Retirement Calculator
See how well your savings plan will meet your income needs in retirement.
Income Need
Current age
Retirement starts at age
Retirement ends at age
Current annual income (maximum value $1 million)
Index income to inflation rate of (maximum value %)
How much will you need at retirement?
|
35
|
|
65
Retirement Starts at Age
If you are already retired, enter the same age as your current age. |
|
90
|
|
65,000
Current Annual Income
Enter your current annual income (before tax). |
|
2.00%
Input Error: Inflation Rate
Enter a value between and % |
| Inflated income at retirement |
$213,267
|
|
75.00%
How Much Will You Need At Retirement?
Typically, you will need less income during retirement. A general guideline is 70% to 80% of pre-retirement income. |
| Income need in first year of retirement |
159,950
|
Retirement Investments
Current value of investments (maximum value $10 million)
Annual investments (maximum value $250,000)
Start at age
End at age
Rate of Return on Investments:
Before retirement (maximum value %)
During retirement (maximum value %)
|
50,000
Current Value of Investments
Enter the combined value of your RRSPs, TFSAs and non-registered investments. |
|
5,000
Annual Investments
Enter the approximate amount you can invest each year. |
|
35
|
|
65
|
Before retirement (maximum value %)
|
6.00%
Input Error: Rate of Return
Enter a value between and % |
|
4.00%
Input Error: Rate of Return
Enter a value between and % |
Retirement Income
Government Pensions
Canada Pension Plan (maximum value $)
Old Age Security* (maximum value $)
Company Pension
Annual pension (in today's dollars) (maximum value $2 million)
Start at age
End at age
Other Income
Annual income (in today's dollars) (maximum value $1 million)
Start at age
End at age
Canada Pension Plan (maximum value $)
|
8251
Canada Pension Plan
The average annual CPP retirement benefit is $ as of . The maximum benefit is $ as of . |
|
7,384
Old Age Security
The maximum annual OAS retirement benefit is $ as of . |
| Total (in today's dollars) |
20,685
|
Annual pension (in today's dollars) (maximum value $2 million)
|
0
Annual Pension
Enter the approximate amount you will receive from your company's defined benefit pension plan in today's dollars. |
|
65
|
|
90
|
Annual income (in today's dollars) (maximum value $1 million)
|
0
Annual Income
Enter any income from part-time work, self-employment or a rental property during retirement. |
|
65
|
|
75
|
Results
Assumptions
CPP, OAS, company pensions and other income are all indexed to the entered inflation rate of %. The CPP and OAS benefits start at age 65. Annual investments are made at the end of the year and are not indexed. All calculations are before taxes.
* The OAS clawback is not factored into these calculations. OAS payments are reduced by 15% of every dollar over a net income of $86,912 and fully eliminated when income is over $141,917 (in 2023).
Disclaimer
CPP, OAS, company pensions and other income are all indexed to the entered inflation rate of %. The CPP and OAS benefits start at age 65. Annual investments are made at the end of the year and are not indexed. All calculations are before taxes.
* The OAS clawback is not factored into these calculations. OAS payments are reduced by 15% of every dollar over a net income of $86,912 and fully eliminated when income is over $141,917 (in 2023).
Disclaimer
