This Canadian retirement calculator helps determine your estimate how much income you will have once you retire.
When planning for retirement in Canada there are multiple income streams that you should take into consideration when estimating the cash flow you will have in retirement. Some of the income sources that are available include the Canada Pension Plan (CPP), Old Age Security (OAS), employer pension, Registered Retirement Savings Plan (RRSP), Tax-free Savings Account (TFSA) as well as any additional income streams available to you.
While it is important to know both the sources and amount of income you will have available in retirement, it is also important to know your expected expenses. If you plan to retire and move to a place with a lower cost of living, you may need less income than you think! The inverse is true if you plan to have additional expenses in retirement such as planning to travel more than you currently are.
While this calculator looks to help you estimate your retirement savings, it is important to receive financial advice from an expert to help you plan out your retirement.