Spending Trends

People tend to spend differently depending upon their stage in life.

Everyone knows that it costs more to raise a family and buy a home, but as the children move on and you pay off that mortgage, household expenses tend to fall.

Some examples:

$66,800 – average total expenditure of individuals in all households

$56,500 – average total household expenditure for people between 55 – 64

$37,700 – average total household expenditure for people between 65 -74

$30,900 – average total household expenditure for people over 75

Based on those levels of spending, people would need the following percentages of their pre-retirement income:

67% – for people between 55 to 64

55% – for those between 65 to 74

40% – for people 75 and older

Source: Statistics Canada