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RRSP Savings Calculator

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Calculator | Quick Tips | FAQ

How much will your RRSP be worth at retirement? By filling in a few simple fields, the calculator will estimate how much your RRSP savings will provide in annual income once you retire.

Try out the calculator by either entering your own numbers into the fields below or by using our Story example.

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Your personal information will not be recorded.

Setting up the calculator

Let me use:

My own numbers
Andy's story: Andy is 32 years old and has $40,000 saved in RRSP accounts.

Enter your own numbers in to the calculator below

Andy's story: Andy is 32 years old and has $40,000 saved in RRSP accounts

Andy's Story: Andy is 32 years old and has $40,000 saved in RRSP accounts. He wants to retire in 30 years. Assuming his investments grow at a rate of 4% per year and he contributes $3,500 each year, his RRSP will grow to around $325,000 at retirement (ignoring fees, taxes, inflation and changes in investment return). An annuity based on 4% interest would generate close to $21,000 a year (for 25 years) from his RRSP savings. He expects to add another $13,000 in government payments from CPP and OAS, giving him as much as $34,000 a year to live on.

Getting ready to calculate

1. How much I have in RRSP accounts right now Enter the total dollar amount in all your RRSP plans combined, including Group RRSPs.	$ example: 30,000

2. The average return I'll earn each year Enter the average return (expressed as a percentage) that you hope to make each year on funds invested in your RRSP plans. You can use one decimal point if you like, or use a whole number.	% example: 3.5

3. The amount of money I will put in my RRSP each year Enter the dollar amount you plan to contribute each year to your RRSP. NOTE: Maximum individual RRSP contribution for 2008 is $20,000.	$ example: 1,500

4. My current age Enter your current age.

5. The age I would like to retire Enter the age you think you will begin your retirement. For example, if you want to retire at 65, enter 65.	example: 65

6. Number of years I will be in retirement Enter the number of years you expect to need your retirement income.	example: 25

Results

When I retire, my RRSP savings might be worth:	$
This would provide me with this amount per year (find out more):	$
This is a calculation of the annual income stream produced by an annuity based on total RRSP savings at retirement. An annuity is a contract you buy in exchange for a lump sum of money. It provides regular, steady payments, usually on a monthly basis.

The results provided by the above financial calculators are hypothetical and are for illustrative purposes only. Investor Education Fund does not guarantee either the applicability of the above financial calculators to your individual circumstances or the accuracy of any results obtained by their use. Although we believe the above financial calculators to be accurate and complete, we accept no liability for any inaccuracies or omissions which may occur. By offering the above financial calculators for your use, Investor Education Fund does not intend to provide you with any financial, legal, tax, or accounting advice, or with any advice regarding the suitability or profitability of any product, investment or financial strategy or decision. Please consult our Terms of Use for additional information.