How the Retirement Calculator works
See if you are on track for retirement. Adjust the inputs above, then use the calculate button to generate a fresh estimate based on the numbers you entered.
The result is designed to give you a quick planning number, plus a short breakdown of the major figures behind it. You can reset the form at any time and try a different scenario.
When to use this calculator
Use this retirement calculator to estimate how your current savings and regular contributions may grow before retirement. It is a starting point for checking whether your savings pace feels reasonable, testing a higher monthly contribution, or seeing how much time affects the result.
Formula
Future retirement savings = current balance compounded over time plus compounded monthly contributions
- Current balance is what you have saved today.
- Monthly contribution is the amount you plan to add regularly.
- Expected annual return is the assumed long-term growth rate.
- Years is the time left before you expect to retire.
Worked example
If you have $75,000 saved, contribute $800 per month, assume a 6% annual return and have 25 years until retirement, the calculator estimates a future nest egg based on those assumptions.
Common mistakes
- Using an aggressive return assumption to make the plan look better.
- Ignoring inflation and future spending needs.
- Forgetting that retirement income may also include CPP, OAS, pensions or part-time work.
FAQs
Is this a full retirement plan?
No. It is a projection tool. A full plan should also consider spending, tax, inflation, account types and income sources.
What return should I use?
Use a conservative long-term estimate that fits your investment mix. Lower estimates can help stress-test the plan.
Can small contribution changes matter?
Yes. Increasing contributions earlier gives the extra money more time to compound.