Toronto Star

How much money do you need

To use this table to determine how much money you need to have saved for retirement you first need to do the following:


1. Determine what you will be doing in retirement. 2. Determine how much that will cost. 3. Determine how much money you spend today. 4. Determine how that will change once you are retired. 5. Evaluate how that might change as you age. 6. Determine how much money you will have coming in each year (company pension, CPP, OAS, GIS, rental income, part-time work…) 7. Calculate the difference between how much you have coming in and how much you will spend each year in retirement (see MONEY NEEDED YEARLY on the table). 8. Estimate how long you might live in retirement (see YEARS LIVED on the table). 9. Use the amount you calculated to be the difference and the number of years in retirement to look up in the table the amount of savings you will need.

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