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FROM THE I Have So Much to Tell You PODCAST

How much should I actually save each month for retirement?

It's the question I hear most — and the one that keeps people frozen. So I built you a starting point. Move a few sliders, see a real number, and walk into your next advisor conversation with confidence instead of guesswork.

Built for Canadians · Takes ~60 seconds · A conversation starter, not advice

After the latest Love & Money episode, my inbox filled up with versions of the same worry: "I don't even know where to start — how much am I supposed to be putting away every month?" It's a fair question, and the honest answer is that it depends on your numbers, your timeline, and your goals.
 
But "it depends" isn't useful when you want to act today — so here's a simple model that turns the big, scary retirement question into one clear figure you can react to.

My job here isn't to tell you what to do with your money. It's to make sure you never walk into that conversation feeling small or unprepared.

 

THE STARTING-POINT CALCULATOR

Your monthly retirement savings, estimated

Adjust the sliders to match your situation. Everything updates instantly. All figures are in today's dollars, so the numbers stay relatable.

Retirement Savings Estimator

Not financial advice • A starting point
35
65
$50,000
RRSPs, TFSAs, workplace plans, investments — everything earmarked for retirement.
$60,000
In today's dollars — what your lifestyle would cost now.
$20,000
Rough yearly total from CPP, OAS and any workplace pension. The average CPP + OAS lands near $20k.
90
5.0%
3.5%
2.5%
A possible monthly target
$1,480
to set aside each month, in today's dollars
Roughly $17,760 per year. Think of it as a direction, not a verdict.
Good news — you may already be on track. Based on these assumptions, your current savings could grow to cover your goal. A professional can confirm and help you optimize from here.
Where today's savings could land you12%
of your estimated nest-egg target
Nest-egg target at retirement$883,587
Your savings, projected to then$103,023
The gap to close$780,565
Years until retirement30
“
These are simplified estimates based only on the inputs above. They ignore taxes, fluctuating markets, changing contribution room, life events and the specifics of your situation. This is not financial, tax, or investment advice — it's a starting point to bring to your own trusted advisors.
Under the hood

How the number is built, in plain language

 

01

Your income gap

We start with the lifestyle you want, then subtract what CPP, OAS and any pension are expected to cover. What's left is yours to fund.

02

The nest egg

We estimate the lump sum needed at retirement to pay that gap every year, adjusted for inflation, until the age you choose.

03

Your head start

We grow what you've already saved up to your retirement date, so you only have to fund the difference — not the whole thing.

04

The monthly figure

Finally, we work backwards: what steady monthly contribution would close that remaining gap by your target age.
Your Next Step

Turn this number into a real conversation

A calculator can't see your whole life — but it can hand you better questions. Here's what to bring to your accountant, planner or advisor.

  • Your real account balances. RRSP, TFSA, FHSA, workplace pensions and any non-registered investments.
  • Your CPP & OAS estimate. Pull the real figures from your My Service Canada Account rather than an average.
  • Your risk comfort. The return assumptions here are illustrative — your real plan should match how you invest.
  • Your contribution room. What's actually available to you this year, and the tax treatment of each account.
  • The lifestyle you actually want. Travel, mortgage status, dependants and where you plan to live all move the number.
  • This estimate. Use it as the opening question: "Here's where I think I stand — am I close?"
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Important: This calculator and page are provided for general educational purposes only and do not constitute financial, tax, investment, legal or accounting advice. Results are simplified estimates based solely on the assumptions you enter and will differ from your real circumstances. No client or advisory relationship is created by using this tool. Always consult your own qualified, trusted advisors before making financial decisions.