Plan your retirement with this comprehensive Canadian retirement calculator. Calculate how much you need to save, factor in CPP and OAS benefits, and determine if you're on track for a comfortable retirement.
Canadian Retirement Planning Guide
Retirement planning in Canada involves understanding the three-pillar system and optimizing your savings strategy across multiple account types.
Canada's Three-Pillar Retirement System
- Pillar 1: Government benefits (CPP, OAS, GIS) - basic income security
- Pillar 2: Employer pensions (defined benefit, defined contribution) - workplace savings
- Pillar 3: Personal savings (RRSP, TFSA, non-registered) - individual responsibility
Canadian Government Benefits
Canada Pension Plan (CPP): Maximum monthly benefit at age 65 is approximately $1,300 (2024). You can start as early as age 60 with reduction or delay until 70 for increase.
Old Age Security (OAS): Maximum monthly benefit is approximately $700 (2024). Available at age 65, subject to clawback for high-income earners.
Guaranteed Income Supplement (GIS): Additional support for low-income seniors, up to $1,000 monthly.
Retirement Savings Strategies
- Start Early: Time is your most powerful tool for compound growth
- Maximize RRSP: 18% of previous year's income, up to annual maximum
- Use TFSA: Tax-free growth and withdrawal flexibility
- Employer Matching: Always contribute enough to get full employer match
- Asset Allocation: Diversify across stocks, bonds, and other investments
How Much Do You Need?
Financial experts suggest you'll need 70-80% of your pre-retirement income to maintain your lifestyle. This calculator helps you determine your specific needs based on your goals and timeline.