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10.1.6 Your retirement lifestyle

From: Financial Consumer Agency of Canada

How do you see yourself spending your time as a retired person? Your lifestyle choices will affect the amount of money you will need.

My retirement lifestyle

Check the statements that apply to you.
Lifestyle choice Comments
Depending on how you travel and where you go, you may need to save extra money to finance your travel plans.
Shows, movies, skiing and sports clubs can be expensive. If you want to pursue costly pastimes, be sure to budget for them.
Volunteers keep communities going—and being a volunteer likely won't add to your retirement costs, unless you incur costs for transportation or clothing.
If you have major home renovations in mind, you will need to save for that. On the other hand, growing your own food can help to reduce your living expenses.
Many seniors love being unpaid babysitters. Unless you are helping to support your family or you live in a different city, spending time with children and grandchildren shouldn't put a strain on your retirement savings.
If you want to indulge in a consumer lifestyle, start saving now!
You may save on maintenance costs and property taxes if you move into a smaller home (but note that downsizing does not necessarily save you money). You may also gain funds from the sale of your original home, which you can invest for retirement income. If you plan to move into a condominium, be aware that you will have to pay monthly condo fees as well as occasional assessments for special projects.
Socializing doesn't have to be expensive—but it can be costly if the way you spend time with friends is by going out for meals or travelling together.

Think about how you want to spend your time. Then investigate the costs of these activities, and add them to your retirement budget.

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