This is your current monthly figure as provided by your employer on your pension statement, if you have a "defined benefit" pension. You can change this amount to be as low as 0% and as high as 150%. This amount is based on your income earned during the last year you will work. The percent of your working year's household income before tax you think you will need to have in retirement. Pre-retirement income desired in retirement Total number of years you expect to use your retirement income. Expected income increaseĪnnual percent increase you expect in your household income. The percentage of your annual income you will save for your retirement goals. This includes the potential loss of principal on your investment. The actual rate of return on investments can vary widely over time, especially for long-term investments. It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are subject to higher risk and volatility. Savings accounts at a bank or credit union may pay as little as 2% or less. Over the same period the total annual return (including dividends) was 6.9% (source ). For example, the annual return of the S&P/TSX Composite Index for the 10 year period from Decemthrough Decemwas 3.9% (source ). The actual rate of return is largely dependent on the type of investments you select. If you plan on withdrawing your money within five years, you may wish to choose a more conservative rate of return. The annual percent you expect to earn on your investments after you retire. The annual percent you expect to earn on your investments before you retire. If you are married, this should include your spouse's income. This calculator also assumes that you make your entire contribution at the end of each year. So if you retire at age 65, your last contribution occurs when you are actually 64. This calculator assumes that the year you retire, you do not make any contributions to your retirement savings.
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