RRIF Calculator: Find out how much to save monthly for retirement each month

In order to know how much to save for retirement each month, you need to know how much income you’ll want when you retire.

When you start to plan how much to save for retirement each month, you want to set your future self up for success. That means knowing how much you need to save, and how much income those savings will generate for you down the line. 

Because after years of showing up, saving hard and putting in those 9-to-5 hours, you’ll want to rest easy and relax, knowing your retirement savings will carry you comfortably into your golden years. 

By this point, we’d wager you’ve heard about the Registered Retirement Savings Plan (or RRSP) and have either read about it, or may have even started making contributions. But did you know your retirement savings can’t stay in an RRSP forever? 

After years of contributing your hard-earned dollars to your RRSP (great job, future you!), you’ll eventually need to move those funds into a Registered Retirement Income Fund (or RRIF). This fund is one of the ways you can convert your hard-earned retirement savings into income streams for retirement.

Credit union experts are here to help you navigate this. After all, they’re saving for retirement too, and they're here to help each other towards those saving goals (which we’ve captured in our guide to retirement).

It’s important to know now whether your savings plan will get you there properly. We’ve built a tool that can help you do just that. Our RRIF Calculator can give you an idea of how long your savings will last, based on what you’ve already saved, or hope to save if you’re still in the workforce.

How much to save for retirement: Let’s crunch the numbers

This RRIF calculator is designed to give you a better understanding of what to expect from your retirement savings. It should not be the only tool you use to determine how much to save, and what income streams to set up for retirement. As an educational tool, it can help provide a quick glance into numbers and information that can help inform your approach to saving. It is based on individual (rather than spousal or joint) contributions and withdrawals.

Keep in mind, too, that different rules apply for RRIFs set up before the end of 1992. When using this calculator, note actual payment amounts may differ from those presented here. There are minimum payout percentages as well, which are based on your age at the start of the year.

When you’re ready to start planning, we recommend that you connect with a credit union expert. They’ll have the info you need for your unique financial journey. 

If you haven’t started thinking about retirement, that’s ok too! We have some helpful info that can get you started, whether you are looking to test your savings, build a budget or even for helpful info on how to read your Notice of Assessment from the CRA. We also have a list of frequently asked RRIF questions below. 

Let’s crunch the numbers.

Get a better understanding of what to expect from your RRIF by answering a few questions.

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    Your Fund

  • 2

    Your Payout

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    Your Results

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Assumptions
Investment value:
$${fund_amount_formatted}
Interest rate:
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Annual payout:
$${payout_amount_formatted}
Your RRIF payments will last
${table.results.length} Years

Age of last RRIF payment: ${ Number(age) + Number(table.results.length) }
Total interest gained: $${total_interest_formatted}
Total RRIF paid out: $${total_paid_formatted}

View Graph
View Report
RRIF balance over time
RRIF balance over time
Age Remaining Interest
Generated		 Minimum
Withdrawal
Percentage		 Payout Mimimum
Payout
for Age
${ item.age } $${ item.remaining_formatted } $${ item.interest } ${ item.percentage }% $${ cleannum(item.payout) } $${ cleannum(item.minimum_payout) }

If you haven’t started thinking about retirement, no worries! Take a peek at our Retirement Savings Calculator or book an appointment with a credit union expert today.

NOTE: The information is intended for illustrative and general information purposes only. Actual payment amounts may differ. Please do not rely solely on this information or result when making financial decisions; please visit your credit union branch or speak with a credit union representative for further information.

Assumptions: Keep in mind that different rules apply for RRIFs that were set up before the end of 1992.

For example, if your RRIF is valued at $500,000 when you're 72, at the start of the year your minimum annual payout will be $27,000 (5.40% of the value of the plan at the beginning of the year).

The above is based on an individual contribution and withdraw not for spousal joint contributions/withdraws

There are annual requirements based on your age and amount. Click here to see the minimum withdraw amounts based on your age.

Frequently asked RRIF questions

What is a Registered Retirement Income Fund? A Registered Retirement Income Fund or what is often referred to as a RRIF, is an extension of a Registered Retirement Savings Plan (RRSP). While your RRSP is used to save for your retirement, a RRIF is used when it comes time to draw income during your retirement.
What's the difference between an RRSP and a RRIF? The main difference is that you cannot contribute to a RRIF. Instead, the money you've been contributing into your RRSP is transferred to a RRIF to be used as income in the year you turn 71.
Can I convert my RRSP to a RRIF before I turn 71? Yes, you can convert your RRSP to a RRIF before age 71 if you need to draw income from it. If you withdraw funds from your RRIF that exceed the minimum annual payment, there will be withholding tax on the excess amount.
Is there a minimum amount needed to set up a RRIF? There is no minimum amount to open a RRIF.
I have other savings; can I also transfer that into a RRIF? No, a RRIF is only available for a registered account.
How do I convert an RRSP to a RRIF? You can convert your RRSP holdings to a RRIF at any time. However, an RRSP must be converted to a RRIF, or paid out in a lump sum by the end of the calendar year in which you turn age 71.

You've spent years saving for your retirement. Now, you can enjoy the benefits of these savings to help maximize your retirement income.
Can I have a RRIF and an RRSP? Yes. Until the end of the year you turn 71, you can choose to have both an RRSP and a RRIF. Once you turn 71, however, you must convert your RRSP to a RRIF or other retirement income option.
How do I get a RRIF? A financial expert from your local credit union can help set you up for success. Connect with your local credit union.

Fixed costs

Costs that do not change with varying output (e.g., rent, building machinery, salaries).

Sales Price

The price, per unit, each product/service is selling for.

Variable cost

Costs incurred to create a unit. (e.g. raw materials, labour)

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