Canadian Retirement Income Calculator - Retirement Savings

Your contributions are tax deductible and your money will grow tax-free until you withdraw it from your plan.

December 31 of the year you turn 71 years old is the last day that you can contribute to your RRSPs.
In the year you turn 71 years old you have to choose one of the following options for your RRSPs:

• withdraw them;
• transfer them to a RRIF; or
• use them to purchase an annuity.

Unless you choose to stop receiving annual income before age 71, for simplicity we assume that you use them to purchase an annuity for a consistent stream of income.

Consider management fees when selecting the rate of return that applies to you. Fees can be 2% or more for long-term mutual funds (for example, reducing your nominal rate of return from 5% to 3%). After you start receiving your monthly income, you will probably choose more conservative investments so we will reduce the rate of return by 1% point (for example, from 5% to 4%). This calculator will automatically adjust your nominal return to account for inflation assuming a price increase (inflation) rate of 2.2% (for example, if your nominal rate of return is 5% then your real rate of return is approximately 2.8%).

Examples of income from other savings include a Tax-Free Savings Account, an inheritance, a lump-sum payment, and non-registered savings. If you have more than one source of income from other savings, you should add all of the income estimates together before entering the total amount into the Calculator.

Consider management fees when selecting the rate of return that applies to you. Fees can be 2% or more for long-term mutual funds (for example, reducing your nominal rate of return from 5% to 3%). After you start receiving your monthly income, you will probably choose more conservative investments so we will reduce the rate of return by 1% point (for example, from 5% to 4%). This calculator will automatically adjust your nominal return to account for inflation assuming a price increase (inflation) rate of 2.2% (for example, if your nominal rate of return is 5% then your real rate of return is approximately 2.8%).