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How to establish your budget at retirement

  1. Create a monthly retirement budget
  2. Take another look at your estate planning
  3. Talk to the experts

Now that the initial excitement of transitioning to retirement has faded, you're in an even better position to pinpoint your financial needs.

Your priorities and activities may have changed, but all your planning is still paying off.

From now on, all you need to do is review your financial situation and make any changes needed to maintain it.

Follow the 3 steps described in this action plan.

Money matters

Even at retirement, it's important to always maintain the most detailed budget possible. That way, you'll know where you stand at any given moment.

Make sure you're living within your means, and, if not, determine whether you need to make any lifestyle changes.

Assess whether you should put aside more money for healthcare, depending on your physical condition.

Tools and tips

Your retirement budget

Evaluate your retirement income and expenses.

Do the math - Your retirement budget

5 essential questions about retirement

How to make sure you get the most from your RRSP.

Read tip - 5 essential questions about retirement

RRIFs, LIFs and taxation

All withdrawals are taxable and included as annual income.

Read tip - RRIFs, LIFs and taxation

Why some budgets don't work

Accuracy and self-discipline are key to sticking to your budget.

Read tip - Why some budgets don't work

My budget tool

Available exclusively to Desjardins caisse members, the My budget management tool gives you an accurate picture of your everyday income and expenses.

Learn more - Budget management tool

Estate planning isn't something most people look forward to doing. But making sure your wishes are known and your affairs are in order will make that difficult time a little easier for your loved ones.

  • Make any necessary adjustments based on your current situation.
  • Let your loved ones know what your last wishes are.
  • Give the liquidator of your estate an up-to-date copy of your personal record. Be sure to include all important information relating to your property and other personal effects, investments, insurance, debtors and creditors, will, enduring power of attorney, etc.
  • Determine whether you should see a notary, lawyer, accountant or tax specialist for the more complex aspects of your estate planning.

Tools and tips

Losing a loved one

How to stay focused on the essential when the worst happens.

Read tip - Losing a loved one

Talk to a representative or financial planner about:

  • evaluating your financial situation
  • reviewing your savings withdrawal strategy
  • converting your RRSP to a registered retirement income fund (RRIF), if you're nearing 71 years

Talk to a representative or your financial institution about:

  • making sure your insurance policy and retirement savings plan beneficiary designations are up-to-date to date to avoid any delays in settling your estate
  • how they can contact your liquidator (name, address, phone number, etc.)

Talk to a lawyer or notary about:

  • the more complex aspects of your personal situation
  • any improvements you can make to your plans
  • ensuring your documents comply with the applicable legislation

Talk to an accountant or tax specialist about:

  • the more complex aspects of your personal situation, especially if you've got a lot of assets
  • how to improve your plans

The Desjardins Personal Financial Index

Measure your financial skills and knowledge.

My index - Budgeting, debts, savings, insurance...
My index 2 - Have you taken control of your finances?
My index 3 - Spending, saving, protecting your assets...

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