This calculator assumes all contributions and withdrawals are made at the beginning of each ongoing month, individual contributions start to earn interest as soon as they are deposited and the interest earned is received at the end of every ongoing month.
Annualized rate of return, regardless of frequency of compounding, will always equal the user's assumed expected rate of return. This calculator also assumes a 52-week year.
This calculator does not take into account any taxes or fees.
No partial years are considered. Calculations assume 12 months for each year between current age and end of retirement.
Provided information, including current savings balances, income and expected contributions are assumed to be entered in real dollars, prior to accounting for any impact of future growth or inflation.
Monthly savings contribution required and additional monthly contribution required are also expressed in real or dollars. All savings contributions are assumed to increase by inflation each month on an ongoing basis.
Projected savings balances and shortfall amounts are expressed in nominal or future dollars, incorporating the combined impacts of growth and inflation.
Withdrawals from savings to fund retirement are assumed to increase by inflation each month. Company pension, other retirement income, CPP and OAS payments are also adjusted by inflation.
This calculator provides general information only; it does not provide specific tax or retirement planning advice. We recommend that you consult a CIBC advisor when planning for your financial goals. Amounts projected by the calculator are based on the information you enter and a variety of estimates and assumptions. Along with other assumptions, the calculator assumes that any RRSP or TFSA contribution amount you enter (or that the calculator recommends) is within your RRSP or TFSA contribution limit. “Retirement income” refers to gross income before taxes. The calculator estimates gross retirement income before taxes. RRSP amounts are subject to tax when withdrawn, but these taxes are not considered by the calculator.
Actual earnings and other factors will vary over time. As a result, CIBC cannot guarantee the results. You should repeat the analysis periodically with updated information and when important changes occur in life circumstances, needs or resources.