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Retirement Planner – Help Guide

The Retirement Planner helps you estimate how much you need to save to retire comfortably. It factors in your current savings, expected contributions, investment growth, CPP and OAS income, and desired retirement income.

How to Use This Tool

  1. 1

    Enter your current age and retirement age

    Set your current age and the age at which you want to retire.

  2. 2

    Enter current savings

    Input the total amount you currently have saved in RRSP, TFSA, and other accounts.

  3. 3

    Enter monthly contributions

    Enter how much you plan to save each month going forward.

  4. 4

    Enter expected CPP and OAS amounts

    Estimate your CPP and OAS benefits. You can find CPP estimates on your My Service Canada account.

  5. 5

    Enter desired retirement income

    Enter the annual after-tax income you want in retirement.

Helpful Tips

  • •The general rule of thumb is to replace 70–80% of your pre-retirement income to maintain your lifestyle.
  • •Delaying CPP to age 70 increases your benefit by 42% compared to taking it at 65.
  • •OAS begins at age 65 but can be deferred to 70 for a 36% increase.
  • •Plan for a retirement of 25–30 years. Canadian life expectancy is approximately 82–85 years.

Frequently Asked Questions

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