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Income
Let’s get a sense of your monthly income.
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CPP Average as of Oct 2019 is $672.87 https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-benefit/amount.html
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OAS Maximum Monthly Amount as of Jan 2020 is $613.53 https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/payments.html#tbl1
Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec. The content of this publication is provided for informational purposes only and is not intended to provide specific financial, investment, tax, legal, accounting or other advice for you, and should not be relied upon in that regard. All charts, illustrations, examples, case studies and other demonstrative content are general and have been provided in this publication for illustrative purposes only. The case studies included do not represent actual events or real individuals. While efforts are made to ensure the accuracy and completeness of the information at the time of publication, errors and omissions may occur. Readers should consult their own professional advisors when planning to implement a strategy. This will ensure that individual circumstances have been considered properly and that action is taken on the latest available information. Interest rates, market conditions, tax and legal rules and other investment factors are subject to change.
Expenses
Now, let’s look at your estimated monthly expenses.
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Home Maintenance and Repairs
Groceries
Dining
Shopping
Entertainment
Travel
Gym
Dependents
Education
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*
CPP Average as of Oct 2019 is $672.87 https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-benefit/amount.html
**
OAS Maximum Monthly Amount as of Jan 2020 is $613.53 https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/payments.html#tbl1
Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec. The content of this publication is provided for informational purposes only and is not intended to provide specific financial, investment, tax, legal, accounting or other advice for you, and should not be relied upon in that regard. All charts, illustrations, examples, case studies and other demonstrative content are general and have been provided in this publication for illustrative purposes only. The case studies included do not represent actual events or real individuals. While efforts are made to ensure the accuracy and completeness of the information at the time of publication, errors and omissions may occur. Readers should consult their own professional advisors when planning to implement a strategy. This will ensure that individual circumstances have been considered properly and that action is taken on the latest available information. Interest rates, market conditions, tax and legal rules and other investment factors are subject to change.
Your monthly cash flow is $0
You are on the right track! It looks like you have a healthy budget.
Not bad. It looks like you are balancing the books.
Hmmm. It looks like there's room for improvement in your budget.
Income
Fixed Expenses
Lifestyle Expenses
You have an estimated monthly surplus of $0 after retirement.
Your monthly cash flow is $0
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Let’s take your spare cash to the next level.
Here are some suggestions for your consideration based on your results:
Invest your money
Consider boosting your surplus by contributing to GICs, Mutual Funds and other investments. An RBC advisor can help you choose the right mix for your portfolio.
Explore investment solutionsHelp reduce tax
There are ways to help reduce your income taxes in retirement. Explore tax-saving strategies like contributing some of your surplus to a TFSA or splitting pension income with your spouse or common-law partner.
Get more tax-saving tipsBuild your emergency fund
Most financial professionals suggest having three-to-six months’ worth of income saved to stay ready for the unexpected. With no minimum balance and no monthly fees, an RBC High Interest eSavings® account is a great place to bank your excess cash.
Learn more about this accountLet’s help build you an even bigger cushion.
Here are some suggestions for your consideration based on your results:
Save your money
An easy way to save money faster is to start an RBC pre-authorized contribution plan. Set it up once, and your savings will automatically keep growing over time.
How it worksAssess your spending
You may be spending more than you think you are. Take a close look at your expenses and review them with one of our advisors to see if you can find ways to cut back to improve your cash flow balance
Speak to a Financial PlannerSet tangible goals
Reach your retirement goal with MyAdvisor. It’s a personalized service that offers interactive planning tools and extensive advisor advice at no extra cost.
Learn more about MyAdvisorLet’s help get you out of the red.
Here are some suggestions for your consideration based on your results:
Assess your spending
You may be spending more than you think you are. Take a close look at your expenses and review them with one of our advisors to see if you can find ways to cut back to improve your cash flow balance
Speak to a Financial PlannerSet tangible goals
Reach your retirement goal with the help of MyAdvisor. It’s a personalized service that offers interactive planning tools and extensive advisor advice at no extra cost.
Learn more about MyAdvisorReduce your debt
If retiring with debt is a concern, you aren't alone. With more and more Canadians facing this challenge, consider consolidating your debts for a clearer picture of your financials.
View debt management tipsTake Control of Your Retirement
Review your results with an RBC Advisor today.
Call us at 1-866-808-3178
Call us at 1-866-808-3178
*
CPP Average as of Oct 2019 is $672.87 https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-benefit/amount.html
**
OAS Maximum Monthly Amount as of Jan 2020 is $613.53 https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/payments.html#tbl1
Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec. The content of this publication is provided for informational purposes only and is not intended to provide specific financial, investment, tax, legal, accounting or other advice for you, and should not be relied upon in that regard. All charts, illustrations, examples, case studies and other demonstrative content are general and have been provided in this publication for illustrative purposes only. The case studies included do not represent actual events or real individuals. While efforts are made to ensure the accuracy and completeness of the information at the time of publication, errors and omissions may occur. Readers should consult their own professional advisors when planning to implement a strategy. This will ensure that individual circumstances have been considered properly and that action is taken on the latest available information. Interest rates, market conditions, tax and legal rules and other investment factors are subject to change.
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