Retirement Calculator

Our calculator helps you estimate how much money you could have at retirement and how much monthly income that balance could provide. It is built for visitors in Canada and the United States. You can include RRSP, TFSA, 401(k), IRA, employer match, government benefits such as CPP, OAS, and Social Security, inflation, fees, and a sustainable withdrawal rate. The goal is simple. Put in your numbers, see projected savings at retirement, then see monthly income before and after tax.

You will not need a degree in finance to use it. The layout is clean, the steps are short, and the output is readable. Our calculator focuses on the numbers that matter most for retirement planning: years until retirement, starting balance, ongoing contributions, expected returns, cost of inflation and fees, and a safe way to turn a lump sum into income. The output shows two things side by side. First, a projected retirement balance in today’s dollars and in nominal dollars. Second, a breakdown of monthly income from your portfolio, from CPP or OAS in Canada or Social Security in the United States, and from any other pension you receive.

How to Use the Retirement Calculator

1. Select your country. Choose Canada or United States. This sets default placeholders for government benefits so you can enter a number that matches your situation. Canadians can enter CPP and OAS as a combined monthly estimate. American users can enter a single Social Security estimate.
2. Enter your current age and your target retirement age. This creates your planning window. If you are 35 and plan to retire at 65, you have 30 years to invest. The calculator uses that time frame to grow your contributions.
3. Enter your current retirement savings and your monthly contribution. Savings could sit in an RRSP, TFSA, non-registered account, 401(k), Roth IRA, or a mix of accounts. The calculator does not need to know which account type you use to project growth. Contributions are your combined monthly total across accounts.
4. Enter your expected annual return. This is the net investment return before fees and inflation. If you use the advanced panel, you can enter a fee percentage and an inflation rate, and the calculator will show a real, inflation-adjusted balance.
5. Enter monthly government benefits and any other pension. If you receive CPP and OAS or Social Security, enter the combined monthly amount. If you have a defined benefit pension from a workplace plan, enter that amount in the “other pension” field.
6. Choose a withdrawal rate. The default is 4 percent per year. Our calculator converts that to a monthly portfolio income figure and shows both gross and after-tax figures. You can change the withdrawal rate to match your risk tolerance or investment style.
7. Open the advanced options if needed. In the compact advanced section you can set your currency symbol, add an annual employer match as a single figure, enter your assumed return during retirement, adjust your average tax rate in retirement, and set an inflation rate and fees. Keeping these inputs separate lets you keep the core form short while still covering all common retirement planning keywords and scenarios.
8. Press Calculate. The results panel shows your years to retirement, projected balance at retirement, inflation-adjusted balance, monthly portfolio income before and after tax, government benefits, any other pension, and total monthly income.

What the Results Mean

The results section has three parts.

Projected balance at retirement. This is your future nest egg after compounding your current savings and ongoing monthly contributions at the rate you entered. If you switched on inflation, the calculator also shows an inflation-adjusted figure so you can judge purchasing power in today’s dollars.

Monthly portfolio income. Our calculator uses your withdrawal rate to convert the retirement balance into a monthly income number. You will see a gross portfolio income and a portfolio income after tax. The after-tax line uses the retirement tax rate you entered in the advanced settings. This is a helpful way to plan spendable income.

Total monthly retirement income. The calculator adds your portfolio income to your government benefits and any other pension to show your total monthly income. This is the number most users want to see at a glance. It answers the basic question: how much will I receive each month when I stop working.

The Math Behind Our Calculator

For the savings phase, our calculator grows your current balance and your monthly contributions over the years between your current age and retirement age. The formula for future value with regular contributions is:

FV = P × (1 + r/n)^(n × t) + PMT × [((1 + r/n)^(n × t) − 1) ÷ (r/n)]

Where P is your starting balance, PMT is your monthly contribution, r is the annual return, n is the number of compounding periods per year, and t is the number of years to retirement. Our calculator compounds monthly, then subtracts fees if you entered any. Inflation is applied at the end to show a “today’s dollars” number.

For the income phase, our calculator uses a simple, practical approach that matches most retirement conversations. If you select a sustainable withdrawal rate, it multiplies your retirement balance by that rate and divides by twelve to show a monthly amount. If you prefer a level income over a fixed number of years, the advanced version can use an annuity-style formula with a rate of return during retirement to produce a monthly payment that exhausts the account over the number of years you choose. Both methods are common ways to convert a nest egg into income and both can be adjusted quickly for planning.

Why Use Our Retirement Calculator

It is built for real users. The core form fits on one screen. You do not need to know every fine detail to get a useful answer. If you want deeper control, the advanced options are one click away.

It covers Canada and the United States. You can plan with CPP, OAS, and workplace pensions in Canada or with Social Security and employer plans in the United States. The language and the placeholders make sense for both groups.

It respects the role of fees and inflation. Small percentages can do real damage over long horizons. Our calculator shows the effect of fees on portfolio growth and the effect of inflation on purchasing power.

It combines all income sources in one output. You see the monthly portfolio income, government benefits, any other pension, and finally the total. This is easier to read than flipping between several tools or spreadsheets.

It supports the terms people actually use. RRSP, TFSA, 401(k), IRA, pension, employer match, sustainable withdrawal, retirement savings, retirement income, retirement planning, retirement age, nest egg, monthly income. These terms appear naturally throughout the page so users find what they are looking for.

Practical Tips for Better Retirement Outcomes

1. Increase contributions when income rises. A small increase each year often matters more than chasing a higher return. If you receive a raise or reduce debt, consider redirecting part of that cash flow to your RRSP, TFSA, 401(k), or IRA.
2. Lower fees where possible. A difference of half a percent per year can remove tens of thousands of dollars over a long period. Use the advanced panel to test the effect of fee changes on your final balance.
3. Review inflation assumptions. Inflation reduces purchasing power. If your retirement is far away, conservative inflation assumptions help you plan with caution. Use our calculator to view both nominal and inflation-adjusted balances.
4. Set a realistic withdrawal rate. A 4 percent rate is a common starting point, but it is not a rule for everyone. If you plan to retire early, consider a lower rate. If you have a large pension or rental income, you may be comfortable with a slightly higher rate. Our calculator lets you test a range of rates and see the impact on monthly income.
5. Add government benefits and pensions. Many users forget to include CPP, OAS, Social Security, or a defined benefit plan. Those sources can stabilize your retirement income and reduce the portfolio withdrawal you need each month.
6. Recalculate each year. Update the inputs with your new age, current balance, and new contribution level. Markets change and so do careers. Annual updates keep your plan on track.
7. Plan for taxes. The tax rate in retirement may differ from your working years. Use the after-tax line in the results to plan spendable income. If you expect a different average rate, change the input and rerun the numbers.
8. Build buffers. Many people like to plan with a conservative return before retirement, a modest return during retirement, and a withdrawal rate that feels safe. A buffer gives you confidence during slow market years.

Examples

Example 1: Canadian saver with RRSP and TFSA contributions
Amara is 38 and wants to retire at 65. She has $60,000 across her RRSP and TFSA. She contributes $700 per month and expects 6.5 percent annual returns. She enters Canada as the country, sets government benefits to $1,050 per month for a combined CPP and OAS estimate, and keeps the default 4 percent withdrawal rate. She adds a 0.25 percent fee and a 2 percent inflation rate in the advanced section. Our calculator shows a projected balance in nominal dollars and an inflation-adjusted balance. It also shows portfolio income, CPP and OAS, and the total monthly income after tax. She can raise her contribution to $900 per month and immediately see a larger retirement balance and a stronger monthly income.

Example 2: American couple with employer match
Chris is 32 and plans to retire at 67. He has $45,000 in a 401(k) and contributes $500 per month. His employer adds a $1,800 annual match, which he enters in the advanced box. He expects 7 percent returns and uses a 0.20 percent fee and 2 percent inflation. He enters $1,400 per month for Social Security. The output shows a solid nest egg and a portfolio income line that, when combined with Social Security, gives a monthly total that meets their goal. He can test a lower 3.5 percent withdrawal rate to see the income effect, then decide if he needs to push contributions higher.

Example 3: Late starter with a larger monthly contribution
Rina is 50 with $110,000 saved and plans to retire at 67. She can contribute $1,200 per month and expects 6 percent returns. She enters $1,100 per month for expected government benefits. The calculator shows a meaningful retirement balance in 17 years and a total monthly income that covers her basic expenses. She tries a version with contributions of $1,400 per month to see how much safer the plan feels. The change is immediate. This helps her choose a target contribution that fits her budget today and her comfort level for the future.

Frequently Asked Questions

How accurate are the results?
The calculations are precise for the inputs you enter. Real outcomes depend on markets, taxes, and personal choices over time. Use the tool to create a practical plan, then update it each year.

Can I use our calculator for both Canada and the United States?
Yes. Select your country and enter your monthly benefit estimate for CPP and OAS in Canada or Social Security in the United States. The math is the same.

Do I need to separate RRSP, TFSA, 401(k), and IRA balances?
No. You can enter a single combined number. If you prefer more detail, you can keep separate notes, but the projection only needs a total balance and total monthly contribution.

How do fees and inflation change the result?
Fees reduce returns each year. Inflation reduces purchasing power. Both are important. Use the advanced inputs to see a nominal result and an inflation-adjusted result side by side.

What withdrawal rate should I pick?
The default 4 percent is a common starting point for planning. If you retire early, plan for a lower rate. If you retire later or have large pensions, a higher rate can make sense. Use the calculator to test a range and see how income changes.

Can I include an employer match?
Yes. Enter a single annual match in the advanced panel. The calculator adds it once per year during the savings phase.

Does our calculator handle taxes?
Yes. Enter an average retirement tax rate and the tool shows portfolio income before and after tax, as well as a total monthly income after tax when combined with pensions.

Closing Notes

Retirement planning does not need to be complicated. Our calculator gives you a simple form for the essentials and a compact advanced panel for extra detail. You can model RRSP and TFSA growth in Canada, 401(k) and IRA growth in the United States, and add CPP, OAS, Social Security, and any workplace pension. You can test higher contributions, lower fees, different return assumptions, and several withdrawal rates. You can plan with nominal dollars or in today’s dollars. Best of all, you can do all of this in minutes and get a monthly income figure that you can use to plan real life.

Use our calculator today, save the results, and revisit the page each year after you update your balances and contributions. Consistent saving, sensible fees, realistic return assumptions, and a practical withdrawal plan do more for retirement success than anything else. Over time, steady choices build a reliable income that lets you retire with confidence.