Smart Advice Tools and Calculators

Retirement savings calculator

What you've already saved for retirement

When you hope to retire

What pensions you expect to collect

Retirement Savings Calculator

Tell us a bit about yourself

If you'd like to put your name on your savings outlook, enter it here. It can contain up to 30 characters. We value your privacy, so we won't store this information.

Optional

What are your retirement goals?

My retirement goals Optional

How much have you saved so far?

A registered retirement savings plan (RRSP) is a government-sponsored retirement savings program with valuable tax benefits. It can include a mix of investments, such as mutual funds, GICs, stocks and cash.

If you invest in an RRSP, enter your total balance in this field.

A tax-free savings account (TFSA) is another registered investment product, but it differs from an RRSP in a few key ways. One of the most important being that you can use it to save for any kind of goal, short-term or long-term, as it's easier to withdraw funds.

So if you take advantage of TFSAs, only enter amounts you hold as part of your retirement savings.

If you're saving for retirement with investments outside of RRSPs and TFSAs, those are most likely non-registered assets. They could include mutual funds, exchange-traded funds, stocks, savings accounts, GICs and more.

Include any non-registered money you hold as retirement savings.

If you have any other sources of retirement savings – such as an expected inheritance or planned proceeds from the sale of property – include them here.

If you're already saving for retirement on a monthly basis, let us know how much. We'll use that to calculate how much you'll have saved up by the time you retire.

Our calculator assumes that your monthly savings contribution will increase with inflation. As your income and cost of living rises, your savings should keep pace.

We'll use this number to calculate how your retirement savings will grow. We've provided three suggested rates based on different investment strategies. Rates of return can vary due to many different factors. If you have any questions, please reach out to a CIBC advisor who can help you understand realistic return expectations based on your investment holdings.

If you have multiple investments with different returns, use an average rate.

Inflation can affect your purchasing power in retirement. We've provided an estimate, but you can adjust the rate if you want a retirement outlook based on higher or lower inflation.

How much has your partner saved so far?

A registered retirement savings plan (RRSP) is a government-sponsored retirement savings program with valuable tax benefits. It can include a mix of investments, such as mutual funds, GICs, stocks and cash.

If your partner invests in an RRSP, enter their total balance in this field.

A tax-free savings account (TFSA) is another registered investment product, but it differs from an RRSP in a few key ways. One of the most important being that you can use it to save for any kind of goal, short-term or long-term, as it's easier to withdraw funds.

If your partner takes advantage of TFSAs, only enter amounts they hold as part of their retirement savings.

If your partner is saving for retirement with investments outside of RRSPs and TFSAs, those are most likely non-registered assets. They could include mutual funds, exchange-traded funds, stocks, savings accounts, GICs and more.

Include any non-registered money they hold as retirement savings.

If you have any other sources of retirement savings – such as an expected inheritance or the sale of property – include them here.

If your partner's already saving for retirement on a monthly basis, let us know how much. We'll use that to calculate how much they'll have saved up by the time they retire.

Our calculator assumes that your monthly savings contribution will increase with inflation. As your income and cost of living rises, your savings should keep pace.

We'll use this number to calculate how your partner's retirement savings will grow. We've provided three suggested rates based on different investment strategies. Rates of return can vary due to many different factors. If you have any questions, please reach out to a CIBC advisor who can help you understand realistic return expectations based on your investment holdings.

If your partner has multiple investments with different returns, use an average rate.

Your retirement age

Your targeted retirement income

Retirement goals

If you aren't currently working, enter your most recent annual income. We use this number to estimate how much money you'll need in your retirement years.

The amount that’s right for you will depend on both the type of lifestyle you plan to lead and the financial demands you’ll face. We included 70% as a starting point, but you can adjust that if you expect to spend more or less each year in retirement.

Your government pensions

Pensions I plan to collect

Your partner's government pensions

Pensions my partner plans to collect

Pension and other income

If you'll receive income from an employer pension in retirement, enter its annual benefit here. Don't enter the total balance of the fund. Your pension fund administrator may be able to provide an estimate of what that benefit will be.

If you'll receive benefits from more than one pension, add them together.

If you'll receive a survivor's benefit from the pension plan of a deceased partner, include that as well.

You may plan to keep working in some capacity during your retirement or collect rental or investment income. If so, enter an annual total here.

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Save your report as a PDF or print a copy so you can share it with your advisor.

We don't have enough information yet to build your outlook. Complete the earlier steps, and we'll calculate your retirement savings target. Return to calculator.

You'll need to have saved by the time you're to fund the retirement of your dreams, based on what you've told us.

Increase your monthly savings by plus annual inflation to avoid cash shortfalls. You could also try adjusting your retirement age or annual spending.

 

Target savings at age :
 

Current projected savings at age :

We don't have enough information yet to build your outlook. Complete the earlier steps, and we'll calculate your retirement savings target. Return to calculator.

Your partner will need to save by the time they're to fund the retirement of their dreams, based on the information provided.

Increasing their monthly savings by plus annual inflation would get them on track. They could also try adjusting their retirement age or annual spending.

 

Target savings at age :
 

Current projected savings at age :

Here's a simple snapshot of your household's retirement savings journey, based on the date the first one of you retires.

Together, you'll need to have at least in savings to fund the retirement of your dreams, based on what you’ve told us.

Increase your combined monthly savings by to avoid cash shortfalls. You could also try adjusting your retirement ages or annual spending.

 

Target savings at first person's retirement:
 

Current projected savings:

There's more than one way to close the gap. Adjust your retirement age or how much annual income you'll need, and see how that changes your outlook.

Each year you put off your retirement is one less year you’ll need retirement income, and one more year you can continue saving. Delaying retirement may also increase the value of your employer pension and CPP or QPP benefits.

A handy way to estimate how much money you'll need each year in retirement is to think of it as a percentage of your current income. Adjust this percentage and see how it impacts your savings outlook.

Investing regularly can help you stay disciplined while taking advantage of dollar-cost averaging and compounding interest to grow your money.

Our calculator assumes that your monthly savings contribution will increase with inflation. As your income and cost of living rises, your savings should keep pace.

We'll use this number to calculate how your retirement savings will grow. We've provided three suggested rates based on different investment strategies. Rates of return can vary due to many different factors. If you have any questions, please reach out to a CIBC advisor who can help you understand realistic return expectations based on your investment holdings.

If you have multiple investments with different returns, use an average rate.

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Compound interest is a powerful force for growing your money. Essentially, you're earning interest on your interest. So save early and regularly to take full advantage.

Canadians are living longer than before, so plan for a lengthy retirement to reduce the risk of running out of money in your later years.

Do you think you can live on half of what your income is today? Or will you need just as much? The amount that’s right for you will depend on the type of lifestyle you plan to lead.

You'll need to have saved by the time you're to fund the retirement of your dreams, based on what you’ve told us.


Increase your monthly savings by plus annual inflation to avoid cash shortfalls. You could also try adjusting your retirement age or annual spending.

Your details

Retirement age
Annual spending in retirement
Monthly savings contribution
Expected rate of return1
Age
Life expectancy
RRSP savings
TFSA savings
Non-registered savings
Other savings
Average annual inflation rate
CPP starting age
CPP amount
OAS starting age
OAS amount
Pension income per year
Other retirement income per year

Here's a simple snapshot of your household's retirement savings journey, based on the date the first one of you retires.

  Your retirement Partner's
retirement		 Combined
savings outlook
Savings target
Projected savings
Shortfall

Your details

Retirement age
Annual spending in retirement
Monthly savings contribution
Expected rate of return1
Age
Life expectancy
RRSP savings
TFSA savings
Non-registered savings
Other savings
Average annual inflation rate
CPP starting age
CPP amount
OAS starting age
OAS amount
Pension income per year
Other retirement income per year
Retirement age
Annual spending in retirement
Monthly savings contribution
Expected rate of return1
Age
Life expectancy
RRSP savings
TFSA savings
Non-registered savings
Other savings
Average annual inflation rate
CPP starting age
CPP amount
OAS starting age
OAS amount
Pension income per year
Other retirement income per year

Let's chart a course

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