Retirement Calculator Canada — Will My Money Last?
Your whole retirement on one timeline. Watch your savings grow while you work, then draw down after you retire — and slide your retirement age to see when (or whether) your money runs out.
Using your saved retirement profile
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One timeline, two phases
Most retirement calculators do one half of the picture — either how much you’ll accumulate, or how long a fixed pot will last. This one joins them. Your retirement age is the hinge: before it you’re saving and your balance climbs; after it you’re spending and it falls. The single most powerful retirement-planning question — “how does retiring earlier or later change when I run out?” — is answered by sliding one control.
The gap years matter most
If you stop working before CPP and OAS begin, those in-between years draw entirely on your savings. They’re the steepest part of the decline. Delaying retirement, or timing CPP and OAS thoughtfully, is often about smoothing those years. Because the calculator models each benefit’s start age separately, you can test strategies like retiring at 62 but delaying CPP to 70.
An estimate, not a promise
Every figure flows from your assumptions. Markets vary, spending shifts, and life happens. Treat the “runs out” age as a comparison tool between scenarios rather than a fixed prediction — that’s where its real value is.
Frequently asked questions
How does retirement age affect when my money runs out?
Retiring earlier means two things at once: fewer years of saving and contributing, and more years of drawing down. Both shrink how long your money lasts. Retiring later does the opposite — more accumulation, fewer drawdown years, and often CPP/OAS starting sooner relative to retirement. This calculator lets you slide your retirement age to see exactly how the 'money runs out' age moves.
What are the 'gap years' before CPP and OAS start?
If you retire before your CPP and OAS begin — say you retire at 60 but take CPP and OAS at 65 — there are years where you're funding your entire lifestyle from savings alone, with no government income. These gap years are the hardest on your nest egg. This calculator models them correctly: savings-only until each benefit's start age, then savings plus CPP/OAS afterward.
Why model CPP and OAS at separate ages?
Your retirement age and your benefit-claiming ages are independent decisions. You might retire at 62 but delay CPP to 70 to get the larger amount, while taking OAS at 65. Each choice changes the math. CPP can start between 60 and 70 (smaller if early, larger if delayed); OAS starts between 65 and 70. The calculator gives each its own control so you can test combinations.
Does delaying CPP or OAS help my money last longer?
It can. Delaying CPP increases it by 0.7% per month after 65 (up to 42% more at 70), and OAS by 0.6% per month (up to 36% more at 70). Larger guaranteed income for life means less you have to draw from savings later — which can make a nest egg last significantly longer. The trade-off is bridging the gap years from savings while you wait. Slide the start ages to see the net effect.
Is this a guarantee of how long my money will last?
No. It's a projection based entirely on the assumptions you enter — your return, inflation, spending, and contribution amounts. Real markets don't deliver a steady return every year, and your spending will change over time. Use it to compare scenarios and understand the levers, not as a promise. The relative differences (retire at 62 vs 65) are more reliable than the exact 'runs out' age.