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Retirement Income Calculator
Use this calculator to find out how long funds in a Registered Retirement Income Fund will last.
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Retirement Income Calculator
May - 12th - 2015
Created for:
Jane Smith
Scenario:
scenario-1
Created by:
John Smith
Manulife Financial
JohnSmith@manulifefinancial.com
(555)-555-5555
Member Details
- Current age 55 Years
- Purchase date 05-12-2015
- Province of residence Alberta
- Spouse's age used for income payment calculation 55 yrs
Fund Information
- Type of plan the money is coming from Locked-in LIRA
- Pension jurisdiction Alberta
- Type of plan the money is going to LIF
Deposit Details
- Amount invested in Cash Account $ 20,000
- Estimated annual growth rate 2.50%
- Amount invested in Guaranteed Investment Certificates $ 30,000
- Estimated annual growth rate 1.50%
- Total Deposit Amount $ 50,000
Retirement Income Calculator
Withdrawal details
- Payment frequency Semi-annually
- Payment start date 00-00-2000
Payment options
- Minimum
Withholding tax options
- Minimum tax
- Client-specific tax rate 10%
Retirement Income Calculator
| Payment Details by | Annual Payment Summary | Plan Details | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Year | Age at Jan 1 | Gross payment | Tax withheld | Net payment | Annual gross payment | Plan minimum | Plan maximum | Annual earned interest | Year end plan value |
| 0000 | 55 | $123123 | $123123 | $123123 | $123123 | $123123 | $123123 | $123123 | $123123 |
Retirement Income Calculator
| Payment Details by | Annual Payment Summary | Plan Details | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Year | Age at Jan 1 | Gross payment | Tax withheld | Net payment | Annual gross payment | Plan minimum | Plan maximum | Annual earned interest | Year end plan value |
| 0000 | 55 | $123123 | $123123 | $123123 | $123123 | $123123 | $123123 | $123123 | $123123 |
© 2018 Manulife Bank. All Rights Reserved
Important details about this illustration:
These results are based on information you have provided, including the annual growth rate you have entered and as such are for illustrative purposes only. All values are calculated using an effective annual compounded interest rate. This calculator is not intended to provide tax or financial advice and should not be relied upon in that regard. Actual results may vary, and the accuracy and applicability of these results cannot be guaranteed and are not indicative of future interest rates. The calculations used by this calculator are based on tax and pension legislation effective as of June 6, 2015.
We recommend the annuitant reviews their retirement plan periodically and consults with an advisor and/or tax advisor prior to taking any action based on the information contained in this report.
The required annual minimum payment is based on the annuitant’s age or the annuitant’s spouse’s/common-law partner’s age on January 1st and is calculated as a percentage of the RIF value at the beginning of each year. Amounts are subject to plan provisions and/or legislative requirements. RIF payments are considered taxable income. For RIF payments in excess of the requirement annual minimum payment for the year, withholding tax will be applied. The minimum withholding tax rates as prescribed by the Income Tax Act (Canada) and have been used for this illustration. For this illustration, the default withdrawal order used is from the Retirement Income Advantage Account first until all funds are depleted, and then from the Guaranteed Investment Certificates.
Manulife Bank does not make any express or implied warranties or representations with respect to any information or results in connection with this calculator. Manulife Bank will not be liable for any losses or damages arising from any errors or omissions in any information or results, or any action or decision made these results.
Manulife, Manulife Bank and the Block Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under licence.
Assumptions
- Life expectancy = 90 years
- Pre-retirement rate of return = 4.3%
- Post-retirement rate of return = 2.9%
Disclaimer
Disclaimer concerning the estimate provided in this calculator.
This calculator provides an illustration of how much you will need to save to reach your desired retirement lifestyle.
The desired yearly retirement income from my savings displayed is 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 plan provisions and/or legislative requirements. Neither Manulife nor any of its agents, employees, or representatives is providing legal, tax, or investment advice with the display of this estimate.