You’ll also stop paying into the Canada Pension Plan and Employment Insurance. For people earning more than $40,000, those costs alone can add up to more than $2,000 a year.

At the same time, other costs may go up, including:

• Paying dental and medical bills (if the health plan you had at work ends)
• Supporting children through university or college, or
• Helping aging parents.

But there are many ways to spend less after you retire. You can spend less on debt, housing, groceries, travel, health, and extras.

Remember: If you spend less, you can retire on less money.

To cut your costs, start with housing, because it may be your biggest cost each month. But don’t forget that the little things add up too. When you stop spending in some areas, you free up dollars for other things you may need or value more. 

Find out how to:

Spend less on debt

Lower your housing costs

Cut your grocery bill

Spend less to get around

Pay less for health care

Reduce your extra spending