Retirement Calculator Canada 2026

Estimate Canadian retirement income from CPP, OAS, pensions, investments, contributions, retirement age, and withdrawal assumptions.

Basics

Your money

Retirement goal

Government benefits

What is a retirement projection?

See how much money a month you would have if you stopped working at a given age, split into savings, CPP, OAS, and pension, with the CPP-at-60-65-70 trade-off costed out. The tool grows current savings and future contributions at the real return to the selected retirement age, then adds CPP, OAS, and pension income in today's dollars when applicable. It compares those values with today's-dollar spending and shows the portfolio needed to fill the gap.

With the values entered, the calculator estimates monthly retirement income if you stop working at 65 of $4,773. This scenario uses current age of 35 years, retirement age to test of 65 years, province or territory set to Ontario, and current annual employment income of $85,000. The supporting results show from age 65 of $4,773 and you want to spend of $4,333, which makes the main drivers easier to compare. That covers your $4,333 monthly target at every stage of retirement. Look first at the income gap, portfolio income, and age when savings are projected to last. If the result is tight, lower spending, increase contributions, delay retirement, or use more conservative returns one at a time to see which change creates the strongest improvement.

Formula or decision method

Retirement Calculator decision method

The tool grows current savings and future contributions at the real return to the selected retirement age, then adds CPP, OAS, and pension income in today's dollars when applicable. It compares those values with today's-dollar spending and shows the portfolio needed to fill the gap.

Data provenance

The model uses the values entered above rather than silently substituting a household profile. Personal balances, prices, rates, dates, and household facts should come from current statements, quotes, or official records, while suggested assumptions should be tested above and below the starting case.

Sensitivity test

The same default scenario with only current age changed by ten percent in either direction.
InputCalculated result
Current age: 32 years$5,137
Current age: 35 years$4,773
Current age: 39 years$4,262

Frequently asked questions

How much will I get per month if I retire early?

Test the earlier age and read the stages. Before 60 the portfolio pays everything, CPP can start at 60 at a permanent reduction, and OAS is added at 65. The leanest stage is the one your plan has to survive.

Is it better to take CPP at 60, 65, or 70?

Taking CPP at 60 pays 36% less every month for life; waiting until 70 pays 42% more. The comparison in the results shows what each choice does to your own monthly income. Waiting usually wins if you expect a long life and can bridge the gap.

Do I qualify for OAS?

OAS generally needs at least 10 years of adult residence in Canada, and 40 years for the full amount. Fewer years means a proportional payment. The results show your estimated share and whether the recovery tax claws any of it back.

How does an RRSP change this?

An RRSP contribution cuts this year's tax bill at your marginal rate, so the same monthly amount costs you less today. The trade is that every dollar withdrawn later is taxable income that also counts toward the OAS recovery tax.

What withdrawal rate should I use?

A lower withdrawal rate is more conservative. The right rate depends on investment mix, taxes, inflation, pension income, and retirement length.

What if I have a workplace pension?

Enter the monthly pension income. A reliable pension reduces how much your investment portfolio has to cover at every stage.

How the monthly income is built

The calculator adds four monthly income sources: a withdrawal from your projected portfolio at your planning withdrawal rate, CPP, OAS, and any workplace pension. Retirement is treated in stages, because the sources do not all start at the same age.

Why the number changes at 60 and 65

CPP cannot start before 60 and is reduced 0.6% for each month it starts before 65. OAS does not start before 65 at all. Retiring at 58 means the portfolio carries the whole cost alone until those benefits begin, which is the stretch most plans fail.

Retirement spending target

Spending, savings, CPP, OAS, pensions, and portfolio values are all kept in today's dollars. Inflation converts the expected investment return into a real return before anything is compared.

Canadian retirement accounts

RRSP withdrawals are fully taxable and count toward the OAS recovery tax. TFSA withdrawals are neither taxed nor counted. Splitting savings across both changes how much of the same portfolio you actually keep.

Disclaimer

Retirement readiness depends on savings rate, investment returns, inflation, spending, CPP, OAS, pensions, taxes, and withdrawal timing. Use this estimate to test gaps, then verify benefit assumptions and account balances before changing your plan.

See also

Practical pathways

Continue this Canadian planning journey

Page details

Author: Thomas Tremblay

Updated: August 6, 2026

Cite: Canooq.ca, Retirement Calculator

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