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1. ENTER YOUR RETIREMENT ASSUMPTIONS
$
DESIRED MONTHLY RETIREMENT INCOMEThe monthly lifestyle income you want in retirement
P
MONTHLY PENSION INCOMEEmployer pension or other guaranteed pension income
C
MONTHLY CPP / OASEstimated government retirement benefits
+
OTHER MONTHLY RETIREMENT INCOMERental, business, annuity or other recurring income
65
RETIREMENT AGEAge retirement income is expected to begin
90
PLANNING AGEAge through which the retirement income should be funded
%
ASSUMED ANNUAL GROWTH RATEIllustrated growth on retirement capital remaining invested
◆
RETIREMENT CAPITAL ALREADY AVAILABLERRSP/RRIF, TFSA and other investment capital intended for retirement
💡 HOW IT WORKS
Start with the retirement lifestyle income you want and subtract the recurring income already expected. The difference is your retirement income gap. The calculator then estimates the capital required at retirement to fund that annual gap from the selected retirement age through the planning age, while allowing the remaining capital to continue growing at the assumed annual rate.
2. YOUR RESULTS
Your Retirement Income Position
1

INCOME YOU WANT

Annual Retirement Income

$
desired annual
retirement income
→
2

INCOME YOU HAVE

Recurring Income Sources

✓
annual income already
expected
→
3

INCOME GAP

Amount Capital Must Provide

!
annual retirement
income gap
$
Illustrated capital required at retirement:
Retirement capital already available:
Illustrated capital shortfall:
Total income-gap withdrawals through planning age:
Projected ending capital from the entered available capital:
RETIREMENT CAPITAL POSITION
Capital Required Capital Available Capital Gap
3. SMART TEACHING TOOL — RETIREMENT INCOME
RETIREMENT IS AN INCOME QUESTION
Accumulating money is only part of retirement planning. The practical question is: How much income will you want, and where will that income come from? Identifying the gap turns a large retirement number into a specific planning objective.
THE GAP NEEDS A SOURCE
Pensions and government benefits may cover part of the desired lifestyle. The remaining income may need to come from RRSP/RRIF assets, TFSAs, other investments, business or rental income, and other properly planned sources.
BEGIN WITH THE PURPOSE
Define the retirement lifestyle and income you want.
→
EVALUATE THE CHOICES
Evaluate the income sources and capital available to support it.
→
MAKE AN INFORMED DECISION
Choose the retirement strategy that fits your circumstances.
The F.I.T. PLANNING Smart Cycle of Success brings all three together. Ask us how.
A good decision deserves a regular review. Review retirement assumptions regularly and whenever income needs, investments, pensions, tax circumstances or life objectives materially change.
Educational illustration only. Growth is an assumption and is not guaranteed. The calculation assumes a level annual income gap and annual growth for illustration. Inflation, taxes, fees, investment volatility, changing income needs, longevity and withdrawal timing can materially change retirement outcomes.
Educational planning illustration only. Values entered are assumptions and do not constitute investment, tax, legal or insurance advice.