Retirement Plan

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Tell Us About Yourself:

Please enter your total household income, so if you’re married, include your spouse’s income as well.

Tell us about your company pension and CPP/OAS:

Please enter your monthly figure, which your employer should include on your pension statement.

Note: effective in 2011, changes in CPP may affect the results shown.

The CPP ensures a basic income for retired workers. If you’ve paid into CPP, you’re entitled to receive a monthly pension payment as early as age 60 or as late as age 70.

CPP is based on how much, and for how long, you contributed to the plan and the age you choose to start your payments. As of January 2011, the maximum CPP payment is $960.00 per month.

If you choose to start your payments earlier than age 65, your monthly CPP payment will be reduced by a percentage per month determined and published by the Government of Canada.

If you choose to delay retirement, your monthly CPP payment will be increased by a percentage per month determined and published by the Government of Canada.

These values will be changing over the next several years. Please click here for more information.

This calculator assumes that you start receiving your benefits at age 65 or at the age you retire, whichever is later.

The Old Age Security pension is a monthly benefit available, if applied for, to most Canadians 65 or over who have lived in Canada for at least 10 years after reaching 18.

If your net income exceeds certain thresholds, you must repay part, or all, of the maximum pension amount. The repayment amounts are normally deducted from the monthly payments before they are issued.


Tell us about your retirement savings:

Total amount that you currently have saved toward your retirement. Include all sources of retirement savings except for your pension income.
Age I will retire
Age to start CPP

Note: effective in 2011, changes in CPP may affect the results shown.

The CPP ensures a basic income for retired workers. If you’ve paid into CPP, you’re entitled to receive a monthly pension payment as early as age 60 or as late as age 70.

CPP is based on how much, and for how long, you contributed to the plan and the age you choose to start your payments. As of January 2011, the maximum CPP payment is $960.00 per month.

If you choose to start your payments earlier than age 65, your monthly CPP payment will be reduced by a percentage per month determined and published by the Government of Canada.

If you choose to delay retirement, your monthly CPP payment will be increased by a percentage per month determined and published by the Government of Canada.

These values will be changing over the next several years. Please click here for more information.

This calculator assumes that you start receiving your benefits at age 65 or at the age you retire, whichever is later.

Years of retirement income
Total number of years you expect to use your retirement income.
% of gross annual income to contribute ( ).

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

You may need to take into consideration certain factors such as unused contribution room, annual RRSP contribution limits, pension adjustments, and other items that impact the amount of income that can be invested in tax sheltered retirement savings on an annual basis.

What % of your income do you expect to spend in retirement (This would equal   in today's dollars)
As a rule of thumb, planners suggest using 70% of your pre-retirement income. Generally, retirement expenses are lower because your debts may be paid off, children are generally living on their own, etc.. But this all depends on your lifestyle choices! Please enter the percentage of your working year's household income (both yours and, if applicable, your spouse’s) you think you’ll need for your retirement. This amount should be based on the income you’ll earn during the final year you work. The total amount can be anywhere from 0-150%.
Expected annual inflation (%)
What you expect for the average long term inflation rate.
Expected annual salary increase (%)
Annual percent increase you expect in your household income.
Rate of return before retirement (%)
The annual percent you expect to earn on your investments before you retire. Please use a realistic rate. Consult an investment professional for an appropriate rate of return.
Rate of return during retirement (%)
The annual percent you expect to earn on your investments after you retire. If you plan on withdrawing your money within five years, you may wish to choose a more conservative rate of return. Please use a realistic rate. Consult an investment professional for an appropriate rate of return.

Current Age Age of Retirement
Gross Annual Income Current Retirement Savings
Rate of Return Before Retirement Rate of Return During Retirement
Percent of Income to Contribute Percent of Income at Retirement
Years of Retirement Income Monthly Company Pension
Monthly CPP Pension Monthly OAS Pension
Begin CPP at Age Expected Rate of Inflation
Expected Salary Increase

Results

At age  , you will have   saved. At the end of your retirement, you will have   remaining.
At age   , you will have   saved. Your retirement savings will support you until you are approximately    years old.

Next Steps

Your plan is on track—visit us today so we can review your results and help ensure the rates of return, risks for tolerance and other variables are in line with your comfort level. Even though you are on track, proper advice can help to ensure you stay on the right track! Talk to one of Meridian's wealth management professionals today, or find your nearest branch.
Your plan needs a review – we can help! Talk to one of Meridian's wealth management professionals today, or find your nearest branch.

Important: This calculator assumes your savings are in tax-sheltered accounts (e.g. RRSP, TFSA, etc.)

Important: Effective 2011, changes in CPP may affect calculation results. For further details, click here.

 

Meridian Credit Union