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Retirement décision

Advanced Quebec Retirement Decision Tool

Decide whether your Quebec retirement plan works after public benefits, pensions, taxes, account types, and withdrawal timing.

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Build the scénario

All amounts are annual and in today's dollars.

Start with the fields you know. Leave unknown benefits or pensions at 0, then come back with official estimates from Retraite Quebec, Service Canada, or your pension statement.

Household

Set the ages, work income, retirement age, and how long the plan should last.

Your age today. The projection starts from this age and grows savings until your retirement age.
Age when your regular job income stops in this scenario. Enter part-time work separately if you expect to keep earning after that.
Your yearly work income before tax. In replacement-rate mode, this helps set the retirement income target.
Age through which the projection checks income, taxes, withdrawals, and portfolio survival. Pre-filled from Statistics Canada Table 13-10-0837-01: at age 65, remaining life expectancy is 19.75 years for males and 22.45 years for females, or about age 85 and 87.

Goal

Choose the income target the plan must support after tax.

Target basisChoose whether the retirement target is spendable income after tax or income before tax.

Sets the retirement target as a percent of current gross work income, then compares projected retirement income on your chosen tax basis to that target.

Percent of current gross work income to replace in retirement. The target can be tested on a before-tax or after-tax basis using the setting above.
%
Expected yearly price increase. Results stay in today's dollars, but this changes how non-indexed pensions lose buying power.
%
Expected investment return above inflation before retirement. Enter 4 for 4%, not 0.04.
%
Expected investment return above inflation after retirement. This is often lower if the portfolio becomes more conservative.
%

Savings and accounts

Enter the money already saved and what you expect to keep adding before retirement.

Main accounts

Registered Retirement Savings Plan balance today. RRSP withdrawals are taxable, and the model applies RRIF-style minimum withdrawals after age 71.
Tax-Free Savings Account balance today. TFSA withdrawals are tax-free and do not count toward OAS recovery tax in this model.
Yearly RRSP saving before retirement. The model adds it each year until retirement and grows it with the pre-retirement return.
Yearly TFSA saving before retirement. Later TFSA withdrawals are modeled as tax-free.
Other savings accounts

Add these only if you have locked-in pension money, taxable investments, a cash reserve, or non-registered contributions.

Locked-In Retirement Account balance today. This is usually former employer pension money; the model treats withdrawals as taxable locked-in savings.
Taxable investment account balance outside RRSP, TFSA, or pension plans. Only the taxable share you set below counts as income.
Cash reserve or high-interest savings today. The model assumes cash keeps its value but has no real growth after inflation.
Yearly saving to taxable investments outside registered accounts before retirement.
Approximate percent of each non-registered withdrawal that counts as taxable income. Use lower for return of capital, higher for interest-heavy income.
%

Income sources

Enter expected retirement income that does not come from withdrawals.

Public benefitsRRQ/QPP is the Quebec or Canada public pension based on work contributions. OAS is Old Age Security, a federal pension mostly based on Canadian residence after age 18. Use guided estimates until you have official statements.

Builds rough RRQ/QPP and OAS estimates from contribution years, contribution level, residence years, and start age.

Approximate years you contributed to RRQ/QPP. The estimate treats 39 years as a full career, while official rules use your detailed record.
yrs
Your average earnings level versus the yearly maximum pensionable earnings. Use 100% if you usually earned at or above the maximum.
%
Age when RRQ/QPP starts. Starting before 65 lowers payments; delaying after 65 raises them in this model.
Years you lived in Canada after age 18. A full OAS pension generally needs 40 years; fewer years can mean partial OAS.
yrs
Age when OAS starts. OAS can start at 65 or be delayed up to 70 for a higher payment.

Estimated at start age: RRQ/QPP $10,643 | OAS $8,917

GIS, Allowance, and QPP supplement options

Most people can leave these as-is at first. Open this if you want to exclude income-tested benefits or working-after-QPP supplements.

GIS and Allowance estimateInclude estimated GIS and Allowance. These help low-income OAS recipients, but taxable income from RRSPs, pensions, and work can reduce them.

Estimates GIS and Allowance with a simplified income phase-out. OAS is excluded from the income test; some work income is exempt.

QPP pension supplementInclude the QPP pension supplement if paid work continues after RRQ/QPP starts. The tool caps earnings at the 2026 QPP pensionable earnings ceiling.

Adds future QPP pension supplement income when paid work continues after RRQ/QPP has started, capped at the 2026 pensionable earnings ceiling.

Allowance for Survivor recipientUse only for an Allowance for the Survivor scénario. It is for an eligible widowed person age 60 to 64 before OAS begins.
QPP disability or survivor amounts

Leave these at 0 unless you already receive, expect, or want to stress-test a QPP disability or survivor pension.

Manual taxable QPP disability or post-retirement disability amount. Use an official estimate and leave at 0 if it does not apply.
Age when your QPP disability amount starts in this scénario.
Age when your QPP disability amount ends. Some disability amounts stop when retirement benefits take over.
Manual taxable QPP surviving spouse pension. Use an official estimate; the amount depends on age, disability, family situation, and other QPP pensions.
Age when the QPP surviving spouse pension starts.
Age when the QPP surviving spouse pension ends. Use the planning end age if it is expected to continue for life.
Workplace pension, part-time work, or other income

Open this only for income outside public benefits and portfolio withdrawals.

Annual workplace pension before tax. Enter the amount payable when the pension starts.

Include only pensions you expect to receive.

Age when the workplace pension starts paying.
Work income after retirement age. It is taxable and can reduce income-tested benefits or trigger OAS recovery tax.
First age when part-time work income is expected.
Last age when part-time work income is expected.
Other predictable taxable income, such as rental income, annuity income, or recurring private payments.
First age when the other income is expected.
Last age when the other income is expected. Use the planning end age if it is lifelong.

Assumptions

These choices control how pensions grow and which account gets used first.

Pension indexingIndexing means whether a pension payment rises after it starts. Inflation-linked means the payment keeps its buying power in this model. Not indexed means the same dollar payment buys less over time.

Pension keeps up with inflation, so the payment stays constant in today's-dollar buying power.

Withdrawal strategyWithdrawal strategy decides which account is used first when benefits and pensions do not meet the target. This matters because RRSP/LIRA withdrawals are taxable, TFSA withdrawals are not, and non-registered withdrawals are partly taxable here.

Uses RRSP/LIRA before public benefits start, then switches to the normal order. This can help bridge ages before RRQ/QPP and OAS.

Results

This scenario reaches the target through the planning age without a projected portfolio shortfall.

On track

What this means

The plan reaches your selected income target through the chosen planning age. The next useful test is a lower-return or higher-inflation scenario.

Strongest levers to test

  • Retire later or reduce the target income.
  • Add savings before retirement.
  • Check whether RRQ/QPP, OAS, or pension estimates are too low.

Key decision numbers

Extra savings needed

$0

No extra savings are needed in the base scenario.

Depletion age

No depletion

First age where the plan cannot meet the target from benefits, pensions, work, and savings. No depletion is better.

Portfolio at end age

$347,818

Estimated savings left at the selected planning end age. A low number is not automatically bad if the income target is still met.

Minimum after-tax income

$66,500

Lowest income year in the projection using your selected before-tax or after-tax basis. This helps spot bridge years before benefits start or years with high tax.

Monte Carlo simulation

Stress-tests the advanced plan with varied real returns and inflation while keeping Quebec taxes, public benefits, pensions, account types, and withdrawal strategy in the model.

Think of this as replaying the same retirement plan many times with good, average, and bad investment years. The success rate is how often the plan still meets the income target through the planning end age.

500 trials

Success probability

51.6%

Extra yearly investment for 80%

$43,509

Estimated extra amount to add each year before retirement so the stress test reaches the target success rate.

Median failure age

72

Downside ending portfolio

$0

Median ending portfolio

$77,065

Upside ending portfolio: $28,646,859

Failure risk: 48.4%

Uses your real return and inflation assumptions as the centre of the simulation. It is a planning stress test, not a prediction or guarantee.

Tax and benefit details

Target after-tax income

$66,500

The yearly target the plan tries to provide, using the before-tax or after-tax basis you selected.

Projected portfolio at retirement

$1,265,602

Estimated total of RRSP/LIRA, TFSA, non-registered savings, and cash you are on track to have when retirement starts.

Required portfolio at retirement

$1,265,602

Estimated portfolio needed when retirement starts for this plan to meet the income target through the planning end age. This includes taxes, benefits, pensions, account types, and the selected withdrawal strategy.

Estimated lifetime tax

$821,617

Estimated federal and Québec income tax plus OAS recovery tax across the projection. This is a planning estimate, not a tax return.

Estimated GIS

$77,239

Guaranteed Income Supplement. This is estimated as non-taxable income for low-income OAS recipients. RRSP withdrawals, RRQ/QPP, pensions, and work income can reduce it.

Average yearly income source

Average annual gross cash flow during retirement, before income tax and OAS recovery tax. It shows what is funding the plan.

Annual average

Work$0
RRQ/QPP$9,366
OAS$8,275
GIS/Allowance$3,090
Pensions$0
Other benefits$0
RRSP/LIRA withdrawals$39,671
TFSA withdrawals$17,983
Other savings withdrawals$0

Projected TFSA withdrawals total $449,583. Projected taxable withdrawals total $991,769.

Visual check

Income sources by age

Stacked bars show where the money comes from each year before tax. Use the result cards and table for tax impact.

Age 62: RRQ/QPP $0, OAS $0, GIS/Allowance $0, RRSP/LIRA withdrawals $87,708, TFSA withdrawals $0, tax $21,208. Age 63: RRQ/QPP $0, OAS $0, GIS/Allowance $0, RRSP/LIRA withdrawals $87,708, TFSA withdrawals $0, tax $21,208. Age 64: RRQ/QPP $0, OAS $0, GIS/Allowance $0, RRSP/LIRA withdrawals $87,708, TFSA withdrawals $0, tax $21,208. Age 65: RRQ/QPP $10,643, OAS $8,917, GIS/Allowance $0, RRSP/LIRA withdrawals $68,148, TFSA withdrawals $0, tax $21,208. Age 66: RRQ/QPP $10,643, OAS $8,917, GIS/Allowance $0, RRSP/LIRA withdrawals $68,148, TFSA withdrawals $0, tax $21,208. Age 67: RRQ/QPP $10,643, OAS $8,917, GIS/Allowance $0, RRSP/LIRA withdrawals $68,148, TFSA withdrawals $0, tax $21,208

Scenario stress test

Each row shows whether the plan still works if that assumption changes, and how much extra saving would be needed before retirement.

Retire 5 years earlier: $14,185 extra annual savings. Retire 5 years later: $0 extra annual savings. Returns 2 points lower: $15,866 extra annual savings. Inflation 1 point higher: $0 extra annual savings. Delay RRQ/OAS to 70: $0 extra annual savings

Retire 5 years earlier

Needs more saving

Extra per year

$14,185

Pressure: 89%

Extra per month: $1,182

Retire 5 years later

Still works

Extra per year

No extra savings needed

Pressure: 0%

Extra per month: $0

Returns 2 points lower

Needs more saving

Extra per year

$15,866

Pressure: 100%

Extra per month: $1,322

Inflation 1 point higher

Still works

Extra per year

No extra savings needed

Pressure: 0%

Extra per month: $0

Delay RRQ/OAS to 70

Still works

Extra per year

No extra savings needed

Pressure: 0%

Extra per month: $0

Scenario checks

ScénarioPortfolio at end ageDepletion ageExtra savings needed
Retire 5 years earlier$076$14,185
Retire 5 years later$1,115,876No depletion$0
Returns 2 points lower$078$15,866
Inflation 1 point higher$347,818No depletion$0
Delay RRQ/OAS to 70$326,279No depletion$0

First retirement years

AgeAfter-tax incomeTargetWorkRRQ/QPPOASGIS/AllowancePensionOther benefitsTaxRRSP/LIRA withdrawalsTFSA withdrawalsOther savings withdrawalsPortfolio
62$66,500$66,500$0$0$0$0$0$0$21,208$87,708$0$0$1,177,894
63$66,500$66,500$0$0$0$0$0$0$21,208$87,708$0$0$1,125,523
64$66,500$66,500$0$0$0$0$0$0$21,208$87,708$0$0$1,071,581
65$66,500$66,500$0$10,643$8,917$0$0$0$21,208$68,148$0$0$1,035,581
66$66,500$66,500$0$10,643$8,917$0$0$0$21,208$68,148$0$0$998,500
67$66,500$66,500$0$10,643$8,917$0$0$0$21,208$68,148$0$0$960,307
68$66,500$66,500$0$10,643$8,917$0$0$0$21,208$68,148$0$0$920,968
69$66,500$66,500$0$10,643$8,917$0$0$0$21,208$68,148$0$0$880,449

Built-in assumptions: 2026 federal brackets, Quebec federal abatement of 16.5%, 2026 Quebec brackets, simplified basic personal amounts, 15% OAS recovery above the 2026 threshold of $95,323, April-June 2026 GIS/Allowance maximums, and a simplified QPP supplement at 0.66% of eligible earnings up to the 2026 ceiling of $85,000. Credits, pension splitting, special regimes, drug plan premiums, payroll contributions, and complex family situations are not modelled.

Disclaimer

The results generated by this calculator are estimates for informational purposes only.

They are based on simplified assumptions and the information you provide.

Money Wizards does not provide financial, legal, tax, or investment advice.

Always verify results and consult a qualified professional before making financial decisions.

Methodology

How The Advanced Quebec Retirement Decision Tool Works

This tool models retirement as a year-by-year income decision, not a single target number. It combines public benefits, pensions, savings accounts, estimated tax, and withdrawal order to show where the plan is strong or fragile.

  • Uses manual RRQ/QPP, OAS, pension, part-time work, and other income timing so you can match official estimates.
  • Separates RRSP/LIRA, TFSA, non-registered accounts, and cash because each source can affect after-tax income differently.
  • Estimates Quebec and federal tax, OAS recovery tax, bridge years before public benefits, and extra savings needed to close a gap.
  • Stress-tests the decision with earlier/later retirement, lower returns, higher inflation, and delayed public benefits.

FAQ

Why is this a décision tool instead of a calculator?

The useful answer is not one number. The decision depends on timing, income sources, tax drag, account mix, withdrawal order, and whether weak years appear before or after public benefits start.

Does it calculate my exact RRQ or OAS?

No. Enter your own estimates from official statements or government calculators. This tool focuses on how those income streams interact with the rest of the plan.

Are the tax results exact?

No. The tax model uses simplified 2026 Quebec and federal assumptions. It excludes many credits, deductions, premiums, pension splitting rules, GIS, and special situations.

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