Where Can You Find a Calculator for Determining RRSP Contributions?


Quick Answer

A RRSP savings calculator is available at GetSmarterAboutMoney.ca. The calculator asks for the amount in RRSP accounts, the annual rate of return while working, the amount and frequency of contribution, current age, and years until retirement. There is also a calculator for someone who is already retired.

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Full Answer

As someone gets closer to retirement, he should begin to switch from high-risk to low-risk investments to ensure the money is available when he retires. However, while working, the investment risk should be higher to get a larger return when income is still available. Therefore, the annual rate of return used in the calculator needs to be averaged based on the change in investment risk.

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