RRSP Savings Calculator
Quick Tips
To make the most of this calculator, you can:
Learn By Example
For quick learning, we've loaded an example into the calculator. To see the example, go to the "Setting Up the Calculator" section and select "Andy's story."
The calculator displays this example:
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, changes in investment return). An annuity based on 4% interest would generate close to $21,000 a year 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.
Learn More: Play With Our Numbers
Now find out what happens if you change just one number: either the average return or amount invested or the age at which you'd like to retire.
- In the "Setting Up the Calculator" section, choose "Andy's story".
- Change the average return to 6%. The average return is the percent of profit you hope to make each year on your investment.
- Click "Calculate".
- Look in the Results section: His RRSP savings would now give him an income of over $39,000 a year, instead of just $21,000 a year.
Learn More: Play With Your Own Numbers
To learn more about the effects of investing inside an RRSP, try changing more numbers.
- In the "Setting Up the Calculator" section, choose "My own numbers."
- Enter how much you have already saved, new money amount (per year), the investment return, your age, the age at which you'd like to retire, and the number of years you expect to be in retirement.
- Click "Calculate" when you're ready to see how much this will get you in savings and income.