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#Well drawdown calculator how to#

The Hardbacon Retirement Withdrawal Calculator was designed to help impending retirees determine how much they can withdraw from their accounts each month without depleting the amounts they had saved up.

#Well drawdown calculator how to#

How to use the Hardbacon Retirement Withdrawal Calculator

Calculating the total amount of savings you can leave as inheritance for your beneficiaries based on the amount you have remaining at the end of your projected retirement.

Evaluating how different withdrawal rates and years of withdrawals impact the nest egg you have built over the years.

Assessing the rate of return that your investments need to earn to fund your expenses in retirement comfortably.

Understanding “how much can I withdraw from my retirement savings each month”.

The Retirement Withdrawal Calculator was created with the objective of helping people understand how much they can afford to make in retirement withdrawals from their investments to maintain their desired standard of living. In the meantime, your money transferred from the RRSP to RRIF will continue to grow on a tax-deferred basis. You can withdraw as much as you like from the RRIF each year, subject to a minimum annual amount set forth by federal regulations.

The RRIF can then be used to withdraw money to meet your expense obligations in retirement. Any growth (via dividends, capital gains, etc.) then grows on a tax-deferred basis provided that the money remains contributed into the RRSP and not withdrawn.Īt the time of retirement (stipulated at age 71 by the government), the RRSP funds must be withdrawn or converted into a Registered Retirement Income Fund (RRIF).

By making regular RRSP deposits through his or her career, a person can exempt those funds from being taxed in the year that they are contributed. Perhaps the most common tool is the Registered Retirement Savings Plan (RRSP). What is a Retirement Withdrawal Calculator?Ĭanadians have a range of retirement planning options available to them.