Retirement Savings Goal Calculator
Enter your desired monthly retirement income and get a clear savings target — accounting for CPP, OAS, your current savings, and expected investment returns.
Your Details
Your Retirement Goal
Savings Target
Required Savings
Assumptions
- 4% withdrawal rate — a widely used retirement planning benchmark for sustainable income
- 25-year retirement period
- 6% annual return applies during the accumulation phase (pre-retirement)
- CPP and OAS amounts are in today's dollars and are not inflation-adjusted
Already in or near retirement?
Calculate your retirement income from CPP, OAS, RRIF & TFSA →Disclaimer: This calculator is for informational purposes only and does not constitute financial advice. The 4% rule and a 25-year retirement period are general benchmarks — your actual needs may differ. CPP and OAS figures are estimates; check your personal projections at My Service Canada Account. Consider speaking with a licensed financial planner for personalized advice.
How This Calculator Works
Step 1 — Find your income gap: Your target monthly income minus expected CPP and OAS gives the monthly income your savings must provide.
Step 2 — Calculate the nest egg: Using the 4% rule, divide your annual income gap by 0.04 to find the total savings required at retirement. This amount can sustain withdrawals for approximately 25–30 years.
Step 3 — Account for current savings: Your existing savings grow at the expected return rate until retirement. This projected value is subtracted from the nest egg target to find your remaining savings gap.
Step 4 — Solve for annual savings: Using the future value of an annuity formula, the calculator determines the equal annual savings needed to fill the gap by retirement.
Related retirement tools
Retirement Income Calculator
Combine CPP, OAS, RRIF, and TFSA to see your monthly take-home in retirement.
TFSA Calculator
Project your TFSA balance and track contribution room year by year.
RRSP Calculator
Calculate your RRSP contribution limit and tax refund.
CPP & OAS Start Age Calculator
Find the optimal age to start CPP and OAS based on your breakeven point.
Related Calculators
- RRSP Calculator — Contribution limits and tax savings
- RRIF Minimum Withdrawal Calculator — Required RRIF withdrawals by age
- CPP/OAS Start Age Calculator — Breakeven analysis for early vs. late CPP/OAS
- Income Tax Calculator — Federal and provincial tax for all provinces