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Save for your retirement with RRSPs

March 8, 2016

Tell us about yourself:

Current age: 30 years old
Desired retirement age: 65 years old

YOUR CURRENT SAVINGS AND CONTRIBUTIONS:

Current RRSP savings: $20,000
RRSP contributions: $500/month
Assumed rate of return: 4.0%
YOUR TOTAL SAVINGS AT RETIREMENT WILL BE:
$538,512

Did you know that by saving an extra $25 a yeara monthbi-weeklya week, you could have $561,491 when you retire?

EXPLORE YOUR SAVINGS:

Graph
SEE WHAT HAPPENS IF YOU CHANGE YOUR CONTRIBUTIONS OR RETIREMENT AGE
Desired retirement age: 65 years old
RRSP contributions: $525/month
Raising your contributions to $525 a month will increase your total savings at retirement to $561,491.
Graph
WHAT IF YOU MAKE AN EARLY WITHDRAWAL?
Withdrawal amount: $20,000
Age when withdrawal is made: 40 years old
Marginal tax rate on withdrawal: 30%
That $20,000 withdrawal will actually end up costing you $53,428.

To plan the best strategy for your RRSPs, talk to your advisor or visit www.sunlife.ca/findanadvisor.

Assumptions:

  •  
    The calculation in this tool assumes annual compounded growth.
  •  
    Your birth date is assumed to be January 1, and that is when you reached the current age selected. Contributions and withdrawals are assumed to occur at the end of the year. Savings results are based on end-of-year balances.
  •  
    RRSP contributions are assumed to continue to the retirement age you indicated. The requirement to close or convert your RRSP by the end of the year in which you turn 71 is ignored for the purposes of these calculations if you choose a retirement age that is past that point.
  •  
    The tax rate is your assumed marginal tax rate, which includes provincial and federal tax.
  •  
    The withdrawal amount selected after tax is automatically grossed up to account for the marginal tax rate you selected. For example, if you input a $10,000 withdrawal at a 30% marginal tax rate, $14,285.71 will be withdrawn from the RRSP.
  •  
    This demonstration tool is presented for information purposes only. The figures are not guaranteed, as they are based on assumptions that are certain to change. There is no guarantee of future performance.