Invested Canadian

Retirement Savings Calculator for Canadians

See how much you can spend in retirement, or whether your savings will last, with CPP and OAS included. Enter the age you plan to retire and the savings you expect to have by then, so it works whether you're retiring now or planning ahead. Built for Canadians, in today's Canadian dollars.

Build your plan
Adjust the numbers below. Your result and chart update as you type.
What do you want to know?
Your timeline
years

The age you plan to retire and start drawing down. Use today's age if you're already retired, or a future age if you're planning ahead.

years

The age your money needs to last to. 90 is a common default; 95+ is more cautious.

Your money
$CAD

The invested portfolio you expect to have on the day you retire (TFSA, RRSP/RRIF, and non-registered), in today's dollars. Put your home in the next field, not here. Planning ahead? Use your projected balance, not today's.

$CAD

For many Canadians the home is the biggest retirement asset. Enter the equity you'd put toward spending, in today's dollars. Only count this if you plan to free it up by selling, downsizing, or borrowing against it. A home you keep and live in is not spendable, so leave this at $0.

$CAD

Money you want left at your plan-to age, in today's dollars. $0 spends the pot to zero.

Government benefits
$/ year

Average new-recipient CPP is about $10,800/year at 65; the max is ~$18,092. Taking it earlier means less, later means more.

$/ year

Full OAS is about $9,024/year at 65 with 40 years' residency after 18.

years

When CPP/OAS begin. They can start later than your retirement age; the portfolio funds your full spending until then. 65 is standard (60–70).

Planning assumptions

Planning assumptions

Examples, not advice
% / year

9% is a conservative long-run estimate for a broad all-equity ETF like XEQT, before inflation. A more diversified or bond-heavy portfolio would use a lower figure.

% / year

2.5% is a reasonable long-run figure. The Bank of Canada targets the 2% midpoint of a 1% to 3% range. Everything here is in today's dollars.

These values are saved in this page's URL so the plan is shareable. Avoid sharing the link if the amounts are private.

Sustainable annual spending

$80,411 / yr

You could spend about this much each year in today's dollars, drawing your portfolio down to zero at age 90. CPP and OAS of $19,824 a year are included from age 65.

Implied withdrawal rate
8.1%

vs the 3.5–4% rule of thumb

Savings at 90
$0
Annual CPP + OAS
$19,824

Estimate in today's Canadian dollars, before tax. Excludes income tax on withdrawals, RRIF minimum withdrawals, the OAS clawback, and market volatility. A per-account, after-tax model is coming next.

Your savings over retirement
Your position
Your savings are drawn down toward zero at age 90.

Decumulation: spending your savings down

Most retirement calculators help you save up. This one covers the other half: once you are retired and holding a portfolio, how do you spend it down? It runs your balance forward year by year, growing with returns and shrinking with withdrawals, until your plan-to age, and reports either the spending you can sustain or whether a spending level lasts.

The projection begins at retirement, so the two numbers to enter are your age at retirement and the savings you expect to hold by then. If you are already retired, that is simply your age and portfolio today. If you are planning ahead, enter your target retirement age and the balance you project having at that point. Our FIRE and Coast FIRE calculators can help you estimate that future balance.

The two modes

How much can I spend? solves for the largest steady annual spending that lands your balance on your chosen ending amount right at your plan-to age. How long will it last? takes a spending figure you enter and tells you whether it survives to that age, and if not, when it runs out. Switch between them with the toggle at the top of the tool.

Everything is in today's dollars

Spending, CPP, OAS, and your ending balance are all quoted in today's buying power, and the projection grows your savings at the return left over after inflation. That means you do not have to inflate anything in your head. A $50,000 spending figure describes the lifestyle $50,000 buys now, held steady for the whole plan.

Where CPP and OAS fit

This is the calculator where government benefits genuinely change the answer, because retirement lines up with when they start. Until your benefit start age your portfolio funds all of your spending; from that age, CPP and OAS cover part of it, so the portfolio lasts longer or supports more spending. You can start benefits as late as 70 for a larger amount, or as early as 60 for a smaller one. Enter the amount that matches your plan.

What this version leaves out

v1 treats your savings as a single pre-tax pot. It does not yet model income tax on withdrawals, the mandatory RRIF minimum withdrawals that start after you convert an RRSP at 71, or the OAS clawback on higher incomes. Those interact in ways that matter for Canadians, so a per-account, after-tax model is the planned next step. For now, read the spending figures as before tax.

A quick Canadian example

Say you are 65 with $750,000 saved, planning to age 90, taking CPP and OAS of about $19,800 a year from 65, with a 9% return and 2.5% inflation. In “How much can I spend?” mode, this simple model lands on a sustainable spend in the neighbourhood of $80,000 a year in today's dollars, drawing the portfolio to zero by 90. That is an implied withdrawal rate above the usual 3.5–4% rule of thumb, which is the trade-off of assuming a higher return: dial the return down to see a more cautious number.

Frequently asked questions

What is decumulation?
Decumulation is the spending-down phase of retirement, the opposite of saving up. You already hold a portfolio, and the questions are how much you can safely draw from it each year and whether it will last. This calculator answers both, with CPP and OAS as income on top.
How much can I spend?
In 'How much can I spend?' mode, the calculator solves for the largest constant annual spending, in today's dollars, that draws your portfolio down to your chosen ending balance exactly at your plan-to age. CPP and OAS reduce how much the portfolio itself has to provide once they start.
How long will my money last?
In 'How long will it last?' mode, you enter a yearly spending figure and the calculator projects your balance forward. It reports whether the money lasts to your plan-to age, and if not, the age it is projected to run out.
Does it include CPP and OAS?
Yes. Enter your expected annual CPP and OAS in today's dollars and the age they start. Benefits can begin later than your retirement age; until then your portfolio funds all of your spending, and from the start age the benefits cover part of it. The defaults are averages, so adjust them to your own estimate from My Service Canada Account.
Does it model taxes, RRIF minimums, or the OAS clawback?
Not yet. This version treats your savings as a single pre-tax pot. A more detailed Canadian model is the planned next step: splitting RRSP/RRIF, TFSA, and non-registered accounts, applying RRIF minimum withdrawals, federal and provincial income tax, and the OAS clawback. For now, treat spending figures as before tax.
Can I include a workplace pension?
Yes. Click 'Add a workplace pension' to enter your expected annual (or monthly) defined-benefit or workplace pension and the age it starts, which is often your retirement age and can differ from CPP/OAS. Enter it before tax, like CPP and OAS, so all the income lines are consistent. One caution: many workplace pensions are not fully inflation-indexed, so if yours isn't, enter a slightly lower figure, since everything here is in today's dollars.
Can I include my home?
Yes, in the 'Home equity at retirement' field, but with a condition. A house you live in produces no spendable income, so only count home equity if you actually plan to free it up by selling, downsizing, or borrowing against it. If you enter a value, the calculator treats it like extra savings that grow and get drawn down with the rest. Leave it at $0 if you plan to keep the home, and remember it can still be a bequest to your estate.
What plan-to age should I use?
A plan-to age is how long your money needs to last. Average life expectancy at 65 in Canada is roughly 85 to 87, but about half of people outlive the average, so planning to 90 is a common, sensible default. Choose 95 or 100 if you have longevity in your family or are planning for a couple.
What is the 'leave behind' amount?
It is an optional bequest: money you want to still hold at your plan-to age, in today's dollars. Leaving it at $0 spends the portfolio to zero. Setting a value means the plan must still hold that amount at the end, which lowers how much you can spend along the way.

Keep going

Still saving toward retirement? Work out your target with our FIRE calculator, or see whether your savings can coast there on their own. You can also see how you compare on the Invested Canadian dashboard.