Return on savings:
*Your calculation includes an assumed amount for Canada Pension Plan (CPP)/ Quebec Pension Plan (QPP) and Old Age Security (OAS).
Your retirement savings goal:
Your projected savings:
Information: You still need to save:You have a surplus of:
Raising your registered retirement savings contribution to $1,285/month will increase your total retirement savings to $1,755,834.
Congratulations! By saving $X/month, you will reach your retirement savings goal and have $X left over.
Changing the amount you're saving per month to $1,200/month, lowering/raising your retirement age to 65 years, and lowering/raising your expected retirement income to $40,000, will change your total retirement savings to $X. Compared to your goal, that’s a surplus/shortfall of $X.
Based on what you’ve told us about yourself, you might find these helpful...
Managing your money
Tips to help you look after your finances.
- How much have you really saved for retirement?
- How do I pay myself when I retire?
- Looking for guaranteed retirement income? Think about an annuity
Ideas for getting and staying healthy.
More about retirement savings
Other helpful retirement savings resources.
To have the same lifestyle you're enjoying today you’ll need an average of 60 to 80% of your pre-retirement income throughout your retirement years. You may need more or less, depending on the retirement lifestyle you want.
This includes all of your registered accounts such as registered retirement savings plans (RRSPs), group RSPs, defined contribution pension plans (DCPP), locked-in RSPs/LIRAs, etc.
A TFSA lets you save for any purpose, without paying taxes on the investment growth. We are assuming your annual TFSA contributions are under the allowed limit.
Rates of return can vary among different kinds of investments and investment styles. For the purposes of this tool, the suggested range is 2% – 7%
*For illustration purposes only, your rate of return may vary. For example, if you have only stocks in your portfolio, you may see better than 7% return on your investment.
The expected annual retirement income of $x is close to the estimated amount you would receive from the Canada Pension Plan (CPP) and Old Age Security (OAS). However, this may not be enough to meet your retirement needs.
Increase How much you'll need in retirement (annually) to a value that will comfortably provide you with enough income in retirement.