RRSP calculator - Vancity retirement planning

I am

years old Enter an age between 17 and 77.

I make

per year (after taxes) Enter a positive number.

I have

in savings for retirement Enter a positive number.

This should be your total savings in both RRSPs and TFSAs.

I plan to save

per month Enter a positive number.

I'd like to retire when I'm

years old Enter a number greater than your age, but less than 77.

When I retire, I expect to spend

per year Enter a positive number.

Your investments.

Your investment return can make a big difference for your retirement saving goals.

Annual return rate while working

What do you expect your investments to return while you’re working?

Enter a positive number.

A conservative portfolio may see about 3% in average annual returns, while a growth portfolio may see 6%.

Annual return rate when retired

What do you expect your investments to return when you’re retired?

Enter a positive number.

This rate is often lower in retirement because you may want to move your savings to lower risk options.

Not sure what to put here or how you can earn these returns?
That’s a good sign to talk to a wealth management professional about ways to invest.

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Other income.

For a more accurate retirement estimate, be sure to include other sources of income you expect to receive every year.

Government pensions

This is the default calculated based on the 2023 average pension. You can calculate what you’ll receive and add the annual amount below.

Enter a positive number.

Additional income

Enter the amount of additional income you expect to receive per year from other sources, such as rental income.

Enter a positive number.

Employer pension

If you expect to receive a pension from your employer, add the annual amount here.

Enter a positive number.

Other variables.

We’ve made some assumptions about other factors that can affect your retirement plans.

Life expectancy

We recommend using a life expectancy of 95 years to make sure your estimate is financially responsible.

Enter a number greater than your age.

Inflation rate

Inflation could affect the value of your money in retirement, so we recommending building a 2% gap into your goal.

Enter a positive number.

How does the calculator work?

Our retirement calculator assumes that:

All contributions are made to, or savings held within, an RRSP or TFSA. (Non-registered savings, and any applicable taxes on such savings, are not included in this calculator.)
Any RRSP contribution amount you enter is within your RRSP contribution limit.
Contributions to savings are made at year end.
Any returns, such as interest and dividends, are reinvested into retirement savings; in other words nothing is withdrawn until retirement starts.

The calculator does not consider:

Income tax, which can significantly lower your net income
Old Age Security (OAS) clawback

You should not act or rely on the calculator alone. Please consult one of our wealth management professionals to review your investment objectives and make recommendations that fit your individual needs, which may vary greatly from the above calculations.

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* Vancity does not make any express or implied warranties or representations with respect to any information or results in connection with this calculator. Vancity will not be liable for any losses or damages arising from any errors or omissions in any information or results, or any action or decision made by you in reliance on any information or results. This calculator is for independent use and is not intended to provide investment or financial advice. Actual results may vary, possibly substantially. We cannot and do not guarantee its applicability or accuracy. All examples are hypothetical and are for illustrative purposes only.

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Your investments.

Other income.

Other variables.

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