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My question is from current retirees. How much is really needed at retirement? How much do you spend per month or per year?  
I know that everyone life style is different but how much min you would,need? At what age have you retired and what you wish you did differently if you could go back to 5 years before your retirement?

It’s a little tricky I always say.  
$5000. Month for everything. That’s for 2 of us,total.  
There are always other outside the box expenses that occur. EG major car repair, emergency trip, but nothing crazy over a months money .  
So I think you will need minimum $5000. From pensions , investment income, etc.  
We have been logging everything we spend a dollar on for a few years now and that is the only true way of knowing what you need . You must do this. Because that’s your answer !  
Some months a little higher some lower . But it always comes back $5000. Month for everything.

Does your number include mortgage for your house? If yes, please deduct your mortgage , how much without it?  
Seems a bit high if no mortgage, but that is the reason of my question, I like real numbers.

and animal rescue mean that in our house, 2 retirees, we are spending $6700 per month. Takes away the animals and related extras and that gets cut down to $4000 or $4500.

Debt free ,no mortgage. We have cashed out of our house , sold, and have invested the money , which is bringing in good returns. So we rent . So after sharpening our pencil and talking with our bank investor, we are now living it , we rent for about 400 more than when we owned our paid for home. But .  
Owning cost money, more repairs ,etc. And your money is tied up . Where as our investments keep going up. So offsets the rental inflated number.  
Our cash from our house is invested and bringing in good returns as I said. But we aren’t touching it , it keeps growing for later.  
But if you plan to stay in your home , expect to spend.  
Not when renting. And your cash works for you.  
Talk to your bank investing group about that.  
Again you have to detail every dollar for a many months to see what your exactly spending.  
 
Let me turn this around ....what do you spend ...totally ...a month !  
 
Edited by Blackhorse, 2021-02-08 07:41:14

There are many variables. We can survive on $3000 a month. Especially now with travel restrictions so little vehicle expenses.  
 
If we travel to warmer regions, add $2500 to $5000 for travel related costs.  
 
We have grandchildren three hours away so each trip there adds $200.  
 
We do not eat out except to visit friends. We grow own garden and put up food for winter.  
 
We can survive on $3000 but in reality spend close to $5000 monthly average.

I would say $5000 per month after taxes is about right with no mortgage payments. every one is different but if you want to live the same lifestyle as you lived before retirement that is a good starting point,

Hi deb1  
Did any of this help?  
You have any more questions!

$5000 is pretty close I would say but we also still have a teenager in the house and they can be expensive! I do agree that you have to figure it out on your own. Make a budget and then you will know. We will all have a slightly different number and lifestyle that we live. I also don't think I would retire if I still had a mortgage, thankfully we paid that off well before we contemplated retirement. You might also want to consider the advice of a financial planner if you don't want to figure it out on your own plus they may be able to identify areas that could help you reach your goals.

Blackhorse, I sent you a PM. Thanks.

Most if not all institutions will charge for that line of credit and not disclose it until u ask, so do your due dilegents Deb1.  
Some will even wave it if you ask it to be waved, depending on how long you have been with the institution, how much you have borrowed over time, good credit, etc.  
And maybe only get a line of credit when you are ready to use it, so it doesn't cost you.  
 
Gr8 info here, learned a few things. Gr8 topic

What are you all doing ??  
We have been retired for 10 years. We eat very healthy. Fish, meat or chicken every day. No mortgage just property tax. Have 3 licensed vehicles.  
Go on two major 4 week vacations a year. and a shorter one in between. Have unlimited high speed internet, 250 + channels on satellite dish. Both have cell phones, 3 laptop computers, one desk top we don't use, two tablets.  
Used to go out to restaurant meals every second day. Tip well. Drink beer or wine every day. Pay for our meds. Pay our credit cards off evry month.  
We DO NOT DO DRUGS, DO NOT SMOKE. There is $2000. or more per month ( know from experience, used to do both)  
Prior to Covid we were doing that on a little less than $3000. a month. With the restrictions we have been saving $1000, a month and our bank account has been increasing by that much per month...  
What I did find through out our lives is that you will spend most all your money no matter if you make $16,000. a year or $160, 000 !!!  
A person has to be content with life or no amount of money will suffice nor any amount of gadgets (usually dust collectors)will ever be enough.  
A person does not need everything stores are poking in your face.

Thank you for your perspective. We're not retired, but a lot of the posts above were for more money than we often spend in the month. And we have a mortgage, 5 kids at home (2 being teens), operate 2 vehicles, have 2 cell phones, internet etc, and own a camping trailer. We also have savings and money to help our kids with post-secondary. I thought we were doing something wrong lol!  
 
Everything I've been lead to believe about retirement suggests that you need a much smaller percentage of your peak income to live. There should be no mortgage, no loans (basically, no debt), and no dependent children. If you have any of those, I was told "you can't retire yet". I'm really curious to know what people who spend $5k in retirement are spending it on!!

I have been retired for 4 1/2 years and my spouse 2 1/2 years. Debt free, no mortgage and pay off our credit card every month. We have a trailer at a lake and one golfs. Two vehicles. We live on approx $3500.00 a month from OAS, CPP, one pension and a RRIF. We love to eat out, buy clothes and take bigger vacations occasionally. We buy what we want. We spend well less than the $3500.00 month and feel we live a very comfortable life. We have not had to dip into our savings at all . I find we spend less money than when we were working.  
 
Edited by saltnpepper, 2021-02-08 14:04:04

I’m another one who was reading this thread and shocked lol.  
 
We’re a couple in our mid 30’s, mortgage free, own one vehicle and lease the other, computers, iPads, cells etc, a camper payment, the normal household bills and insurance, money in savings, pretty much buy whatever we want when we want, eat out often (well, takeout now lol) and we are not near $5000 and definitely don’t feel like we’re wanting for anything

I started adding up what we spend monthly and its more than I thought when you write it down! As our bills/life circumstances/life styles are all different I would make a list/spread sheet of your current expenses.  
 
Rent or Mortgage if paying, include extra for home repairs  
Water bill  
Hydro/Gas  
City Taxes  
Phone Bill/Cell Phone bill  
Cable/Internet  
Car insurance, gas, expenses  
House or Apartment Insurance  
Groceries/Household supplies  
If retired, taxes you would pay (as not taken off your paycheque)  
Extra's such as coffee, eating out, entertainment, travel etc.  
Health related costs such as prescriptions, glasses, dentist, etc.  
Budget for clothing or a few extras  
Pets if you have them  
 
I'm probably missing a few but its a start.

works out like this monthly,  
Property tax $300,  
Car ins $110,  
Truck ins $86,  
Tv $119;  
Internet $100,  
Home ins $270,  
Hydro $347,  
Meds $150,  
Home phone $65,  
Mobile phone $85.  
Total $1632 a month. Now add on food, fuel, vehicle service charges and a meal out once a month (pre covid anyway $45).  
Tax prep $30 (as a monthly amount) and you can see we are probably somewhere over $2000.  
This does not take into account any unexpected expenses or furnace service etc.  
Realistically I would work on a figure of around $3000 without looking at holidays. We have used less fuel this year because of the virus.  
We also grow and can a lot of our own produce and about the only "ready " meal would be a pizza once a month.  
We try to purchase groceries when they are on special, make and freeze our own soups, because then we know what has gone into them are fresh home grown ingredients.  
Each persons outgoings will be different depending on circumstances but at least you now have a ball park figure.

Well im sure not feeling sorry for the seniors after reading this thread haha I dont spend that much now that for sure  
 
With mortgage, 2 cars, 3 phones, high speed internet (no cable, just netflix and prime) and a teen we need $2200 to pay the bills, including decent groceries tp ect, with $2500 we are living decently but limit the impulse purchases, with $3000 we can have almost everything we want  
 
We are hoping to retire in 5 years and im aiming for $3k income and house paid off, no loans ect

I should add those prices do include gas and car and house repairs ect but at the lowest end of our budget we are scouring the used and we always do everything we can ourselves, which is a fair bit  
 
I do assume that when we retire we will want to travel a bit more, we can with 3k a month now but not much with $2200. I also assume we will eventually not want to diy everything ourselves too but we also wont have a dependent and mortgages so i am hoping that evens out

And here I thought most elderly and seniors were barely makeing ends meat with old age security, etc.  
Is everyone who responded retired doctors lawyers nurses ? lol  
You all worked hard for that. Impressive

Not sure how many seniors are eating meat on OAS. It's not a lot of money. No lawyer or doctor but did manage to save and plan for retirement while working and didn't blow every dollar. Guess maybe that's why some of us can enjoy a few more things later in life.  
 
Edited by BiG Mack, 2021-02-10 06:26:58

The original post asked what it cost to live per month. When I read the first few responses I thought they were high. Then I reflected on what we have actually spent.  
 
Yes there are months where we comfortably lived on less. There is more to living than heartbeats and breathing.  
 
Some responses I felt were attacks. If I wish to restore an old car, tractor or renovate our house, is that not allowed? I took a vehicle for some preventative maintenance. I am bracing for a bill $1500 to $2500. When I factor expenses like this over a year my per month cost easily inflates.  
 
I want to enjoy my retirement and if that means spending $30,000 more than bread and water, why is this a crime?  
 
I restate my original response. We can comfortably survive on $3000 a month but for the past five years have spent closer to $5000 a month.

FYI Nurses pensions are pretty minimal

HOW MUCH MONEY WILL YOU NEED IN RETIREMENT?  
 
“How much money do I need to have saved up before I retire?”  
 
“At what age can I retire – at 50, 55, 60 or 65 years old?”  
 
“How much income will I need in retirement?” …  
 
https://www.savvynewcanadians.com/money-needed-in-retirement/

I agree. We worked hard. Saved. Invested. Made sacrifices and now we get to enjoy that hard work. Who cares about all the whiners that think they got it so bad. Enjoy your motorhome and traveling around seeing new things.

I dont think anyone faults the retires that can spend 5k a month, you obviously had a good income or invested well while working so good for you  
 
What each individual needs tho will depend on their lifestyle and what they are used to or willing to accept. I know a few people who lived frugally in their working years that now have no bills besides taxes hydro ect who have everything they want on cpp and oas taking very little out of the rsps they have but they do live a simple life with minimal travel ect and they tell me they spend less now in retirement then they did raising kids so for me I am aiming to match what I live on now but with no mortgage or car payment ect.  
 
ps if you are taking out 60k from rsps ect you will need to allow for taxes, whether they are split with spouse or not as well as inflation. as for old age home it will depend if you want private or what the government provides

Hi Deb  
I read a few handful of replies to your question and didn't see this approach, not saying it's not there I didn't see it.  
I'm not retired yet, I'm 59. In 2016 I got divorced and it took away any hope of retirement, or so I thought. Long story short I started exploring options of where I could retire away from winter even if only for the winter months where I could live comfortably and not go bankrupt in the process. When I entered all my criteria into Google Thailand quickly Rose to the top of the list. Now I can guess what some of the readers might be thinking but believe it or not to start off with it's cheaper to fly from Winnipeg to Bangkok Thailand round trip than it is to fly from Calgary to Newfoundland round trip and that's all in the same country. In the four times I've been to Thailand since 2017 the most I paid for a flight was $1,173 that was the very first one this last one was just over $800 in 2020. In 2019 and 2020 both years I spent the winter there to see what it would take money wise. Both times I took $5,000 Canadian with me for 5 months each and returned home with money in my pocket. Yes I lived in Thailand on the cheap but I also toured around the country with the lady from Thailand who I ended up marrying last year that's another story for another time. And we also spent one month in Vietnam also in 2019 and 2020. I've documented my travels on my YouTube channel which I won't promote here because some will think I just replied so I could advertise my channel. Anybody wants to know send me a message and I'll let you know what it is. Anyway you don't have to go to Thailand there are many other options where your dollar goes a lot further than it will stay in Canada or retiring to Arizona or Florida I hope this helps. Happy Retirement.