Will your income cover the life you want?
Add up what you spend and what comes in each month in retirement. In about ten minutes you'll see whether your income covers your costs, how much of your essentials are covered by guaranteed income, and what may be worth a closer look.
You're looking at example figures for a sample retired couple. Clear them to enter your own.
This planner is for general information and illustration only. It adds up the figures you enter. It does not project investment returns, inflation or taxes, and it is not personalized investment, tax, legal or financial advice. Your figures stay in this browser unless you choose to email your results, in which case they are sent to RetirementIQ.
Retirement budgeting questions
How much income will I need in retirement?
It depends on how you actually spend, not a rule of thumb. Many guides suggest 60 to 70 percent of your pre-retirement income, but your real number comes from your own budget: essentials such as housing, food and health care, plus the lifestyle spending that makes retirement worthwhile. This planner starts from that budget.
Should I enter before-tax or after-tax amounts?
After-tax: what actually lands in your bank account. CPP, OAS, workplace pensions and RRIF withdrawals are all taxable income, so use the net amounts you receive. TFSA withdrawals are tax-free.
What counts as guaranteed income?
Income that keeps coming regardless of the markets: the Canada Pension Plan, Old Age Security, defined benefit workplace pensions and annuities. Covering your essential costs with guaranteed income is one of the most effective ways to make a retirement plan feel secure.
Where can I find my CPP and OAS amounts?
Your CPP Statement of Contributions and estimated pension are in My Service Canada Account. OAS amounts are set by the federal government and adjusted for inflation each quarter; the amount you receive also depends on how long you have lived in Canada and when you start it.
Is my information saved or shared?
Your figures stay in your own browser on your device. Nothing is sent to RetirementIQ unless you choose to email your results to yourself; then your summary and contact details are sent to RetirementIQ so Krystian can email them and, if helpful, follow up. Your information is never sold.
A budget is where a retirement plan starts.
Your budget shows what you need. The Retirement IQ Method turns it into a plan: which accounts to draw from and when, how to cover essentials with guaranteed income, and how to keep taxes down over your whole retirement.
Talk through your numbers
Copy your summary from the results page and bring it to a complimentary Retirement Clarity Call. Or see how ready your whole plan is with the Retirement IQ Scorecard.
Not sure what CPP and OAS to enter? Use the CPP and OAS calculator to see your amounts at every start age.