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⚠️ For illustrative purposes only. Results are estimates and do not constitute financial advice.

To retire at age 65 with $5,000/month, you will need

$866.3Kin savings

Based on your current savings and retirement goals

Current Savings

$90K

today

Years to Go

30

until retirement

Monthly Savings

$991

needed each month

Gap to Close

$776.3K

need to save

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Get personalized guidance from a licensed advisor.

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Recommended target with realistic buffers. Forces 15% safety cushion you can dip into if needed.

+5 years retirement horizon-0.5% investment returns15% end-of-plan safety cushion

Values used in this scenario:

Horizon: 30 yearsReturn: 2.5%End balance: $129,939(safety buffer)

Monthly Savings Needed

$991

per month until retirement

That's $11.9K/year, or roughly 16% of your income.

Where to allocate your savings:

RRSP (if income > $50K)Tax deduction now
TFSA (if RRSP maxed)Tax-free growth
Non-registeredAfter other accounts

Your Retirement Income Sources

CPPfully taxable

Starting at age 65

$1,055/mo
OASfully taxableclawback risk

Starting at age 65

$742/mo
From Savingsvaries

Monthly withdrawal

$3,202/mo
Total Monthly (Gross)
$5,000/mo

vs. Your Goal (after tax)

$5,000/mo

✓ Exactly on target

📊 Tax Considerations

  • •RRSP/RRIF: 100% taxable as income when withdrawn
  • •TFSA: Completely tax-free withdrawals
  • •Non-registered: Only capital gains taxed (50% inclusion)
  • •OAS Clawback: Triggered if income exceeds ~$91K/year

💡 Strategy tip: Draw from TFSA first to keep taxable income low and avoid OAS clawback.

Savings Projection

Projected BalanceRetirement@ 65
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This goal is achievable, but tight

You'll need to save 991/month consistently. This is doable but leaves little margin for setbacks.

  • •Saving $991/month requires discipline but is achievable.
  • •You have plenty of time for compound growth to work in your favor.

⚠️This projection does not account for salary changes, job transitions, or career growth.

📈Market booms could accelerate your progress; crashes could require adjustments.

💡Run the stress test below to see how your plan holds up under different scenarios.

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Questions about these numbers? A financial advisor can help you create a personalized plan.

Personal Info

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Current Savings

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Expected CPP & OAS

Employer Pension

Assumptions

Amount you want remaining at end of retirement. Set to $0 to deplete savings.

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Ready to Turn These Numbers Into a Real Plan?

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Disclaimer: This calculator provides estimates for educational purposes only and does not constitute financial advice. Actual results will vary based on investment returns, inflation, and other factors. Consult a qualified financial advisor for personalized planning.