Retirement Calculator

There's no set retirement age, but 65 is the retirement age in Canada that you'll often hear. That's because when you turn 65 you can take advantage of the full benefits that come with the Canada Pension Plan (CPP) and Old Age Security (OAS).

How much you need in retirement will depend on how your income and expenses change when you retire. As a general rule, you'll want to aim for at least 70-80% of your pre-retirement income for each year of your retirement. In retirement you may spend less money on savings, housing, tax, and transportation to work, but more on hobbies, utilities, and healthcare. Ask yourself — when I retire will I need same amount of money I'm earning now or less? You could use a tool to figure out your ideal replacement ratio.

There’s no sure way to determine how long retirement savings will last. That said, you can use our retirement calculator to determine how much you'll have if you spread your retirement savings out from the year you retire until you turn 95 years of age.

Yes, our retirement calculator can be used by couples or individuals. To create a combined retirement plan for you and your partner, enter their income and savings into the extra fields below the calculator, and be sure to check the 'I have a partner' box.

We charge a fraction of the fees that traditional mutual fund investors pay. Our management fee is 0.5% (it drops to 0.4% when you invest more than $100,000), plus underlying fund fees of about 0.1%. The average mutual fund investor pays 2% in fees.

Our smart technology helps keep your portfolio on track with auto-deposits, automatic rebalancing, and dividend reinvesting. And, we have a team of experienced financial advisors available to answer your questions and provide advice - whenever you need it.

Note: the total savings above, calculates the what you'd save if you were investing with Wealthsimple Invest compared to a traditional mutual fund investor. We compare the growth of your current savings between now and your retirement based on the rate of return selected. All figures are for illustrative purposes only, actual results will vary and fees among other factors are subject to change.

The amount of CPP you receive in retirement depends on how long you've contributed and how much money you've contributed. We've included the average CPP payment for 2018 as the default value in the calculator. To make it more accurate you can calculate your exact CPP payment and add it to the retirement calculator.

Eligibility for Old Age Security depends on how much income you earn. The default value in the calculator is the 2019 maximum monthly payment regardless of your marital status. You can check the latest Old Age Security payment amounts to find out exactly how much money you'll receive - and add it to the calculator for more accuracy.

There's no way of predicting your future salary however you could expect that it will track the inflation at a rate. Research shows that generally salaries peak when people are middle-aged. We've capped our assumed salary increase at 45 years to reflect this.

For starters, people are living longer. Even though the average life expectancy in Canada is 82 years, many people live past this. It's better to have more money tucked away for retirement than to run out of savings. Extra savings can always be passed down to your beneficiaries. You can change the default life expectancy if you think you'll live a longer or shorter life.

Our retirement calculator takes into account the average Canadian retirement income from the Old Age Security (OAS) and Canada Pension Plan (CPP) for 2018. You'll need to input how much you extra you expect to get in the retirement income field, otherwise, we'll assume average numbers.

Our retirement savings calculator is not intended to be used outside of Canada. It only takes into account Canadian tax rates and retirement accounts.

Yes, you can use the calculator to help determine your shortfall in retirement savings based on how much you plan to withdraw each year of your retirement.

No, the calculator won't tell you how much your pension will be. The calculator assumes you'll get the average OAS payment. If you think you'll gain an above average OAS payment you should add the excess in the “expected annual retirement income” field above.

Yes, we've designed the calculator so it can be used if you want to retire early or late. Just input the retirement age you plan to trade in the work grind for a life of leisure.