Retirement Savings Calculator

Important note

What the projection leaves out matters as much as what it includes: CPP and OAS. For scale, in 2026 the maximum CPP retirement pension starting at 65 is $1,507.65 a month, and maximum OAS is $762.50 a month for ages 65–74 ($838.75 from 75). Most people receive less than the maximums, but even a partial government pension reduces the monthly income your own savings need to produce — so judge the 4%-rule figure above against only the spending your CPP and OAS will not cover.

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How this retirement savings calculator works

Your annual return is converted to an effective monthly rate, then the calculator simulates every month until your retirement age: the balance earns interest and your contribution is added. Total contributions are tracked separately so you can see how much of the final number is growth versus money you put in. Two adjustments make the result honest: the "today's dollars" figure discounts the future value by your inflation assumption over the whole period, and the monthly income estimate applies the 4% rule — withdrawing 4% of the balance in the first year (divided by 12) as a rough sustainable income.

A worked example

A 35-year-old with $50,000 saved, contributing $800 a month at a 6% annual return until age 65: total contributions reach $338,000, but compounding grows the balance to about $1,066,784.94 — roughly $728,784.94 of pure investment growth, more than double what was contributed. In today's purchasing power at 2% inflation, that is about $588,940.91. By the 4% rule it could support roughly $3,555.95 per month before tax, on top of CPP and OAS. Change the start age to 45 in the form above and watch how much the growth column shrinks — the cost of waiting a decade.

Three tips for using this tool well

• Run it in today's dollars first. The nominal million-dollar figure feels great but the inflation-adjusted number is the one that tells you what lifestyle it buys — always compare scenarios on that line.
• Test a lower return. Six percent nominal is reasonable for a balanced portfolio, but run 4% as well; if the conservative case still covers your target, your plan is robust.
• Remember this is only your savings. CPP and OAS add a meaningful base for most Canadians — read the CPP guide linked above and add those estimates to the 4%-rule income for the full picture.