QuickPlanner - Retirement Calculator
Personal Information  
Current Age  
Retirement Age  
At age 65, how many years will you have been a resident of Canada  
Current Gross Annual Income (before taxes)  
Guideline for Gross Retirement Income  (see notes)  
Desired Gross Retirement Income in Today's Dollars (before taxes)  
Age to Which You Will Need to Receive Retirement Income (minimum of 85 years is recommended)  
Government Benefits  
Guideline for CPP Benefits  (see notes)  
Estimated Monthly CPP Benefits (today's dollars)  
Guideline for OAS Benefits (see notes)  
Estimated Monthly OAS Benefits (today's dollars)  
Pension Plan Information    
Are you a member of a Defined Benefit Pension Plan  
Estimated Monthly Pension Benefits (today's dollars - see notes)  
Are you a member of a Defined Contribution Pension Plan  
Current Value of your pension plan  
Are you and/or your employer making contributions to this plan  
Guideline for pension contribution rate - see notes  
Contribution rate to your plan (Employer & Employee Combined - see notes)  
Estimated Value of Defined Contribution Pension Plan at Retirement  
Personal Savings Information    
RRSP Current Value  
RRSP Estimated Annual Contributions  
Estimated Value of RRSP at Retirement  
TFSA Current Value  
TFSA Estimated Annual Contributions  
Estimated Value of TFSA at Retirement  
Taxable Investments Current Value  
Taxable Investments Estimated Annual Contributions  
Estimated Value of Taxable Investments at Retirement  
Estimated Rate of Return in Pre-retirement Period  
Rate of Inflation (annual cost of living increase)  
Other Income in Retirement    
Additional Monthly Income in Retirement (rental property, employment, etc)  
Number of years additional income will be earned  
Standard Projections    
Estimated Future Value of All Savings Accumulated at Retirement Date  
Investment Surplus or Shortfall*  
Estimated Sustainable Annual Gross Income in Today's Dollars (before taxes)  
Stress Tested Projections    
Future Value of All Savings Accumulated at Retirement Date  
Investment Surplus or Shortfall*  
Estimated Sustainable Annual Gross Income in Today's Dollars (before taxes)  
The calculations make several assumptions that may differ dramatically from your individual situation. Government benefits are assumed to be taken at retirement or as soon as you are eligible after retirement. Some pension plans do not provide a guaranteed monthly income; some pension plan benefits are not indexed to inflation. The calculation does not consider the impact of taxation on your income which can vary widely from one investor to another depending on sources of income and other factors. This calculator does not take into account the variability of returns which can be a significant factor in determining whether or not you will have sufficient assets to generate the level of income you desire in retirement. This calculator should be used as a primary analysis only and a more detailed analysis of your financial situation should be undertaken.
Tips for using the QuickPlanner
Retirement Income
The QuickPlanner provides you with an estimate for retirement income that will provide you with approximately the same standard of living as you enjoyed in pre-retirement. The value is less than your pre-retirement income but some expenses like payroll taxes disappear; there is no need for contributing to savings and in most cases, once you are 65 years old you are taxed at a lower rate.
Keep in mind that this is a guideline only and you should choose a retirement income with which you are comfortable. Developing a retirement budget will provide you with the most accurate estimate of income needs.
Government Benefits
The QuickPlanner also provides you with an estimate for any CPP and OAS benefits you may qualify for in retirement. A more accurate estimate can be achieved using the CPP & OAS Maximizer. Be sure to enter your future benefits in "Today's Dollars" and not actual dollars received.
If you are retiring before age 65, be sure to enter the amount of OAS you would expect to receive at age 65, the QuickPlanner makes the adjustments required to bridge those years between when you retire and when you are first eligible for OAS.
The QuickPlanner considers any OAS clawback based on your gross retirement income when providing you with an estimate of OAS benefits for which you would be eligible at age 65.
OAS benefits are based on years of residency in Canada rather than years of citizenship as a Canadian.
Pension Plan Information
Include information from pensions to which you are currently contributing and pensions where you have made contributions in the past and are still entitled to benefits.
If you are a member of an employer sponsored pension plan consult your pension statement for relevant details.
For "Defined Benefit" plans enter the amount of monthly payments you will receive at your retirement date. Do not include any bridge benefits.
For "Defined Contribution" plans enter the most recent value of the plan and the level of contributions being made. Frequently companies will match the level of contributions of the employee up to a maximum amount. The QuickPlanner has suggested a guideline of 4% for the employee and 4% for the employer.