How do I calculate my retirement amount?
The average retirement income in Canada currently sits at $65,300 per year, per household (before tax). That works out at $32,650 per person, if the household includes a couple.
What is the average Canadian retirement income?
For 2022, the maximum monthly amount you could receive as a new recipient starting the pension at age 65 is $1,253.59. The average monthly amount paid for a new retirement pension (at age 65) in July 2022 is $737.88. Your situation will determine how much you'll receive up to the maximum.
What will be my CPP when I retire?
For a quick estimate, try the '50-70' rule. This suggests that you should aim for an annual income that is between 50 and 70 per cent of your working income.