Retirement calculator
Plan for the future with our retirement calculator. Estimate how much you may need to save, explore your potential retirement income, and see how your savings and contributions can help you reach your retirement goals.
Results are estimates based on your inputs and the assumptions shown, not financial or tax advice. Savings targets, contributions and retirement income are not guaranteed. Actual returns, inflation, taxes and how long you need your savings to last may change the outcome. Speak with YNCU to review your retirement plan. See Legal stuff below for details.
About this calculator
This retirement calculator is provided by Your Neighbourhood Credit Union Limited (“YNCU”) for general information and illustrative planning purposes. It does not provide personalized financial, investment, tax or legal advice, recommend a particular investment, or guarantee that you will achieve your retirement goals.
Results are estimates based on the information you enter and the calculator’s assumptions and calculation methods. They may not reflect your complete financial circumstances. Review the inputs and assumptions carefully and consult a qualified professional before making financial decisions.
Savings targets and contributions
The retirement savings target, estimated shortfall and monthly contribution amount shown are illustrative. They depend on factors including your current savings, retirement age, retirement income goal, other income sources, assumed investment returns, inflation and the selected planning end age.
A projected contribution amount does not guarantee that you will reach the displayed savings target. Changes in contribution amounts or timing, investment performance, expenses or personal circumstances may materially affect your results.
An income replacement percentage is a planning assumption, not confirmation of the income you will need or receive in retirement. Your actual needs will depend on your spending, taxes, debts, housing, health and other circumstances.
Investment returns and inflation
Rates of return and inflation used by the calculator are assumptions, not forecasts, current YNCU product rates or guaranteed outcomes. Projections may apply a constant annual return and inflation rate, while actual returns and costs vary over time.
Investment values may rise or fall, and some investments may lose value. The timing of gains and losses, particularly when making withdrawals, can affect how long your savings last even where average returns are similar.
Unless expressly included, results do not account for all investment fees, account charges, taxes or changes in legislation. Inflation may reduce the purchasing power of your savings and retirement income.
Retirement income and planning period
Projected income and account balances are not guaranteed payments. The selected planning end age is an assumption, not a prediction of life expectancy. You may need income beyond that age.
A projection showing savings lasting to a selected age does not guarantee that your savings will last for your lifetime. Unexpected expenses, longer life expectancy, lower returns, higher inflation or changes in withdrawals may cause savings to run out sooner.
Government benefits, pensions and other income
Amounts entered or estimated for Canada Pension Plan (CPP), Old Age Security (OAS), employer pensions and other retirement income do not confirm your entitlement or the amount you will receive.
Actual payments depend on the applicable program or pension plan rules and your circumstances. These may include contribution history, residency, age when benefits begin, income, survivor benefits and indexing provisions.
Default amounts may not reflect your circumstances. Confirm government benefit estimates with Service Canada and employer pension estimates with your plan administrator. Include each income source only once and check when payments begin and whether they change over time.
Taxes and registered accounts
Unless expressly identified as after-tax amounts, do not treat projected income as the amount available to spend after tax. Tax treatment varies by account type, income source and personal circumstances. Taxes and income-tested benefit reductions may affect your retirement income.
Suggested contributions do not establish your eligibility or available contribution room for an RRSP, TFSA or other registered plan. Confirm applicable limits across all your accounts before contributing. Excess contributions may result in tax.
Withdrawals are subject to applicable tax rules and account or investment terms. RRIF minimum withdrawal requirements and restrictions on locked-in funds may affect your ability to follow a projected withdrawal schedule.
Confirming your plan
The calculator is a starting point for discussion and does not replace a complete retirement plan. Actual products, rates, fees, eligibility and withdrawal conditions are governed by applicable laws and agreements.
YNCU may update the calculator and its assumptions as information, products and rules change. Review your retirement plan regularly and speak with a qualified financial, tax or legal professional about your circumstances.