Author Topic: CRA Retirement Income Calculator Tool  (Read 938 times)

AJDZee

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CRA Retirement Income Calculator Tool
« on: February 24, 2023, 07:28:31 AM »
Hope everyone on here knows about this great tool provided by the CRA!

https://srv111.services.gc.ca/generalinformation/index

Perhaps it's been shared in the past, but I don't see it in any recent thread so many may not know.

I was surprised how well put together it was and flexible enough to forecast multiple streams of income (and gov pensions) through different lifecycles of your retirement.

Lately I've been putting a little more thought around how I'd like to transition out of my 'high income years' and shifting to part-time work (still 10-15 years away), and this tool was exactly what I was looking for.

GuitarStv

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Re: CRA Retirement Income Calculator Tool
« Reply #1 on: February 24, 2023, 07:39:03 AM »
Hope everyone on here knows about this great tool provided by the CRA!

https://srv111.services.gc.ca/generalinformation/index

Perhaps it's been shared in the past, but I don't see it in any recent thread so many may not know.

I was surprised how well put together it was and flexible enough to forecast multiple streams of income (and gov pensions) through different lifecycles of your retirement.

Lately I've been putting a little more thought around how I'd like to transition out of my 'high income years' and shifting to part-time work (still 10-15 years away), and this tool was exactly what I was looking for.

I wish it let me retire before 50.

AJDZee

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Re: CRA Retirement Income Calculator Tool
« Reply #2 on: February 24, 2023, 08:07:25 AM »
Hope everyone on here knows about this great tool provided by the CRA!

https://srv111.services.gc.ca/generalinformation/index

Perhaps it's been shared in the past, but I don't see it in any recent thread so many may not know.

I was surprised how well put together it was and flexible enough to forecast multiple streams of income (and gov pensions) through different lifecycles of your retirement.

Lately I've been putting a little more thought around how I'd like to transition out of my 'high income years' and shifting to part-time work (still 10-15 years away), and this tool was exactly what I was looking for.

I wish it let me retire before 50.

Get back to work, GS! :p

c-kat

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Re: CRA Retirement Income Calculator Tool
« Reply #3 on: February 24, 2023, 10:00:28 AM »
This is fantastic. Thank you for sharing!


Leseratte

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Re: CRA Retirement Income Calculator Tool
« Reply #4 on: February 24, 2023, 01:17:27 PM »
It did not let me put in my annual contribution to savings of 50.000 CAD....

Freedomin5

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Re: CRA Retirement Income Calculator Tool
« Reply #5 on: February 24, 2023, 03:56:28 PM »
It didnít work for me. Anything outside the norm ó retiring before age 50, income greater than $200k/year, saving/investing more than a certain amount ó will break the system. Itís not flexible enough to handle FIRE folks.

AJDZee

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Re: CRA Retirement Income Calculator Tool
« Reply #6 on: February 25, 2023, 09:20:17 AM »
It didnít work for me. Anything outside the norm ó retiring before age 50, income greater than $200k/year, saving/investing more than a certain amount ó will break the system. Itís not flexible enough to handle FIRE folks.

Try making less than 200k, and try the tool again

Freedomin5

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Re: CRA Retirement Income Calculator Tool
« Reply #7 on: February 25, 2023, 04:46:47 PM »
It didnít work for me. Anything outside the norm ó retiring before age 50, income greater than $200k/year, saving/investing more than a certain amount ó will break the system. Itís not flexible enough to handle FIRE folks.

Try making less than 200k, and try the tool again

😂

Heckler

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Re: CRA Retirement Income Calculator Tool
« Reply #8 on: April 21, 2023, 08:27:51 PM »
Makes me wonder if I should keep the appointment on Tuesday with the big bank "personal banker" (who called in their "financial adviser" and "investment advisor" for my request to meet for a financial plan update) that I set up just to get a second opinion on my own plan.  Now it'll be a third opinion, thanks @AJDZee !

AJDZee

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Re: CRA Retirement Income Calculator Tool
« Reply #9 on: April 22, 2023, 05:53:44 AM »
Makes me wonder if I should keep the appointment on Tuesday with the big bank "personal banker" (who called in their "financial adviser" and "investment advisor" for my request to meet for a financial plan update) that I set up just to get a second opinion on my own plan.  Now it'll be a third opinion, thanks @AJDZee !

Oh boy, ya those meetings are purely sales pitch by someone who's job is to put you into an expensive bank products. Their business model is to target people who 'are bad at investing' and don't want to put the effort into educating themselves how to open a brokerage account. And honestly for those folks if they're happy with that,, and end up with a higher net worth than if they never set up these accounts, that's fine... I just hate when these sessions are branded as financial advice.

I think there's value in seeing an independent fee-for-service certified financial planner, but managing your investments yourself. They'll charge you a couple thousand dollars up front, which seems steep, but can set you up to plan your withdrawal strategy and help with tax efficiency. They won't manage your money and put it into expensive products that give them commission.
It's not for everyone, but I'm in the process of seeing one now and think it will be a good investment.