How much do you need to retire in Quebec?

Q: How much do you need to retire in Quebec?

An average Quebec household spends about $64,557 a year. After expected CPP and OAS benefits, covering the rest from age 65 through life expectancy needs roughly $682,261 in savings (today's dollars, 3.5% real return) for a single income. A couple — with two sets of CPP and OAS — needs considerably less, so set the benefits to your own situation.

Estimate the nest egg you'll need and whether you're on track — using Quebec household spending, your expected government benefits, and life expectancy. Education, not advice.

Current age

Retirement age

Current savings

Monthly contribution

Annual spending in retirement

Pre-filled with average Quebec household spending — adjust to your plan.

Expected annual benefits

CPP + OAS for one person, gross. A couple gets about double — which lowers the target a lot. Most receive less than the maximum.

You'll need about

$682,261

Short by $204,058

Projected $478,203 at retirement. Save about $922/month more to close the gap.

Roughly $682,261–$778,194 depending on investment returns.

Planning from age 65 to about 86 (20.9 more years, life-table based).

Assumes a 3.5% real (after-inflation) return — 2% at the conservative end — withdrawals through your life expectancy, and today's dollars. Pre-tax and simplified: it doesn't model tax on withdrawals, RRIF minimums, or OAS clawback.

By the numbers

Retiring in Quebec: the numbers

A 65-year-old in Quebec can expect to live about 20.9 more years, versus 21.2 for Canada as a whole.

Typical CPP and OAS at 65 ($19,708 a year) leave about $19,549 after federal and provincial income tax ($159 in tax).

To cover the average household's spending of $64,557 a year after tax, a 65-year-old would need about $64,192 a year in RRIF withdrawals on top of CPP and OAS. The total income tax bill would be about $19,344.

The resulting savings target of $682,261 is the 7th highest of the 10 provinces.

Retirement

Typical spending in Quebec

Average household, per year — the basis for the pre-filled spending estimate.

Living costs

$64,557

current consumption

Shelter

$17,596

housing, utilities

Total spending

$94,321

incl. taxes & savings

Educational information only — not financial advice. This is a simplified, pre-tax estimate; speak with a qualified advisor for a real plan.

What's next

What's your after-tax retirement income?Net income by source — TFSA, RRIF, CPP, OAS.Which drawdown strategy wins?Meltdown vs minimum RRIF on lifetime tax.Net worth at your ageHow your wealth compares to your peers.