One of the best ways to know if you are saving and investing wisely is to talk to a financial services professional. Planning for the present, and the future is vital. It means you can purchase what you want when you want. Also, it can help you send your children to school. And, retire comfortably. But how much do you need? That’s where financial planning and retirement calculators can be a big help.
Canadians carry a lot of debt. They also have a lot of expenses. Managing your money throughout the course of your life can feel like walking on a tightrope while juggling. Financial service professionals can help you manage the balls in the air.
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At the same time, taking ownership of your cash flow and having a solid idea of what is going where, and why, can only help you make wise decisions.
Thankfully, we live in the digital age, where access to information is at our fingertips. And there are so many online financial planning and retirement calculators to choose from. Their easy-to-use platforms provide a real-time view, for both short- and long-term planning.
Below is a list of the most useful financial planning and retirement calculators you might need as you go through life. These will help you work out savings plans and prepare for large purchases.
Retirement Calculators for Canadians
How much you need for retirement depends on how you live now, and how you want to live until retirement. And, it depends on when and where you want to retire. There are a number of retirement calculators you can and should use to determine what you need to retire comfortably. Here are some options to help you better understand how much money you need for a comfortable future.
If you’re not sure how much you need, WealthSimple’s retirement calculator looks at your current financial picture to help determine that final number.
Sun Life Financial Canada’s retirement calculator allows you to plug in a specific savings goal for retirement. Then, it breaks down how your current savings efforts can help you meet that goal.
The calculator by Calculator.net offers a few more features and questions. These include how much you need, how long it will take to save, and how you can save. In addition, it provides an estimate of your monthly income in retirement based on your savings.
If you want to see what your retirement income looks like, including government benefits, have a look at the Canadian Retirement Income Calculator. Old Age Security (OAS) and the Canadian Pension Plan (CPP) are included in the overall amount. This helps you see how much you need to save for retirement in addition to these retirement benefits.
Debt-Repayment Calculators in Canada
So often, those of us who get in over our heads look at our debt as a mountain too tall to climb. And this can be a real problem, particularly in retirement. The truth is, with some effort and self-restraint, you can crush your debt. Want to see how you can achieve a debt-free future? There are a number of calculators you can use to help with financial and retirement planning.
Calculating a Debt-Repayment Plan
The Debt.ca Debt Repayment Calculator is a great tool to help manage your debt. This is important if you want to have a comfortable retirement. And having lots of debts with various interest rates can make your brain spin. This calculator is perfect for anyone carrying different types of debts. In addition, it suggests which ones to pay off first.
Credit Canada offers a debt repayment calculator. First, enter the balance and interest rates of all of your debts. Then, add in how much money you think you can afford to pay monthly. Based on that, it provides various repayment strategies, as well as how long it will take you to pay off your debt. We love this calculator because it also shows you exactly how much interest you save by tackling those debts.
The You Can Deal With It website also has a useful calculator. It highlights how much money you save — and how quickly you can pay off your debts — when upping your monthly payments. Seeing how small changes can have a big impact is a real eye-opener.
Finally, we recommend the Bankruptcy Canada Debt Repayment Calculator. It calculates your monthly debt repayments, based on different options.
Using a debt-repayment calculator helps you plan ahead for a stronger financial future and retirement. It shows you what you need to put towards your debts, and how long it may take to pay them off. And being debt-free is one of the best ways to plan for a comfortable retirement.
Get Rid of Credit Card Debt Before Retirement
Speaking of debt, Canadians carry a lot of it. We are given a lot of credit, and we use it. On credit cards alone, Canadians carry an average of $4,000 in credit debt. And that doesn’t include what people have tied up in loans and mortgages. Again, you need to get control of debt to plan for a comfortable retirement.
And, it is possible to get your finances and debt under control. But you need to stop using credit while paying it down.
Credit-Card Repayment Calculators
Use a credit card repayment calculator like the ones offered by Debt.ca and Getsmarteraboutmoney.ca to see what you need to pay. These calculators also tell you how long it takes to pay off credit card debt. This equals a brighter financial future.
Debt.ca’s calculator is a great tool if you have lots of debts with different interest payments. It shows you how long it takes to pay off those debts completely.
The calculator from Getsmarteraboutmoney.ca shows you the amount you can expect to pay every month to cover your debts and pay them off. In addition, it helps show you which debts to pay off first, and why.
We also really like this calculator from Bank Rate. Plug in what you can afford to pay monthly, or your goal date for paying off debt. Then, it gives you a payment plan that makes sense. And, one that you can afford.
The Government of Canada provides its own credit card repayment calculator. We love this calculator because it provides three different ways of paying down your credit card debt. With each, you see the impact of those different methods, such as paying the minimum versus a fixed amount. And if you’re close to retirement, you’re going to want to give these a close view.
The Best Financial Planning Calculators in Canada
If you have specific savings goals, a financial planning calculator is a great tool to help you manage both your debt and savings goal. The Government of Canada offers a number of financial calculators, including one that is specifically aimed at setting a financial goal. My Money Coach also offers its own set of financial calculators. These aim to get you on the right track in managing money, in and out.
Calculators For Investing For Retirement
Not sure how your investments will grow in the short and long term? Your financial services professional can show you the types of returns you may see. Using a financial planning calculator, like the ones offered by the Bank of Canada and the Financial Post, allows you to plug in different numbers. See for yourself how investing pays off.
Calculator.net offers a great calculator that shows you how your decisions and efforts impact your investment plans. Want to know how long it takes to reach a specific amount? Input your financial goal and contributions, among other things. And it tells you the time it takes to meet that goal.
If you want to understand the impact of compound interest, Getsmartaboutmoney.ca has a calculator that shows how your investments grow over time.
The Bank of Canada’s financial planning calculator shows you the effects of inflation on your investments and your savings. However, the Financial Post’s shows you how much your investment savings are worth and how long they will last.
Financial Planning and Savings Calculators in Canada
We know we should be saving. But it isn’t always easy taking money from our budget today and setting it aside for a rainy day. So, it’s helpful to get a picture of what a retirement and savings plan looks like. Particularly as it adds up and provides security for your financial needs, today and into the future.
Use a financial planning calculator, like this one offered by the Government of Canada, and Rate Supermarket’s saving calculator to help see how quickly you can save towards a goal — whether that’s a new car, a vacation or retirement.
CCHWebsites provides a calculator that shows you how savings compound over time. This helps you build wealth.
If you want to make regular payments towards your financial planning and savings goals, Tangerine’s calculator shows you how automatic contributions build up over time.
If you have a specific goal in mind, we like the savings calculator that CIBC offers. It allows you to set a savings goal, and a deadline to meet that goal. This helps you figure out how much you need to set aside to get there.
Financial Planning Calculators for Car Loans
When debating whether to lease or finance a vehicle, it’s important to compare the actual cost over the life of the lease or loan. You need to know what you’re actually spending, versus what your monthly payments look like. We like calculators by carloanscanada.ca and Equifax. These show monthly payments or total purchase price. You can adjust the numbers to see how down payments and the length of the loan impact your monthly payments.
ScotiaBank offers an easy-to-use calculator that allows you to calculate your monthly payments on a vehicle. Also, it shows you the maximum amount you need to borrow to purchase it.
Goauto.ca also offers a user-friendly calculator for those who need a quick view of monthly payments. Simply plug in your down payment, your total cost, and the interest. Then, it calculates your monthly payments. Done and done.
Financial Planning Calculators for Various Loans
People take loans out for all sorts of reasons. Sometimes it’s for a renovation, other times it’s to pay off a big trip. Whatever the reason you want or need a loan, it’s important to know the total cost of borrowing over the life of the loan. Debt Canada and Loans Canada both offer helpful calculators that you see your monthly payments and the long-term costs of borrowing.
Depending on the type of loan you want, there a number of other calculators on the market that can narrow down what that loan could and should look like.
Again, we like Calculator.net. Their loan calculator allows you to compare amortized loans, (fixed payments over a period of time), deferred payment loans (lump sum paid when the loan matures), and a bond (payment of a predetermined amount upon maturity).
TD Bank offers a simple calculator if you want to know how much your monthly payments are on a particular loan amount. However, the calculator offered by ScotiaBank is more focused on providing a loan strategy that helps you meet your specific goal.
Royal Bank also offers their own calculator. In addition to estimating your payments on a specific loan, it also shows you cost savings based on your borrowing strategy.
Financial Planning Calculators for Mortgages
Today, all major banks offer mortgage calculators. These help you get a good idea of what you qualify for. There are a lot of factors that determine this. Those of us who have gone through the process can tell you that what the bank offers you might be much more than you can actually afford to pay.
You can plug your information into a calculator to see what the bank thinks you should be able to reasonably afford. But it is best to talk to a professional, face-to-face, to be sure that you can actually afford to pay — and are comfortable with — that amount going forward.
There are different calculators to determine what sort of mortgage you can afford. This includes the Mortgage Affordability Calculator, the Mortgage Payment Calculator, Rent Versus Own Calculator. And finally, the Debt Service Calculator.
In addition, you can use a number of financial planning calculators to determine various aspects of mortgage borrowing.
The Government of Canada’s calculator shows you both your total payment and a payment schedule. In addition, it shows you the true value of any pre-payments you make towards paying off your mortgage.
TD Bank’s Mortgage Payment Calculator helps you compare different payment options to see what type of payment makes the most sense for your current and future needs.
If you want to see what your payments mean as far as amortization, we like the calculator by ratehub. It allows you to plug in different options for down payments and amortizations, as well as fixed versus variable interest rates.
It can be hard to stomach the amount of interest you pay on your mortgage over the years, in actual numbers. The CCHwebsites calculator shows you how much interest you pay over the life of your mortgage, and the principal balances. It will, like the Government of Canada’s calculator, also show you the impact that pre-payments have on the interest and principal balance of your mortgage.
Financial Planning and Retirement Calculators
It is always a good idea to talk to a financial professional about planning for the future. They ask you questions you may not consider. Also, they recommend options based on their knowledge of the markets, and the ups and downs you can expect in your spending, debts and savings.
That said, for each and every one of us, it’s helpful to understand what the numbers mean. Using financial planning and retirement calculators allows you to play around with the numbers. And it can be eye-opening to see how a small shift can have a huge impact. Knowledge is power.