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Retirement Planning
How could your savings support life after work?
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Retirement Needs Calculator
Compare a retirement spending target with pensions and savings, in today’s dollars.
Retirement Needs Calculator
Enter your own numbers. Use 0 for amounts that do not apply, and tap ⓘ for help.
Your age now, in whole years.
The age when you plan to stop working and start using retirement income.
The age until which you want the estimate to provide income. For example, retiring at 65 and planning through 95 means 30 years of retirement.
What you would want to spend each month in retirement, using today's prices. Include housing, food, travel and other costs. The calculator handles your inflation assumption separately.
Your estimated combined monthly pension income after tax, including workplace pensions, Canada Pension Plan (CPP) and Old Age Security (OAS), using today's prices. Use personal estimates or statements, not maximum advertised benefits. This tool assumes this income starts at retirement and continues throughout.
Savings already set aside for retirement, allowing for any tax when withdrawn. Do not treat an RRSP balance as entirely spendable cash. If the tax amount is unclear, discuss it before relying on the result.
What you plan to save each month before retirement, in today's dollars. This illustration assumes you increase that amount with inflation over time.
An example yearly investment return after fees and taxes. It is an assumption, not a guarantee. The calculator then adjusts it for inflation.
The yearly rise in prices assumed for the example. A 2% rate means something costing $100 today would cost about $102 next year. Actual inflation varies.
Enter your details to see your estimate.
All results are in today’s Canadian dollars. Results depend on the assumptions you enter; they are not forecasts.
Assumptions and limitations
Uses a real return: (1 + return) ÷ (1 + inflation) − 1. Contributions and pensions keep pace with inflation; contributions occur at month-end and retirement withdrawals at month-start. Pension amounts are your estimates after tax, starting at retirement and continuing throughout. CPP/OAS eligibility, start dates, recovery tax and pension indexing are not calculated. Enter usable savings after allowing for withdrawal tax; an RRSP balance is not equivalent to TFSA cash. Assumes constant returns and spending, no estate balance at the end age, and no additional pension assets counted twice. Does not model market volatility, longevity beyond the end age, changing taxes or care costs. If already retiring, the funding gap must be met from existing resources or a revised plan; monthly savings needed is shown as zero because no saving period remains. This is not a recommended withdrawal rate or investment plan.
Educational estimate only. Review your situation before making a financial decision.