Globe and mail rrsp calculator
The Globe and Mail offers a Retirement Savings Calculator (RRSP Calculator) that helps you estimate how much you need to save for retirement based on your current income, expenses, and savings goals. Here's how to use it:
- Go to The Globe and Mail's website (www.theglobeandmail.com) and click on the "Personal Finance" tab.
- Scroll down to the "Retirement" section and click on the "RRSP Calculator" link.
- Fill in the required information, including:
- Your current age
- Your desired retirement age
- Your current annual income
- Your expected annual expenses in retirement
- Your current RRSP contributions (if any)
- Your expected rate of return on your investments
- Choose your desired retirement lifestyle, which will affect the amount you need to save. Options include:
- Basic: A modest lifestyle with some travel and hobbies
- Comfortable: A comfortable lifestyle with some luxuries
- Luxury: A luxurious lifestyle with frequent travel and high-end activities
- Click "Calculate" to see your estimated retirement savings needs.
- The calculator will provide you with a personalized report, including:
- Your estimated retirement savings needs
- Your current savings rate and how it compares to your needs
- A breakdown of how much you need to save each year to reach your goal
- A graph showing your projected retirement savings over time
Keep in mind that this calculator is just a tool to help you estimate your retirement savings needs. It's essential to review your individual circumstances and adjust your savings plan accordingly. You may also want to consult with a financial advisor for personalized advice.