Retirement Savings Calculator
What this tool does: estimates the monthly savings required to reach a target
retirement amount, based on your current savings, time horizon and an assumed average annual
rate of return.
Enter your goal
This calculator is a simplified illustration and does not account for inflation, taxes or changing contribution levels over time.
Putting this in context
The monthly figure is a starting point for planning. It can be combined with the concepts on:
- Investing 101 for setting realistic goals and building a simple plan.
- Asset Allocation for choosing a mix of investments that fits your time horizon and risk tolerance.
- TFSA vs. RRSP for thinking about which account types to use for long-term retirement saving.
If the required monthly amount looks daunting, it can be helpful to experiment with different combinations of timeframe, return assumptions and savings levels to see what levers matter most for you.