Return on savings:
*Your calculation includes an assumed amount for Canada Pension Plan (CPP)/Quebec Pension Plan (QPP) and Old Age Security (OAS).
Your retirement savings goal:
Your projected savings:
Information: You still need to save:You have a surplus of:
Raising your registered retirement savings contribution to $1,285/month will increase your total retirement savings to $1,755,834.
Congratulations! By saving $X/month, your total retirement savings will be $X with a surplus of $X.
Changing your total savings contribution to $1,200/month, lowering/raising your retirement age to 70 years, and lowering/raising your expected retirement income to $33,000, will change your total retirement savings to $X with a surplus/shortfall of $X.
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Expected retirement income
On average, you may need approximately 60‑80% of your pre-retirement income in retirement, to live the same lifestyle you're living today. You may require more or less, depending on your desired lifestyle in retirement.
Registered retirement savings
This includes all of your registered accounts such as registered retirement savings plans (RRSP), group RSPs, defined contribution pension plans (DCPP), locked-in RSPs/LIRA, etc.
The expected annual retirement income of $x is close to the estimated amount you would receive from the Canada Pension Plan (CPP) and Old Age Security (OAS). However, this may not be enough to meet your retirement needs.
Increase your Expected retirement income percentage to a value that will comfortably provide you with enough income in retirement.