What retirement will cost
Most retirement arithmetic treats forty years as one number repeated. Spending does not behave that way: it is highest in the first decade, eases in the second and eases again in the third. This adds up the three stages separately, and it starts from the age you are today rather than from sixty five, so a reader of sixty eight is not asked to count years already lived. Every figure is yours. Nothing is stored and nothing is sent anywhere.
What retirement will cost
What the whole retirement adds up to
| This year, at the age you entered | |
|---|---|
| Sixty five to seventy four, at the full amount | |
| Seventy five to eighty four, at eighty five per cent | |
| Eighty five to ninety five, at seventy five per cent | |
| Retirement years counted |
Fill in the figures and the answer appears here.
What this sum leaves out
- The three stages and their percentages are a convention, not a measurement of your life. Spending that stays flat, or rises because of care, breaks the pattern, and the pattern is the part of this sum you should argue with first.
- It ends at ninety five. Living longer than that costs more than this page shows, and a reader in good health at eighty should treat the last line as a floor.
- Nothing is subtracted. This is the cost, not the shortfall: government benefits, a pension and savings all go against it, and the retirement income gap calculator on this site is where that subtraction belongs.
- Tax is not modelled, and tax is the reason two households needing the same amount have to withdraw different amounts to get it.
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Jose Salloum Canadian Wealth Creation Centre Inc.
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This calculator is an illustration, not a quotation, a projection or a recommendation. It performs arithmetic on figures supplied by the reader and supplies no rate, return, premium or benefit of its own. Results depend entirely on the assumptions entered and will differ from any real contract, plan or account. Canadian Wealth Creation Centre Inc. is licensed for insurance distribution and is not registered with CIRO; nothing here is securities advice. No figure entered here is stored, transmitted or seen by anyone.
It is a sum, not a promise. Change one assumption and the answer changes, which is the point of it. Use it to understand the shape of a question, then check the specifics against a real statement, a real contract, or a person licensed where you live.
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About the author
Jose Salloum is a Financial Security Advisor (Conseiller en sécurité financière) licensed by the Autorité des marchés financiers in Quebec, by the Financial Services Regulatory Authority of Ontario, and by the Insurance Council of British Columbia. Licensed since 2001, he works with Canadian families, business owners and incorporated professionals.
He is the founder of Canadian Wealth Creation Centre Inc. (CWCC), registered with the AMF, and of its educational branch IBCFinancial.com. He holds the Infinite Banking Concepts® Authorized Practitioner certification from the Nelson Nash Institute, a private certification rather than a regulatory licence.
CWCC is not registered with CIRO and does not provide securities advice. This page is general education and not advice on any individual file.
Important disclosures
This page is education, not advice. The content is general information prepared by Canadian Wealth Creation Centre Inc. It does not take your circumstances into account and is not a recommendation to buy, hold or cancel any contract. CWCC is not registered with CIRO and does not provide securities advice. The firm places insurance in Quebec, Ontario, Alberta, British Columbia, Manitoba and New Brunswick; clients elsewhere are served by advisors licensed in their province.
Nothing here was written with your file in front of us. Read it to understand the subject, then judge it against your own situation, ideally with someone who is licensed where you live and who has seen your numbers.
This is not tax advice, and the tax treatment depends on your own circumstances. The tax treatment described depends on the contract remaining exempt under the Income Tax Regulations and on the reader’s individual circumstances. A withdrawal, a surrender or a policy loan may be a disposition under the Income Tax Act, and amounts above the adjusted cost basis may be taxable in the year they occur. Tax rules change. Canadian Wealth Creation Centre Inc. is licensed in life and health insurance. It is not an accounting practice, it does not prepare returns, and nothing on this site is tax advice or an opinion on any reader’s tax position. Anything a reader intends to rely on should be confirmed with a professional accountant and against the current published rule of the Canada Revenue Agency and, in Quebec, Revenu Québec.
The tax result is not automatic and it is not unconditional. It rests on the contract staying within the Canadian rules and on your own situation. Before you rely on any of it, talk to an accountant who has actually worked with these contracts.
Illustrations and projections are not predictions. Any figures, examples or illustrated values are hypothetical, are shown to explain a mechanism, and are not a forecast of the performance of any contract. Actual values will differ and may be lower than those shown. Past dividend scales do not predict future scales.
An example is there to show how the parts move, not to tell you what you will get. Any real illustration you are shown should be read on its guaranteed columns first.