Financial Calculators

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Retirement Planner

Do you know what it will take to create a secure retirement? Use this calculator to help you create your retirement plan. View your retirement savings balance and your withdrawals for each year until the end of your retirement.

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Definitions

Current age
Your current age.

Age of retirement
Age you desire to retire.

Gross annual income
Your total household income. If you are married, this should include your spouse's income.

Current retirement savings
Total amount that you currently have saved toward your retirement. Include all sources of retirement savings except for your pension income.

Pre-retirement rate of return
The annual percent you expect to earn on your investments before you retire.

Post-retirement rate of return
The annual percent you expect to earn on your investments after you retire.

Percent of income to save
The percentage of your annual income you will save for your retirement goals.

Expected salary increase
Annual percent increase you expect in your household income.

Years until retirement
Number of years before retirement.

Years of retirement income
Total number of years you expect to use your retirement income.

Percent of income at retirement
The percent of your working year's household income you think you will need to have in retirement. This amount is based on your last year's salary. The default is 70%. You can change this amount to be as low as 50% and as high as 150%.

CPP (Canada Pension Plan) or QPP (Quebec Pension Plan)
The CPP/QPP ensures a basic income for retired workers. If you have paid into the CPP/QPP, you are entitled to receive a monthly payment when you retire. CPP/QPP is payable at age 65 (it can be as early as age 60 or as late as age 70). This is based on a final average calculation of your salary. A maximum pensionable earnings of $775 applies to those who earned $37,600 or more in 2001. Should you choose to retire early, your monthly CPP income will be reduced by 0.5% per month for every month before 65. If you choose to delay retirement, your monthly CPP income will be increased by 0.5% per month for every month after age 65. This calculator assumes a retirement age of 65. For additional information, click here.

RRSP (Registered Retirement Savings Plan)
This government sponsored financial planning program allows citizens to contribute 18% of their previous years gross income into a tax sheltered retirement account. This calculator allows you to save more than 18% of your income but it should be noted that tax has not been incorporated into the calculator. In addition, if you have a company pension plan this may reduce your maximum annual contributions by what is called a "pension adjustment".

Monthly OAS (Old Age Security)
The Old Age Security pension is a monthly benefit available, if applied for, to most Canadians 65 years of age or over. If your net income in 2001 exceeds $55,309, you must repay 15% of the excess net income up to the full OAS payment. OAS benefits are reduced at the time of payment to reflect this deduction. For additional information, click here.

Expected Rate of Inflation
What you expect for the average long term inflation rate.

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Information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.


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