Use this calculator to plan your cash flow in retirement. You can estimate how long your money will last, and the impact of changes in external factors (investment return) and personal choices (lifestyle decisions, spending) on your cash flow, based on:
- How much money you have invested, and how much you’ll need to take from your investments annually to support your retirement lifestyle.
- Your best estimates for how much money your investments will earn.
- Estimates of your annual income (pre and post retirement) and your expenses during retirement.
Complete each section to get your results.
Step 1 of 6 - Retirement planning
Your current age shouldn't be greater than or the same as your age at retirement.
Step 2 of 6 - Income during retirement
Canada Pension Plan (CPP) / Québec Pension Plan (QPP)
Old Age Security (OAS)
Step 3 of 6 - Expenses during retirement
Estimate your annual expenses during retirement. You can also use our Retirement Budget Worksheet to estimate your expenses.
Step 4 of 6 - Investments
Enter the current value of your investments:
Select how often you would like to contribute to your RRSP, TFSA and Non-registered investments by selecting annually or monthly. Your selection is applied to all 3 types of accounts.
Step 5 of 6 - One-time financial expenses
Use this step to account for one-time financial expenses that may come up during your retirement. For example, think of when you may need to buy a new car, move houses, host a special event (e.g. a wedding), etc.
If you need help with estimating the kinds of one-time expenses that you may have you may use the Retirement Budget Worksheet as a reference.
Step 6 of 6 - Results
Estimated total investment value at retirement (RRSP, TFSA and Non-registered Investments):
Based on your income and expenses, investment values and average returns, your planned annual withdrawals and one-time financial events, your retirement funds will run out at age . Your income and investment portfolio are insufficient to cover your expenses. last beyond age .
The tables below depict your entered values. The investments table depicts how your investments grow until retirement while the retirements table shows how long your funds will last considering retirement income (e.g. CPP/QPP, OAS, RRIF minimum withdrawals, pension and other income), annual expenses, one-time expenses and growth.
- The estimated total investment value at retirement is the value of your money at the start of the first year of retirement.
- One-time financial expenses will be assumed to be in real dollars for the year they are entered, and will not be adjusted for inflation. For example, a $30,000 addition in 2040 will be assumed to be worth $30,000 in 2040 dollars, not $30,000 today adjusted for inflation through 2040.
- Calculations do not account for the impact of tax on withdrawals (RRSPs/RRIFs), over contributions to registered accounts (RRSPs/TFSAs) or investment earnings (interest, dividend or capital gains income) held in non-registered accounts. Any additional taxes owing should be factored into your retirement budget as an expense line. Calculations do not include inflation.
- CPP/QPP benefit amounts are based on how much and how long you have contributed to CPP/QPP at the time you become eligible for benefits. OAS benefit amounts are determined by how long you have lived in Canada after the age of 18.
- This calculator projects retirement cash flow to a maximum age of 110. Desired retirement withdrawal amounts in excess of the minimum RRIF annual amount, CPP/QPP, OAS, and pension payments to cover expenses in total will be extracted from the retirement portfolio value in the following sequence: RRIF, TFSA, Non-registered accounts. Company pension plan is assumed to be a fixed amount per year.
- RRSP contribution(s) are reduced by an amount known as a pension adjustment or PA. Your PA is reported on your T4 slip each year. Pensions adjustments are not factored into calculations and are not depicted in results. This calculator assumes a retirement age no earlier than 55.