Free, educational Canadian retirement tools · figures reviewed October 30, 2026Part of the MITEY network
    RetirementPlanner.ca
    Free tool 2026 rules

    How much do I need to retire?

    Start with what you want to spend each year in retirement, after tax. Subtract what CPP, OAS and any workplace pension will cover, add back the tax on the rest, and you have the yearly gap your savings must fund. Spread that over the years from retirement to your planning age, and you have a target nest egg.

    Mitey the yeti holding a small notebook

    Your goal

    Today's dollars. Many people start from current spending minus work costs and savings.

    Pensions

    Savings

    After inflation.
    Savings needed at 65
    $797,773
    to fund $37,186/yr for 30 years
    Projected savings
    $637,825
    today's dollars
    Extra saving needed
    $471/mo
    $5,656 a year until 65

    Where each year's income comes from

    CPP$12,000
    OAS$9,150
    Workplace pension$0
    Savings withdrawals$37,186
    of which goes to tax$8,336
    StepAmount
    After-tax spending goal$50,000
    Gross income needed (before tax and OAS recovery)$58,336
    Covered by CPP, OAS and pension (once started)$21,150
    Gap covered by savings each year after that$37,186
    Savings needed at 65$797,773
    Projected savings at retirement$637,825
    Shortfall$159,948

    A simple, level-spending estimate: each year's gap from 65 to 95 is discounted at the real return you enter, treating withdrawals as fully taxable (conservative for TFSA money). Savings carry the whole load before CPP starts (age 65) and OAS starts (65, with your residence years). For market ranges and account-by-account tax, use the retirement plan model.

    Educational estimate, not advice. Results depend on your inputs and the assumptions listed. They are not a prediction of returns or a recommendation. Check benefit amounts in your My Service Canada Account and tax details with the CRA. Read the disclaimer.

    How to use this tool

    1. Enter your after-tax spending goal in today's dollars.
    2. Add CPP, OAS residence and any pension.
    3. Enter savings and yearly saving to see the gap.

    Why spending, not income, is the starting point

    Rules of thumb like "70% of pre-retirement income" can be far off. Some costs end at retirement (commuting, CPP and EI contributions, RRSP contributions, sometimes a mortgage), while others rise (travel, health, help at home). A short budget in today's dollars is usually more reliable — the retirement budget guide walks through one.

    How the target is calculated

    The tool finds the gross income needed to net your spending goal after 2026 tax and any OAS recovery tax. It subtracts CPP (at your chosen start age), OAS at 65 based on your residence years, and your pension. The remaining gap for each year from your retirement age to your planning age is discounted at the real return you choose. If you retire before CPP or OAS start, savings fund the whole gap in those bridge years.

    Then it projects today's savings and yearly saving to retirement, and tells you the extra monthly saving that would close any shortfall.

    Frequently asked questions

    Why does the target change so much with the return?
    Because the nest egg funds payments over 25–35 years. A 1% change in the real return changes the amount needed substantially, which is why it helps to test a cautious case.
    Does this include my home?
    No. Home equity isn't counted unless you plan to sell or borrow against it. See the downsizing guide.
    How is this different from the plan model?
    This is a quick, level-spending estimate. The plan model tracks each account, RRIF minimums and a range of market paths.

    Official sources

    Figures checked October 30, 2026. Rules and amounts change; confirm current details on the official pages above.