I recently stumbled upon this excellent tool from the Canadian government that you can use to determine your retirement income. A lot of the data you’ll need may require some digging to find but it should give you a pretty clear picture of what your current situation and future situation will look like.
I came upon this will trying to figure out how much CPP I will receive in early retirement and it’s entirely dependent on how many years you have been earning and how much you earned each year. I can’t recall what I was earning before starting my career, so I can only assume I’ve been hitting the top target for 4 years. That means I’ll need to work another 16 years in order to receive 50% of the maximum monthly payment. It’s not a lot, but every dollar counts.
How do Canada’s social programs factor into your retirement?