As you get closer to full retirement, your priorities usually shift from growing your money to spending your money. In response, you will need to shift your investment mix from higher- to lower-risk investments to preserve your money and provide income. This will mean there is less chance that your investments will lose money, but they may also yield a lower expected investment return.

When you’re working

When you’re still working, you can take more risk with your money because your income can be used to make up investment losses. As you get closer to retirement, you may want to reduce your risk to protect your savings, so your money is there when you need it.

RRSP Savings Calculator

Amount currently in RRSP accounts:

$ $

Annual rate of return while you’re working:

% Enter what you think your average annual rate of return will be while you’re working. This rate of return may change as you approach retirement and your risk tolerance changes. Consider this in your average.

Contribution amount and frequency:

$ $ Weekly Bi-weekly Monthly Quarterly Semi-annually Annually Enter the dollar amount you plan to contribute each period to your RRSP. Learn more about contributing to an RRSP from the Canada Revenue Agency. The contribution frequency is assumed to equal the compounding period, even if you do not make regular contributions

Current age:

Number of years until retirement:

When you’re retired

Once you have fully retired, you can take less risk with your money because you no longer have an income to rely on if your investments lose money.

Estimated number of years in retirement:

Enter the number of years you expect to need your retirement income.

Annual rate of return while retired:

% Enter what you think your average annual rate of return will be in retirement. When you depend on your savings for income, reducing risks can protect your money, but results in lower average returns.

Calculate

Results

Total RRSP savings at retirement:

Annual income:

At retirement, your RRSP savings will be worth , which will provide an annual income of over the course of your retirement.

Find out how age, benefits and lifestyle affect how much you need to save.

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Assumptions

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This calculator assumes that you do not earn an income in retirement and will not make further contributions to your RRSP. The annual income is a calculation of the yearly income stream produced by an annuity based on your total RRSP savings at retirement. An annuity is a contract you buy in exchange for a lump sum of money. It provides regular, steady payments, usually on a monthly basis. Learn how annuities work