How much do you need to retire?
A free retirement calculator for Canada and the US. See your target number, whether you’re on track, and what saving a little more each month would change. In today’s dollars, with no signup.
Everything already saved for retirement: RRSPs, TFSAs, 401(k)s, IRAs, pensions you control.
What you put away for retirement today. Not a monthly saver? Leave it at 0 and add what you do save below.
What you earn today. We use it to set the income you’ll want in retirement.
Bonuses, windfalls, other savingsoptional ▾
A bonus, a tax refund, or a yearly RRSP or IRA contribution you put toward retirement every year.
Money you expect once, like an inheritance or selling a property. We grow it from the age you receive it to retirement; if it arrives after you retire, it doesn’t count toward the target.
Assumptionsdefaults you can edit ▾
A balanced portfolio has averaged about 6% a year over the long run.
2% is the standard planning baseline.
Average CPP at 65 is about $850/month and full OAS about $735/month, so $1,500 combined is a typical starting point. Your exact CPP estimate is in your My Service Canada Account.
The sliders below show what would close it.
The green mark on each slider shows the value that closes the gap on its own. Move one, and the other marks adjust:
This plan gives you $496,604 against a $950,000 target: 52% of the way there. Move any slider toward its mark to close the rest.
Could you actually save $1,175 a month?
That’s exactly what Finally tells you: whether your budget really has that room, your real monthly surplus, and the opportunities hiding in your spending.
All figures are in today’s dollars: a 6% return after 2% inflation, compounded monthly. Yearly additions compound on year boundaries; a future amount grows from the age you receive it. Your target is 25× the yearly income your savings must provide (the 4% rule). This is information, not financial advice.
Saving more is the easy part to say. Finding the money is the real job.
The calculator tells you how much more to save. Finally tells you whether you can, and where it would come from: upload a bank statement and get your real monthly surplus, the spending leaks worth fixing, and a free financial health score. That turns this number into a plan.
How this retirement calculator works
Everything is shown in today’s dollars: growth uses your expected return after inflation (6% return and 2% inflation by default), compounded monthly on your current savings and contributions. Your target is 25× the yearly income your savings must provide (the 4% rule), after counting government benefits. Every assumption is editable, so the number is yours, not ours.
What this calculator leaves out
Deliberately: taxes on withdrawals, account types (RRSP, TFSA, 401(k), IRA), employer matching, market sequence risk, and pensions. Those details matter, but they change the plan, not the starting point. This tool answers the first question in under a minute: what’s my number, and am I moving toward it? The fine tuning comes after. For the Canadian specifics, including RRSP vs TFSA and the 2026 contribution limits, read how much to save for retirement in Canada.
Frequently asked questions
How much money do I need to retire?
A common starting point: plan to replace 70 to 80% of your income before retirement each year, then aim for savings of about 25 times the part of that income your savings must provide (the 4% rule). Government benefits like CPP, OAS, or Social Security cover a portion, so your savings only need to fund the rest.
How much do I need to retire in Canada?
It depends on your income and lifestyle, but the same guideline applies: 70 to 80% of your current income per year, with CPP and OAS covering a foundation (a typical combined amount at 65 is around $1,500 a month). If you need $56,000 a year and benefits cover $18,000, your savings must provide $38,000 a year, which suggests a target of roughly $950,000 by the 4% rule.
Am I on track for retirement?
You're on track when your projected savings meet your target under your own assumptions. If there's a gap, you have three levers: save more each month, retire a little later, or plan for a leaner retirement. This calculator marks, on each lever's slider, the exact value that would close your gap on its own, and the marks adjust in real time as you move the others.
What is the 4% rule?
The 4% rule is a planning guideline: if you withdraw about 4% of your savings in the first year of retirement and adjust for inflation after that, a balanced portfolio has historically lasted 30+ years. Flipped around, it means you need roughly 25 times your desired yearly withdrawal saved. It’s a starting point, not a guarantee.
Does this calculator include CPP, OAS, or Social Security?
Yes. By default it counts a typical government benefit amount toward your target: around $1,500/month combined CPP and OAS for Canada, or $1,900/month Social Security for the US. You can edit the amount or turn it off entirely in the assumptions.
Am I saving enough for retirement?
If your projected savings meet or beat your target, you’re on track under these assumptions. If there’s a gap, the biggest levers are starting earlier, saving more each month, and retiring a little later. The calculator shows exactly how much extra per month would close your gap.
Finally provides information to help you understand your finances. It is not personalized financial advice, and this calculator’s results depend entirely on the assumptions you choose.