Retirement Plan

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

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.

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

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.

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

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.

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%.

What you expect for the average long term inflation rate.

Annual percent increase you expect in your household income.

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.

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.