Calculators

Retirement/RRSP

What income will my retirement savings provide?

Use this calculator to determine how much monthly income your retirement savings may provide you in your retirement. Your annual savings, expected rate of return and your current age all have an impact on your retirement's monthly income.

Definitions

Current age

Your current age.

Age of retirement

Age you wish to retire. This calculator assumes that the year you retire, you do not make any contributions to your retirement savings. So if you retire at age 65, your last contribution happened when you were actually age 64.

Annual contributions

The amount you will contribute to your retirement savings each year. This calculator assumes that you make your contribution at the beginning of each year.

Rate of return before retirement

This is the annual rate of return you expect from your investments before taxes. The actual rate of return is largely dependent on the type of investments you select.

Rate of return during retirement

This is the annual rate of return you expect from your investments during retirement. It is often lower than the return earned before retirement due to more conservative investment choices to help insure a steady flow of income. The actual rate of return is largely dependent on the type of investments you select.

Current tax rate

Your current marginal tax rate you expect to pay on your taxable investments.

Retirement tax rate

The marginal tax rate you expect to pay on your investments at retirement.

If savings is tax deferred checkbox

Check this box if your retirement savings are deposited in a tax-deferred account, such as an RSP, an individual retirement account or a 401 (k) (United States), a variable pension or other means of tax deferred funding.

To increase deposits with inflation checkbox

Check this box if wish to have your annual contribution increased each year to keep up with inflation.