor. Opens in a new window.

Give to causes you care about

When you give back, you get back. Learn about 3 ways to donate. Opens in a new window.

Consider downsizing

Many retirees switch to condo living as their lifestyles change. Here are 3 things to consider when weighing a move. Opens in a new window.

Track your expenses

Get custom tips to help you manage your spending and grow your savings with CIBC Insights. Opens in a new window.

Ease your debt burden

Reduce your loan payments to free up extra cash. Learn if debt consolidation is right for you. Opens in a new window.

Consider downsizing

You could trim your housing costs by moving to a condo. Here are 3 things to think about when considering a move. Opens in a new window.

Free up cash

Take advantage of these 7 hacks to help put extra cash in your pocket. Opens in a new window.

Cash flow breakdown

Cash flow breakdown

Retire your way

Meet with us Opens in a new window.

Simplify your retirement finances

If you're an Imperial Service client, we can help you build a path to your goals, no matter where you are in life.

Learn about products, services, tools and expert advice to help you bank online, over the phone and in our banking centres.

Find the right product to convert your RRSP savings into regular income.