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Income needs analysis - Your retirement income planner
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To determine your retirement income needs, start by calculating your monthly expenses. Next, list all sources of your income. Include all items that apply, including a social assistance plan.
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MONTHLY EXPENSES
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Living expenses
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Mortgage/rent $ -
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Property insurance $ -
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Property taxes $ -
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Food $ -
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Utilities
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 Electric and water $ -
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 Heat $ -
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 Phone $ -
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 Other (cable, Internet, satellite, etc.) $ -
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Sub-total living expenses $ -
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Transportation
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Car payment $ -
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Insurance $ -
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Gas $ -
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Maintenance (including oil changes) $ -
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Public transportation $ -
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Taxi $ -
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Sub-total transportation $ -
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Medical expenses
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Prescriptions $ -
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Home care $ -
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Other $ -
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Sub-total medical $ -
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Other expenses
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Charitable donations $ -
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Entertainment $ -
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Clothing $ -
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Gifts $ -
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Vacation $ -
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Hobbies:
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1 $ -
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2 $ -
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3 $ -
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Sub-total other $ -
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TOTAL MONTHLY EXPENSES $ -
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SOURCES OF INCOME (after tax)
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Spouse ASpouse B
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External sources
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Employment $ - $ -
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Canada Pension Plan $ - $ -
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Old Age Security $ - $ -
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Company pension $ - $ -
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Registered plans
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RRSPs $ - $ -
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RRIFs $ - $ -
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LIFs/LRIFs $ - $ -
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Payout annuity $ - $ -
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Non-registered investments
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Dividends/investment income $ - $ -
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Canada Savings Bonds: Yield
(%)		Bond
value ($)		Monthly
amount
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Series #0.00%$0.00$0.00
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Series #0.00%$0.00$0.00
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Series #0.00%$0.00$0.00
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Payout annuity $ - $ -
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Insurance
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Disability, worker’s compensation $ - $ -
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Other
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 $ - $ -
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TOTAL MONTHLY INCOME $ - $ -
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Combined total monthly income (spouse A + spouse B)
 $ -
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Less total monthly expenses: $ -
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BALANCE (+/-)$0.00
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If the final balance is positive, then you should have enough income to meet your monthly needs. If the combined total is negative, you may need to adjust your budget or plan for additional sources of income.
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THE ABOVE SHOULD NOT BE TAKEN AS PROVIDING LEGAL, ACCOUNTING OR TAX ADVICE. THIS INFORMATION IS GENERAL IN NATURE, AND IS INTENDED FOR EDUCATIONAL PURPOSES ONLY.
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Freedom 55 Financial and design are trademarks of London Life Insurance Company. Quadrus Investment
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Services Ltd. and design, Quadrus Group of Funds, invest@Quadrus and Fusion are trademarks of Quadrus
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Investment Services Ltd. used with permission by London Life Insurance Company.
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