Service Canada – Canadian Retirement Income Calculator
With RRSP season having just ended and tax season ramping up, the last thing on most people’s minds right now is planning for their retirement.
Whether you do your own investing on-line, use your local bank, broker, or a financial planner do you know your “Number”?
Experience shows that many people don’t have a good handle on the one number that will mean the difference between a quality retirement and having to struggle. Your “Number” is the amount of money necessary to give you the retirement you want.
One of the simplest tools I have come across to give you a rough estimate of your “Number” is the Human Resources and Social Development Canada website. Click on the “Canadian Retirement Income Calculator” link or type the following into your web browser.
To get the most out of this calculator, make sure that you have as much of the following information as possible:
· your most recent CPP Statement of Contributions or QPP Statement of Participation;
· financial information about your employer pension (if applicable);
· recent RRSP statement(s) (if applicable);
· your most recent statements for other savings that will provide ongoing monthly retirement income (annuities, foreign pensions; survivor pensions, etc.); and
· enough time to complete the calculator – usually about 30 minutes.
While using this calculator, please keep in mind that it is a rough estimate of your future income. Many factors may affect your retirement income and your actual income may differ from the results in this calculator.
In summary, if you were able to work through this calculator you now know have a handle on your “Number”. If you struggled and need more assistance, that’s where an investment professional can and should be helping you. Good luck in finding your “Number”.
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