Sun Life Retirement Savings Calculator

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u/retire-free · Joined Oct 2024

Are your savings accounts (RRSP, TFSA, Non-Registered) on track to meet your retirement goal? Let's verify your current savings and contributions.

Last update Oct 2024
  • Scenario 1: Savings across all accounts

This is your savings curve, and it should comfortably stay above zero at your life expectancy. If it doesn't, see if you can save more per month, or adjust your retirement goal (age and retirement income).

Age

Try your numbers:

Enter your current age.

A =

Enter when you want to retire.

B =

Enter how much you're currently making, before tax.

C =

Because living expenses are usually lower in retirement, 60-80% of your pre-retirement income may be enough to live on depending on your desired lifestyle in retirement. Enter before-tax amount.

D =

E =

F =

G =

H =

I =

J =

Enter the amount of income you expect to receive from your defined benefit pension plan (DBPP), after retirement age, if you have a DBPP.

K =

This can include income from an income property, freelancing, part-time work, etc.

L =
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Add Input
  • Amount
    Any single amount ($).
  • Cash Flow
    Rent, insurance premium, salary, ...
  • Current Asset
    Real estate, commodity, bonds, ...
  • Installment Loan
    Mortgage, car loan, ...
  • Percentage
    Any percentage value (%).
  • Years / Months
    Any time horizon.
  • Age (already added)
    Show "Age" instead of "# Years from Now."
  • Retirement Age (already added))
    Enable "Investment Return After Retirement."

Time Value Assumptions

Heads Up!

If you're using Cost Basis (cb) for calculating capital gains:

Please be aware that very few countries currently use inflation-indexed cost basis. Double-check your local tax rules before publishing.

Scroll up to view updated chart.

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How is Cash Value calculated?

Assumptions: RRSP/TFSA are under annual limits; growth on non-registered savings is 100% taxable; income tax is based on Dec 2021 federal and Ontario rates; CPP/QPP = $600/month; OAS = $570/month; all income projections follow inflation.

Decisions / Expectations

(Expressions are evaluated at Year 0 only.)

M̃ =
∞
Follow Inflation
Ñ =
∞
Follow Inflation
O =
P =
Q̃ =
R̃ =
Now
Follow Inflation
S̃ =
T̃ =
Now
Follow Inflation
Ũ =
Ṽ =
Now
Follow Inflation
W̃ =
∞
Follow Inflation
X̃ =
∞
Follow Inflation

Calculations

(Expressions are evaluated at every year.)

Y =
Z =
AA =
AB =
ÃC̃ =
ÃD̃ =
ÃẼ =
ÃF̃ =
AG =
AH =
ÃĨ =
AJ =
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Add Decision or Expectation
  • Buy Asset
    Buy an asset growing at its own rate.
  • Take Installment Loan
    Take a mortgage, loan, etc.
  • Invest
    Receive/Spend a lump sum.
  • Expect to Invest
    Expect to receive/spend a lump sum.
  • Expect Monthly Cash Flow
    Expect to receive/spend cash monthly.
  • Expect Yearly Cash Flow
    Expect to receive/spend cash yearly.
  • Define Variable (Numerical)
    Calculate an intermediate value.
Add Intermediate Calculation
  • Define Variable (Numerical)
    Calculate an intermediate value.
  • Define Variable (Cash Flow)
    Calculate a combined cash flow.