Financial-Calculator.ca

Retirement Savings Calculator

Plan your retirement with Canadian CPP, OAS, and personal savings considerations.

Retirement Savings at Age 65

$761,524

Annual Retirement Income

$53,261

Retirement Readiness

35%

You may need to adjust your retirement plan

To reach your retirement income goal of $60,000 per year, consider increasing your annual contributions by $17,525 or adjusting your retirement age.

Calculator Inputs
Adjust these values to see how they affect your retirement plan
35
65
$50,000
$6,000
$60,000
Retirement Income Sources
Breakdown of your projected annual income in retirement

Retirement Income Sources

Personal Savings
$30,461
57.2%
CPP (age 65)
$14,400
27.0%
OAS (age 65)
$8,400
15.8%
Total Annual Income$53,261

Key Retirement Metrics

Years Until Retirement30
Expected Retirement Duration25 years
Income Replacement Ratio88.8%
Recommendations to Improve Your Plan

Increase Contributions

Consider increasing your annual contributions.

+ $17,525 per year

Delay Retirement

Consider delaying your retirement age.

+ 2-5 years

Reduce Income Needs

Consider reducing your retirement income needs.

- $55,421 per year

About Retirement Planning in Canada

Retirement planning in Canada typically involves three main income sources: government benefits (CPP/OAS), employer pensions, and personal savings (RRSPs, TFSAs, and other investments).

The Canada Pension Plan (CPP) provides a monthly retirement pension to people who have contributed to it through employment. The standard age to start CPP is 65, but you can start as early as 60 (with a reduction) or as late as 70 (with an increase).

Old Age Security (OAS) is a monthly payment available to seniors aged 65 and older who meet Canadian legal status and residence requirements. OAS benefits may be subject to a recovery tax (clawback) if your income exceeds certain thresholds.

Financial experts often recommend aiming to replace 70-80% of your pre-retirement income in retirement. This calculator helps you determine if your current savings and contribution strategy will help you meet that goal.