Assumptions
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Retirement Savings Calculator
Use this calculator to help you estimate how much you should save to reach your desired retirement lifestyle.
$
$
$
You must save
approximately
$405 monthly
in order to reach your desired retirement income amount.
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Retirement Savings Calculator
Your information
- Desired yearly retirement income $30,000
- Current age 25
- Age at retirement 65
- Current retirement savings balance $2,000
- Contribution frequency Monthly
Assumptions
- Life expectancy 90 years
- Pre-retirement rate or return 4.3%
- Post-retirement rate of return 2.9%
You must save
approximately
I used Manulife's Retirement Savings Calculator and found out I have exceeded my retirement savings goal by approximately
$000 monthly
in order to reach your desired retirement income amount.
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This is an illustration of possible savings scenarios, not a guarantee of future savings. The rates
and
dollar figures shown are not guaranteed and retirement savings may last for longer or shorter periods,
depending on market conditions. We recommend you review your retirement plan periodically. Amounts are
subject to plan provisions and/or legislative requirements. Neither Manulife nor any of its agents,
employees, or representatives is providing legal, tax, or investment advice. The calculations used by
this tool are based on tax and pension legislation effective as of September 1, 2012.
Assumptions
- Life expectancy = 90 years
- Pre-retirement rate of return = 4.3%
- Post-retirement rate of return = 2.9%
Disclaimer
This calculator provides an illustration of possible savings scenarios, not a guarantee of future savings or retirement income. The dollar figures displayed are not guaranteed. Retirement savings may last for longer or shorter durations, depending on market conditions and how much income is withdrawn. It's important to review your retirement plan periodically to ensure you are on track to meet your goals. Contribution amounts may be subject to legislative requirements. Contributions and yearly retirement income do not include government plans such as OAS or CPP/QPP. Neither Manulife nor any of its agents, employees, or representatives is providing legal, tax, or investment advice with the display of this estimate.
Yearly gross salary before taxes
This is the amount you get paid before taxes and other deductions are subtracted.
- Weekly – 52 pays per year
- Every two weeks – 26 pays per year
- Twice a month – 24 pays per year
- Monthly – 12 pays per year
- Annually – 1 pay per year
Current retirement savings balance
This is the amount of retirement savings you currently have.
Contribution frequency
This is how often you contribute to your retirement savings
- Weekly – 52 pays per year
- Every two weeks – 26 pays per year
- Twice a month – 24 pays per year
- Monthly – 12 pays per year
- Annually – 1 pay per year