Do you know what it might take to create a secure retirement? The Retirement Planner Calculator on the RHN website helps Canadians model retirement savings and withdrawals year by year—a practical starting point before you talk through RRSPs, TFSAs, CPP, OAS, and tax with a professional.
This guide includes a video walkthrough, a link to the live calculator, and the full transcript below. For broader retirement tax planning in Canada, see our Retirement & Savings hub.
Video walkthrough
Try the calculator
Open the Retirement Planner Calculator (Canadian) and follow along with the video or transcript.
Key takeaways
- What it does: Projects your retirement savings balance and annual withdrawals from now through the end of your planned retirement.
- Main inputs: Current age, retirement age, household income, savings rate, existing retirement savings (RRSPs, TFSAs, etc.), desired retirement income as a percentage of pre-retirement income, years of retirement income, and estimated CPP/QPP and OAS.
- What to look for: Whether savings last through your retirement period, how much you can withdraw each year, and how small changes (saving more, retiring later) shift the outcome.
- Limitations: The calculator uses your assumptions only. It does not account for all taxes, inflation, fees, or market uncertainty. Results are illustrative—not a guarantee.
Video transcript
Introduction
Do you know what it might take to create a secure retirement?
This short tutorial walks you through the Retirement Planner Calculator on the RHN website. It’s a Canadian calculator that helps you see your retirement savings balance and your withdrawals for each year until the end of your retirement.
We’ll cover what to enter, what the results mean, and how to use them as a starting point for your plan. This tool is for education only. It’s not investment or tax advice. For advice tailored to your situation, talk to a qualified professional.
Let’s get started.
Where to find the calculator
Open the calculator from the RHN website. You’ll see the title “Retirement Planner Calculator (Canadian).” The page explains that the calculator helps you create a simple retirement plan and view your savings and withdrawals year by year.
Keep the page’s disclaimer in mind: the calculator is a self-help tool. It’s not meant to replace personalized advice from an accountant or financial advisor.
Entering your information — in order
Work through the fields from top to bottom. Each one is required—you’ll see the asterisk—and most have a question mark for help text if you need it.
Current age. Enter your age today. If you’re planning as a couple, you can use the primary earner’s age or run the calculator twice.
Age at retirement. This is when you expect to stop working and start drawing on savings. Many Canadians choose between 60 and 67, but you can enter any age that fits your plan.
Gross annual income. Enter your total household gross income for the year. Include your spouse’s income if you’re planning together. Use your best estimate—you can change it later to test different scenarios.
Percent of income to save. What share of your gross household income do you save for retirement each year? Enter it as a percentage. For example, 10% means you save 10% of your gross income every year.
Current retirement savings. Enter the total you’ve already saved for retirement. Include RRSPs, TFSAs, and other retirement accounts. Don’t include pension income you’re already receiving. Use the total across all accounts.
Expected income increase. If you expect your household income to go up over time, enter the average annual increase as a percentage. If you’re not sure, you can use a small number like 1% or 2%, or zero.
Pre-retirement income desired in retirement. What percentage of your pre-retirement household income do you want in retirement? Many planners use 70% to 80%. The calculator lets you choose between 0% and 150%. Pick a number that matches your goals and lifestyle.
Years of retirement income. How many years do you expect to need retirement income? A simple approach is to subtract your retirement age from a life expectancy. For example, retiring at 65 and planning to 90 is 25 years. You can adjust this to be more or less conservative.
Monthly company pension. If you have a defined benefit pension that will pay you a set amount each month in retirement, enter that monthly amount here. If you don’t, enter zero.
Monthly CPP or QPP pension. Enter the monthly Canada Pension Plan or Quebec Pension Plan amount you expect to receive in retirement. You can get an estimate from your My Service Canada Account or the CRA. If you’re not sure yet, use an estimate—you can change it later.
Begin CPP or QPP at age. Enter the age at which you plan to start receiving CPP or QPP. You can start as early as 60 with a reduction, or as late as 70 with an increase. This affects how much the calculator assumes you’ll receive over your retirement.
Monthly OAS. Enter the monthly Old Age Security amount you expect. OAS starts at 65 for Canadians who meet the residency rules. Amounts are reduced if your income is above a certain threshold. Use an estimate from Service Canada if you have one, or a round number like 700 dollars if you’re not sure.
If your version of the calculator also shows rate of return before retirement and rate of return during retirement, fill those in when you reach them. Use a number you’re comfortable with for growth—many people use something like 4% to 6% before retirement and a bit less during retirement.
Calculating and reading the results
Once you’ve entered your information, run the calculation.
The calculator shows your retirement savings balance and your withdrawals for each year until the end of your retirement. You’ll see how your savings grow while you’re working and how they change as you take withdrawals in retirement.
What to look for:
- Whether your savings last through your planned retirement period.
- How much you can withdraw each year.
- How changes in your savings rate or retirement age affect the result.
Try changing one input at a time—for example, saving 2% more each year or retiring one year later—and run the calculation again. That helps you see how small changes can affect your plan.
Important reminders
This calculator is a starting point. It uses the assumptions you enter. Real life involves taxes, inflation, and uncertainty. The results are not a guarantee.
For Canadian-specific planning—RRSPs, TFSAs, CPP, OAS, and tax—use our Retirement and Savings resources on the RHN website.
FAQ
What is the Retirement Planner Calculator?
It is a free Canadian tool on the RHN website that models retirement savings growth and withdrawals year by year based on the inputs you provide—age, income, savings rate, pensions, and government benefits.
How do I use the Canadian Retirement Planner?
Enter your current age, planned retirement age, income, savings rate, existing RRSP/TFSA balances, desired retirement income, and CPP/OAS estimates. Run the calculation and review whether your savings last through your planned retirement period. Adjust one variable at a time to test scenarios.
Does the calculator include RRSP and TFSA accounts?
You enter your total current retirement savings across accounts (including RRSPs and TFSAs) in one field. The tool does not model contribution room, deadlines, or tax on withdrawals separately—those require personalized advice.
When should I start CPP and OAS?
The calculator lets you model different CPP/QPP start ages (60–70). The right age depends on your health, income, and other retirement income. See our article on when to start CPP and OAS for factors to consider.
Related reading
- RRSP FAQs
- RRSP or FHSA: Which Should I Use to Save for My Goals?
- Tax-Efficient Retirement in Canada
- When to Start CPP and OAS
Next steps
Use the Retirement Planner Calculator to test assumptions and ask better questions—not as a final retirement plan. Real planning involves taxes, account types, pension integration, and your personal goals.
For more on RRSPs, TFSAs, CPP, OAS, and retirement tax planning, visit our Retirement & Savings hub.
If you’re in BC or the Okanagan and want retirement planning advice tailored to your situation, contact RHN to discuss your RRSP, TFSA, pension, and tax picture.
This post has been prepared for general information purposes. It is not advice. The information presented may not fit your unique situation. Please consult one of our trusted business advisors at RHN CPA for further clarification and interpretation of your circumstances.
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