September 10, 2010

Use Government Agencies’ Online Simulators to Determine What You Need to Save for Retirement

Easy to Use Online Tools

Government agencies now provide online services to simulate and calculate your future retirement income.

These services can be used to help determine what must be save today in order to meet your retirement needs.

For Quebecers, CompuPension online service from the Regie des Rentes du Quebec (RRQ) is particularly well conceived. You can access it here:

For other Canadians, the Canadian Retirement Income Calculator from Service Canada will also help you. Use following link:

Use Online Simulator Before You Consult Retirement Planning Salesperson

This service is effective and comprehensive, among other things; you will do the calculations yourself without being forced to meet so-called specialists that do not always

have your best interest at heart.

Nothing stops you from subsequently consulting retirement and financial planning salespeople after you made your own idea.

In Quebec, you already regularly receive by mail a statement of contributions from the RRQ. A simplified paper version of the calculator is included. The paper version allows you to do the same kind of calculations but using preselected assumptions for you. The online service offers you more options so you can adapt the calculations for your specific situation.

Take advantage of the arrival of your statement as a reminder to use the online simulator or review your calculations if you have already used the service.

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