Introduction

Introduction

Step 1: Data and
assumptions

Step 2: Determine capital needed for retirement

Period 1
  Period 2
  Period 3

Step 3: Show capital needed in both today's dollars and future dollars

Step 4: Determine funding gap and savings needed to fill it

Results
View a sample worksheet


A worksheet created by Bruce Cohen,
co-author of the highly acclaimed personal finance manual




This calculator may seem longer than others. But it allows you to retire as early as you want, start C/QPP and OAS at different ages and include continuing income from a business or part-time work.
View the publisher's page

The calculator has five steps. You first supply information about your plans and assumptions. Next you determine, in today's dollars, how much savings you will need to fund your desired income. The calculator then converts those amounts to future dollars and restates them as one lump sum due on your first day of retirement. Finally, you see what your current savings will be worth at that point and how much you should be saving to cover any gap. Unless otherwise specified, enter all dollar amounts in today's dollars. Steps 3 and 4 take care of adjusting them for future inflation.

Use this link for additional information about this calculator, and notes on the different assumptions being made.

Using the calculator is simple. Use the Previous and Next buttons that appear on the left side to take you from page to page, and fill out the fields that appear on the form. Note that not all fields are required to be completed.