L LoanLens Canada

Retirement Calculator

Will you have enough? Projects your nest egg, converts it to 4%-rule monthly income with CPP/OAS stacked on, and prices the exact monthly saving needed to close any gap.

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Include employer match if you have one.

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Real return keeps everything in today's dollars. 4–5% is a common balanced-portfolio assumption.

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Average is ~$1,600; estimate yours on the CPP/OAS calculator.

Projected nest egg at retirement

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Sustainable income (4% rule)

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Plus CPP + OAS

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Your target

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On track?

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Extra monthly saving to close the gap

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The honest read

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Quick Answer

A 35-year-old with $50,000 saved, adding $500/month at a 4% real return, reaches 65 with roughly $513,000 — supporting about $1,700/month at the 4% rule. Add average CPP + OAS (~$1,600) and the total is ~$3,300/month against a $4,000 target: a gap that closes with about $300/month of additional saving, or by working 2–3 years longer.

How the math works

Everything runs in today's dollars — the return you enter is after inflation, so the nest egg and incomes shown are real purchasing power. Your savings grow to retirement, then the 4% rule converts the nest egg into sustainable monthly income. Government benefits stack on top; the shortfall between that total and your target is what extra saving (or a later retirement) must cover.

The three levers when the number falls short

Save more — the "extra monthly" figure above prices the gap exactly. Retire later — every additional year raises CPP by 7.2%+ (OAS 7.2%), adds a year of contributions, and removes a year of withdrawals; it's the most powerful lever most people have. Spend less — a $500/month lower target shrinks the required nest egg by $150,000. Usually the answer is a blend of all three.

Where the money should live

The account matters as much as the amount. RRSP contributions give a refund worth 30–45% of every dollar (compare both accounts on the RRSP vs TFSA calculator); TFSA withdrawals never trigger the OAS clawback or GIS reductions. Project each account separately with the TFSA calculator.

Get the government side right first

The CPP + OAS input drives everything downstream. The average retiree gets ~$1,600/month combined, but your number depends on earnings history, residency, and claiming age — delaying both to 70 raises them ~40%. Estimate yours precisely on the CPP & OAS calculator, then plug it in above.

Frequently Asked Questions

How much do I need to retire in Canada?
Start with your target monthly spending, subtract government benefits (CPP + OAS average ~$1,630/month for a new retiree in 2026), and multiply the remaining annual gap by 25 — the 4% rule. Targeting $4,000/month with average benefits means a ~$2,370/month gap, or roughly $710,000 in personal savings.

Is $500,000 enough to retire on in Canada?
With CPP and OAS, usually yes for a modest lifestyle: $500,000 supports about $1,670/month at a 4% withdrawal rate, and average government benefits bring the total to roughly $3,300/month. Without employer pension or benefits, $500,000 alone is tight in expensive cities.

What is the 4% rule?
A retirement-planning heuristic: withdraw 4% of your nest egg in year one, adjust for inflation after, and a diversified portfolio historically lasted 30+ years. It's a planning anchor, not a guarantee — sequence-of-returns risk, fees, and taxes all bite, so many planners now use 3.5% for early retirements.

How much should I save per month for retirement?
The classic benchmark is 10–15% of gross income including any employer match. What matters more is starting early: $500/month from 35 to 65 at a 4% real return builds ~$350,000, while the same amount from 45 builds only ~$183,000. This calculator shows your exact monthly requirement.

Does this include CPP and OAS?
Yes — enter your expected combined CPP + OAS (the average is ~$1,600/month; the maximum at 65 is ~$2,185). For a personalized government-benefit estimate by earnings history and start age, use the CPP & OAS calculator first, then bring that number here.

Guides that use this calculator

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How Much Do You Need to Retire in Canada? (The Real Formula)

Retirement Planning

How to Retire at 55 in Canada: The 10-Year Bridge Problem

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Annuity vs RRIF in Canada: Guaranteed Cheques vs Flexible Control

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Coast FIRE in Canada: The Number That Lets You Stop Saving (Not Stop Working)

Retirement Planning

CPP Survivor Benefits and OAS After a Spouse Dies: What Widows and Widowers Actually Get

Mortgage & Home Buying

Pay Down the Mortgage or Invest? The Canadian Math, Finally Settled

Official sources

Rules and dollar limits change. Confirm current amounts with the official pages below before you act.

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