Retirement savings calculator

Estimate how much your retirement savings could grow to, what that is worth in today's dollars, and the yearly income it could support.

How your retirement savings grow

Each month, your contributions and any employer match are added and the whole balance is invested. Returns are reinvested, so money saved early has the longest time to compound.

Example

A 35-year-old with $25,000 saved who contributes $500 a month, with $100 a month from their employer, could have about $597,274 at 65 with a 5% yearly return. That is $241,000 contributed and $356,274 of growth. With 2% inflation, it would be worth about $329,738 in today's dollars.

Other retirement income in Canada

Your savings are only part of the picture. Most Canadians also receive the Canada Pension Plan (or the Quebec Pension Plan) based on their work history, and Old Age Security from age 65. Lower-income seniors may also get the Guaranteed Income Supplement. This calculator does not include these government benefits, so you can see what your own savings provide on top of them.

Frequently asked questions

RRSP or TFSA for retirement?

RRSP contributions are tax-deductible and withdrawals are taxed, so they suit people who expect a lower tax rate in retirement. TFSA contributions are not deductible but withdrawals are tax-free and do not affect benefits like OAS. Many people use both.

What is the 4% figure?

It is a rule of thumb: withdrawing about 4% of your savings each year has historically given a good chance of the money lasting around 30 years. It is not guaranteed.

For illustration only. Returns are not guaranteed, and fees reduce growth. Consider speaking to a qualified financial planner about your situation.