Online retirement planning tools

Planning for retirement doesnít happen by magic. You need advice, resources, tools, checklists and worksheets to help you make good financial decisions. The good news is there is already so much online that can help you:

Tools and Worksheets

  1. Your pension planís retirement calculator: if you have a workplace pension plan, your plan may have a calculator you can use to see what your anticipated pension benefits will be when you retire. Compare what you can expect with what you identify youíll need in retirement and if there is a gap, find other ways to save. Visit your pension planís website to find their calculator, or call your pension plan administrator for a direct link.
  2. Government of Canadaís Retirement Income and Budget Calculators: knowing how much you need for retirement seems like an impossible task. But if you use the Retirement Income Calculator open new window and the Budget Calculator open new window, provided by the Government of Canada, itís a cinch.
  3. Ontario Securities Commission's (OSC) Retirement Budget Worksheet: planning for retirement starts with knowing what you earn and what you spend. Use the OSCís Retirement Budget worksheet open new window to see the difference in your income and costs before and after you retire.
  4. FSCOís Retirement Planning Quiz: Not sold that you should be planning for retirement right now? Find out what you know and donít know so you can educate yourself and take steps to make sure you can retire in style. Take the quiz.

Information

  1. Canada Pension Plan (CPP): understanding how the CPP works, how it can benefit you, and potentially how much CPP youíll get in retirement is important. Visit the Canada Pension Plan open new window website to learn more and begin using the CPP calculator.
  2. Old Age Security Program (OAS): the OAS program is the Government of Canadaís largest pension program. As with the CPP, it is important to know the fundamentals of the OAS program and how much you could potentially receive when you retire. Visit the Old Age Security program open new window website to learn more and begin using the OAS calculator.
  3. Personal Saving Plans: in addition to government assisted pensions and a workplace retirement savings or pension plan, personal savings are an essential way to save for retirement. Learn more about registered retirement savings plans (RRSPs) open new window and tax-free savings accounts (TFSAs) open new window, and how they can help you live more comfortably during retirement. Also visit the Financial Consumer Agency of Canadaís The basics of investing open new window to learn about the different investments you could use to save for retirement.
  4. Bloggers: want to know what other millennials are doing to save for retirement? Read more about their journey by clicking on their links below:

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