Make a must-have list - MoneySense

Make a must-have list

Figure out what you must have during your retirement so you can estimate how much it’ll cost


You want to make sure you have enough to live on without feeling deprived of anything vital.

Think of your retirement as two separate figures: one for things you must have, the other for things it would be nice to have. Estimate your target figure by totaling up how much you spend in all areas, then deducting the expenses that will disappear in retirement.

Most middle-class couples are delighted to discover that they arrive at a must-have figure that amounts to just $30,000 to $40,000 a year in after-tax income.