The purpose of this question is to project your retirement income needs. There are 3 steps/answers required: estimating annual expenses, estimating length of retirement and estimating return on savings. Using your budget assignment, how much is your yearly spending? Use an inflation calculator like this one to determine what you need to save to maintain the standard of living: Inflation Calculator - Save Enough to Account for Inflation (buyupside.com). Will you account for needing 100% of your annual expenses in retirement? Most retirement calculators will suggest using 60-100% of your annual expenses to project needs in retirement. The average life expectancy in Canada now is 82. What age do you want to retire? Your answer determines the 2nd step of this answer. Finally, depending on your risk tolerance, you can estimate a return on your savings/investments. Do some research and suggest an average return for what you plan to be invested. 2. From the Your Financial Tool Kit handout in class (My Retirement Income PDF included in this module), what ways will you have available to save? List all that apply including government, employer and private. As a follow up, will you have both a TFSA and RRSP? Why or why not?