Retirement Calculator Canada
CPP + OAS + your savings
See what you will have to live on each year in retirement: CPP and OAS at the ages you start them, GIS if your income is low, and what your RRSP, TFSA and other savings can pay until age 95 — in today's dollars, with the monthly saving that closes any gap.
Read the full answer — method, rates and figures
Quick answer: A Canadian retiring at 65 with the average new CPP pension ($858.34 a month, July 2026) and the full OAS pension ($762.50, October–December 2026) receives $1,620.84 a month, about $19,450 a year, before tax. Everything above that comes from savings: spending $60,000 a year until 95 needs about $814,000 saved at 65, and $1,000,000 sustains about $69,100 a year (today's dollars, 5% return, 2% inflation, one person).
CPP is 0.6% smaller for each month you start before 65 and 0.7% larger for each month after; OAS rises 0.6% a month if deferred to 70. With this calculator's defaults — age 45, $150,000 saved, $800 a month, retiring at 65 — savings reach about $524,257 in today's dollars and the plan sustains about $45,700 a year.
Sources: Service Canada (canada.ca), ESDC.
Today's dollars, before tax.
From My Service Canada Account. Average new retiree: $858.34; maximum $1,507.65.
40 or more = full OAS; under 10 = none.
Return, inflation and plan length
You can spend each year until 95
$45,700 / year
$3,808 a month, today's dollars, before tax
Short by $14,300 a year: savings would run out at 81. Saving $1,710 a month instead of $800 reaches $60,000.
Where it comes from at 65:
One person, before income tax. Withdrawals treated as RRSP/RRIF income for GIS and the OAS clawback.
Don't lose this plan
Keep your retirement number next to your actual RRSP, TFSA and pension balances, so you can see each month whether you are still on track.
You can spend, a year
$45,700
Savings at 65
$524,257
Last reviewed 8 October 2026 by the Richify AI agent team.
Reviewed by Felix, Richify's AI CFO — an AI author, presented as one.
This is the textbook answer. Want to see this calculated against your actual accounts?
Connect them to Richify →Your retirement number changes every month. Keep it current.
Richify brings your RRSP, TFSA, pensions and property into one view, so you can see how far your savings will go and what each contribution adds.
See my retirement planHow it works
The calculator works in today's dollars. Your savings grow until you retire at your return minus inflation, with your monthly contributions added each year. From your retirement age, each year's spending is paid first by any pension in payment — CPP, OAS and, for low incomes, the Guaranteed Income Supplement — and the rest is withdrawn from savings. It then finds the highest yearly spending your savings can sustain until the age you plan for.
The rules it applies
CPP is your amount at 65 adjusted by −0.6% for each month you start before 65 and +0.7% for each month after. OAS is the full pension × your years in Canada after 18 ÷ 40 (nothing below 10 years), plus 0.6% for each month of deferral and 10% more from age 75. GIS uses single rates from Service Canada's published table, tested on CPP plus your withdrawals. If your income passes $95,323, the OAS recovery tax takes back 15% of the excess and the shortfall comes from savings. Withdrawals are treated as RRSP/RRIF income; TFSA withdrawals would count for neither GIS nor the clawback.
Primary sources: Service Canada, CPP retirement pension: When to start your pension and How much you could receive (canada.ca); Old Age Security payment amounts (October–December 2026); ESDC Table of benefit amounts (open.canada.ca); OAS pension recovery tax (canada.ca). This is a planning estimate for one person, not advice; it does not model couples, workplace pensions or income tax.
Last updated 8 October 2026.
How much CPP and OAS will I get?
Monthly amounts by the age you start each pension. The average column applies the start-age rules to the average new CPP pension at 65 ($858.34, July 2026); the maximum column to the $1,507.65 maximum. OAS assumes 40 years in Canada after 18 and cannot start before 65.
| Start age | CPP (average) | CPP (maximum) | OAS (full) | Average CPP + OAS |
|---|---|---|---|---|
| 60 | $549.34 | $964.90 | not yet | $549.34 |
| 65 | $858.34 | $1,507.65 | $762.50 | $1,620.84 |
| 70 | $1,218.84 | $2,140.86 | $1,037.00 | $2,255.84 |
An average new retiree who starts both at 65 receives $1,620.84 a month, about $19,450 a year, before tax. Your own CPP depends on your contribution record — see it in detail with the CPP calculator, and work out a partial or deferred pension with the OAS calculator.
How much do I need to retire in Canada?
Savings needed on your retirement day to spend each amount every year until 95, in today's dollars and before tax. One person, average CPP and full OAS both started at 65 (so retiring at 60 means five years paid from savings alone), 5% return, 2% inflation, savings spent down to zero. Computed with the calculator above.
| Spending a year | Retire at 65 | Retire at 60 |
|---|---|---|
| $40,000 | $408,000 | $542,000 |
| $50,000 | $611,000 | $765,000 |
| $60,000 | $814,000 | $988,000 |
| $80,000 | $1,221,000 | $1,434,000 |
| $100,000 | $1,642,000 | $1,893,000 |
The pensions carry the first $19,450 or so, which is why the savings needed grow faster than the spending target. Retiring at 60 in this table means CPP at 65, not 60 — five years drawn entirely from savings. To see how your savings compare with Canadians your age, look at average RRSP balances by age; to retire well before 60, the FIRE calculator for Canada models the longer bridge.
Is $1 million enough to retire in Canada?
For one person retiring at 65, $1,000,000 plus the average CPP pension and full OAS sustains about $69,100 a year until 95 in today's dollars, before tax, on the same assumptions. Roughly $19,450 of that comes from CPP and OAS, and the rest from spending the million down. A couple with two sets of CPP and OAS would get further on the same savings; an RRSP-only million loses part of each withdrawal to income tax, which a TFSA does not. At the other end, with no savings at all, OAS and the Guaranteed Income Supplement set a floor — the GIS calculator shows how much, and the RRIF calculator shows the minimum you must withdraw from 72.
How to use this calculator
- Enter your age, the age you plan to retire, what you have saved in RRSPs, TFSAs and other investments, and what you add each month.
- Enter the CPP you would get at 65. Your My Service Canada Account statement shows it; if you do not know it, leave the average for new retirees ($858.34 a month).
- Choose when you will start CPP (60 to 70) and OAS (65 to 70), and how many years you will have lived in Canada after 18 by 65.
- Enter the yearly income you want in retirement, in today's dollars, before tax.
- Read the result: what your plan can pay each year until the age you chose, how that splits between CPP, OAS, GIS and your savings, and the monthly saving that closes any gap.
❓ Frequently Asked Questions
How much do I need to retire in Canada?
It depends on what you want to spend and when you stop working. For a single person retiring at 65 with the average new CPP pension ($858.34 a month, July 2026) and the full OAS pension, spending $40,000 a year in today's dollars needs about $408,000 of savings at 65, $60,000 a year needs about $814,000, and $80,000 needs about $1,221,000.
Retiring at 60 raises each figure because savings must cover five years before OAS and a smaller CPP: $988,000 for $60,000 a year. These assume a 5% return, 2% inflation, savings spent down to zero at 95, and amounts before income tax.
How much CPP and OAS will I get?
At 65, the average new CPP retirement pension is $858.34 a month (July 2026) and the maximum is $1,507.65. The full OAS pension is $762.50 a month for October–December 2026 with 40 years in Canada after 18, prorated by 1/40 per year below that.
Together that is $1,620.84 a month for an average new retiree, or $2,270.15 at the CPP maximum. CPP falls 0.6% for each month you start before 65 (36% less at 60) and rises 0.7% for each month after (42% more at 70); OAS rises 0.6% a month if you defer it, to 36% more at 70.
Is $1 million enough to retire in Canada?
For one person retiring at 65, $1,000,000 of savings plus the average CPP pension and full OAS supports about $69,100 a year of spending in today's dollars until age 95, before income tax, assuming a 5% return and 2% inflation. That is well above the median income of Canadians 65 and over.
The same million supports less if you retire earlier, live past 95 or earn lower returns, and more if you have a workplace pension. If the money sits in an RRSP or RRIF, every withdrawal is taxable; TFSA withdrawals are not.
Does the calculator include income tax?
No — every figure is before income tax, so it can be compared with a gross salary. CPP, OAS and RRSP or RRIF withdrawals are all taxable; GIS and TFSA withdrawals are not.
The calculator does apply the OAS recovery tax ("clawback"), 15% of net income above $95,323, because it changes how much OAS you keep. For your after-tax figure, run the yearly total through the Canadian income tax calculator for your province.
What happens if I retire before 65?
Your savings have to carry the bridge years on their own. OAS cannot start before 65, and CPP can start at 60 but is permanently 36% smaller there.
The calculator draws more from savings until each pension starts, which is why the same spending target needs noticeably more saved when the retirement age is 60 than when it is 65. Many early retirees still delay CPP to 65 or 70 to lock in the larger lifetime pension.
Is the result in today's dollars?
Yes. Savings grow at your return minus inflation, and CPP, OAS and GIS are held at today's amounts because all three are indexed to the Consumer Price Index.
So a result of $50,000 a year means $50,000 of today's purchasing power in every year of retirement, not $50,000 of future dollars worth less.
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Further Reading
Your retirement number changes every month. Keep it current.
Richify brings your RRSP, TFSA, pensions and property into one view, so you can see how far your savings will go and what each contribution adds.
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CPP, OAS, RRSP and TFSA in one view
