RRIF Calculator
Nobody wants to worry about money when they're old, but getting to that point requires a lot of planning. In my retirement planning journey I found a bunch of RRIF calculators but none that gave me a full picture of how much money I'd need in order to retire.
This one builds in federal and provincial income tax, CPP, and OAS, giving you a full view of how much money you realistically need to retire at a given income.
Is it 100% accurate? I don't know. But I'm not retiring tomorrow so it gives a good enough estimate for now.
Inputs
RRIF Payment Schedule
The value of your RRIF at age 79 is projected to be $0.
| Age | Value at Start of Year | Annual Payment | Withdrawal % | Tax Rate | Est. Tax | Total Income | Value at End of Year |
|---|---|---|---|---|---|---|---|
| 65 | $2,000,000 | $167,986 | 8.40% | 28.57% | $47,986 | $120,000 | $1,914,455 |
| 66 | $1,914,455 | $170,897 | 8.93% | 28.73% | $49,097 | $121,800 | $1,822,018 |
| 67 | $1,822,018 | $173,851 | 9.54% | 28.89% | $50,224 | $123,627 | $1,722,334 |
| 68 | $1,722,334 | $176,850 | 10.27% | 29.05% | $51,368 | $125,481 | $1,615,031 |
| 69 | $1,615,031 | $179,894 | 11.14% | 29.20% | $52,530 | $127,364 | $1,499,719 |
| 70 | $1,499,719 | $183,062 | 12.21% | 29.38% | $53,787 | $129,274 | $1,375,907 |
| 71 | $1,375,907 | $186,357 | 13.54% | 29.59% | $55,144 | $131,213 | $1,243,080 |
| 72 | $1,243,080 | $189,702 | 15.26% | 29.79% | $56,521 | $133,181 | $1,100,780 |
| 73 | $1,100,780 | $193,097 | 17.54% | 29.99% | $57,918 | $135,179 | $948,528 |
| 74 | $948,528 | $196,543 | 20.72% | 30.19% | $59,337 | $137,207 | $785,824 |
| 75 | $785,824 | $200,041 | 25.46% | 30.38% | $60,776 | $139,265 | $612,143 |
| 76 | $612,143 | $203,591 | 33.26% | 30.57% | $62,238 | $141,354 | $426,937 |
| 77 | $426,937 | $207,195 | 48.53% | 30.75% | $63,721 | $143,474 | $229,630 |
| 78 | $229,630 | $210,853 | 91.82% | 30.93% | $65,226 | $145,626 | $19,623 |
| 79 | $19,623 | $214,565 | 1093.46% | 31.11% | $66,754 | $147,811 | $0 |
Assumptions: Annual RRIF payments are made at the start of the year. Annual payments are before taxes. Tax estimates use Ontario combined federal + provincial marginal rates applied to the full withdrawal amount and are approximate only.
Disclaimer: Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.