How much do you need to retire in Ontario?

Q: How much do you need to retire in Ontario?

An average Ontario household spends about $81,975 a year. After expected CPP and OAS benefits, covering the rest from age 65 through life expectancy needs roughly $977,466 in savings (today's dollars, 3.5% real return) for a single income. A couple — with two sets of CPP and OAS — needs considerably less, so set the benefits to your own situation.

Estimate the nest egg you'll need and whether you're on track — using Ontario household spending, your expected government benefits, and life expectancy. Education, not advice.

Current age

Retirement age

Current savings

Monthly contribution

Annual spending in retirement

Pre-filled with average {province} household spending — adjust to your plan.

Expected annual benefits

CPP + OAS for one person, gross. A couple gets about double — which lowers the target a lot. Most receive less than the maximum.

You'll need about

$977,466

Short by $499,263

Projected $478,203 at retirement. Save about $1,532/month more to close the gap.

Roughly $977,466–$1,121,504 depending on investment returns.

Planning from age 65 to about 87 (21.5 more years, life-table based).

Assumes a 3.5% real (after-inflation) return — 2% at the conservative end — withdrawals through your life expectancy, and today's dollars. Pre-tax and simplified: it doesn't model tax on withdrawals, RRIF minimums, or OAS clawback.

Retirement

Typical spending in Ontario

Average household, per year — the basis for the pre-filled spending estimate.

Living costs

$81,975

current consumption

Shelter

$29,312

housing, utilities

Total spending

$117,721

incl. taxes & savings

Educational information only — not financial advice. This is a simplified, pre-tax estimate; speak with a qualified advisor for a real plan.

What's next

Net worth at your ageHow your wealth compares to your peers.Where you rank on incomeYour income percentile, by province.What home can you afford?The max price your income supports.