My Account

Plan your
retirement

Sow your seeds, watch them grow and enjoy the fruits of your labour.

Retirement in three questions

For retirement, aim for income of between 60% and 80% of your salary. You can adjust this percentage based on your projects and standard of living. Determine your sources of retirement income, and keep your projects in mind when building your strategy.

SimulR is a simple tool that allows you to estimate your retirement income. It even helps you decide how much to save, all in just five minutes!

Certain elements to know before you start:

  • your salary;
  • the age at which you will apply for your government pensions (QPP, OAS);
  • the plan or plans to which you contribute, for example, your workplace pension plan;
  • the amount of your monthly savings, if any.

Assess your savings needs with SimulR

 

Public retirement plans from the Government of Canada and the Gouvernement du Québec, that is, the Old Age Security program (OAS) and the Québec Pension Plan (QPP), guarantee you a basic income. However, for many, that income is not sufficient. You must therefore consider other sources of income. This additional income may come from a workplace pension plan and/or your personal savings.

Finding out more on retirement income

 

Choosing the age at which you retire is personal. It depends on your finances, your state of health, your projects, etc. Please note, however, that some of your retirement income, such as the retirement pension under the QPP, will vary depending on the age at which you begin receiving it. The longer you wait to apply for your retirement pension under the QPP, the more advantageous its amount will be, for the rest of your life.

  • Your Statement of Participation is a valuable tool: it allows you to estimate the pension amount you could receive at different ages.
  • Be sure you know all the details about your various earnings and plan how you are going to earn them well.

Finding out more on the retirement age

Why does everyone keep saying that saving early is important?

Financial planning for retirement starts with good savings habits. Making wise choices now can take you far in the years to come thanks to compound interest. This means that interest is calculated from both your investments and the interest accrued from these investments. The earlier you develop these habits, the more they will pay off.

The magic of compound interest

Move the sliders to define your savings period and choose the amount to save each month, and discover the magic...

Savings period = years

$ per month

Amount accrued at age 65

Amount saved

Average annual interest rate of 5%
Age 25Age 35Age 45Age 55Age 65
Amount accrued
Amount saved

Are you planning your retirement? Take the test!

Select the statements that apply to your situation:

of
Try SimulR
  • I automatically deposit money every month into a savings vehicle, such as a registered retirement savings plan (RRSP) or a tax-free savings accounts (TFSA).
  • I make a budget.
  • I choose my expenses according to my budget.
  • I received advice from a financial planner.
  • I am a member of a workplace pension plan.
  • I know the type of plan my workplace pension plan is.
  • I have been thinking about my retirement projects.
  • I simulated my retirement income with a calculation tool like SimulR or CompuPension.
  • I set myself a savings target for my projects.
  • I know the sources of income I will have in retirement.

You should do a little better to ensure your financial well-being in retirement...

Well done; you are on the right track! Keep up the momentum to make real financial plans for your retirement.

Wow, what great planning! Don't forget to reassess your strategy regularly.

Five steps to successful planning

1.

Determine your sources of income 
2.

Determine when and how to retire 
3.

Do the
math

4.

Consult a financial planner 
5.

Choose your savings vehicles  

Get the help you need

Do you know My Account? It is a personalized space where you will find various documents and tools that will help you plan financially for your retirement.

  • Your Statement of Participation is a valuable tool: it allows you to see the breakdown of your contributions to the QPP and the Canada Pension Plan (CPP) and to estimate the pension amounts you could receive at different ages.
  • The SimulR calculation tool helps you find out where you stand in regard to your retirement project. It also allows you to determine how much you need to save to achieve it.
  • The CompuPension tool allows you to carry out a complete personalized simulation based on your real data!

Log in to My Account

Consult a financial planner for support, clarity and peace of mind!