Our free retirement calculator will help you understand how much you'll need to save for retirement. Get started by telling us about your current financial picture.
of my savings are in registered accounts like a TFSA or RRSP.
Adding these extra details will help make your results more accurate.
Province of residence
If you don’t enter your province, we’ll base our calculations on average tax rates across Canada.
Expected annual retirement income
Things like rental, property, and business income or inheritance. We already take your maximum OAS and average CPP into account. If your partner also receives these benefits, add their estimated annual benefit here.
My partner's annual income
My partner's total savings
We’ve made some assumptions about your situation and market performance, but you can adjust them to see how they’ll affect your results.
What do you expect your investments to return between now and retirement?
A life expectancy of 95 years is a common financially-conservative estimate for Canadians.
Our retirement savings calculator will give you an estimate of how much you need to retire and how much you have saved already. The calculator takes into account your registered and non-registered savings, annual returns, investment fees, income tax, and inflation to compute these estimates. Here are some market assumptions baked into our calculations.
Our retirement savings calculator can help you answer all the questions that make your head spin, like:
Open a retirement account. If you have access to a GRSP, you should at the very least contribute the amount of money your employer is willing to match. You should also open a RRSP if you don't already have one. A RRSP is one of the most popular ways to save for retirement in Canada and it comes with nice tax benefits. Learn more about RRSPs and GRSPs.
Avoid paying high fees. Fees are like savings termites — they'll chew right through your savings. When you invest with Wealthsimple, we charge a 0.5% management fees when you invest up to $100,000 and 0.4% when you deposit more than $100,000. That's significantly less than the 2% fees paid by traditional mutual fund investors in Canada.
Make smart moves. Begin saving for retirement as early as you can and take advantage of the power of compounding. Create a budget that includes retirement savings, learn how investing works, discover smart retirement strategies and understand what it takes to retire early.
Our retirement savings calculator is not financial advice; it is for illustrative purposes only and the results are estimates. The calculator may be a useful tool in helping you estimate how much you need for retirement, but you should understand that it has limitations. For example, the calculator does not anticipate or take into account future changes to government retirement programs or tax rates. Also, rates of return on investments may vary.