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How much money will I need to retire?

How much money you need to retire really depends on so many different things such as; 


  • The lifestyle you plan to have
  • What returns you expect on your investments
  • The amount of debt you will have
  • Your planned expenses
  • Any additional sources of income you may expect

The Investors Education Fund (a non profit organization of the Ontario Securities Commission) has developed a number of different calculators to help with your planning and is a very good place to start.

  • You can begin by calculating out how much money you estimate you will need during your retirement.  The IEF’s retirement budget spreadsheet walks you through your typical expenses both before and after you stop working to give you an idea of how much you can expect you will need.  You can access the spreadsheet here.
  • Once you have your budget created, a retirement cash flow calculator walks you through the planning, budgeting, investments and events to provide you with an outlook of how much money you may need. You can access their retirement planning calculator here.
  • They also provide a great deal of information on how you can manage your money and the different options that you have available.  You can access this information here.

Canada Pension Plan (CPP) / Quebec Pension Plan (QPP)

How much do you understand the Canada Pension Plan or Quebec Pension Plan and what benefits you may be eligible for?

  • RBC Wealth Management has published the following guide to understanding CPP and QPP. You can access their guide here. (please note their statement to ensure that you obtain the necessary professional advice for your particular circumstances)
  • You can also get additional information at the CPP Service Canada website.