PWL Capital CPP and retirement calculator
Today, I decided to download my CPP contributions from Service Canada and use that data to see what my estimated CPP monthly income would look like, assuming I retire in two years in my mid-forties. I was pleasantly surprised that I would receive about $13320 per year in today’s dollars at age 70, using the PWL CPP calculator. This means including OAS at 70 I would get $25k starting age 70.
I then went further to see what my potential yearly withdrawals would be from my RRSP, TFSA, and Non-registered would be if I also took CPP and OAS at age 70 and was pleasantly surprised to see that I could sustain an $86k/yr spend until age 95 with their real returns assumption (4.3%/yr real returns). I don’t have to worry about what would happen if I were to be laid off, which was the original goal before I found out about FIRE.
I’m going to talk to a fee-only financial planner next year and see whether this will work out and if I’ll be able to switch to passion projects.
I’m breathing a sigh of relief.
ETA: I corrected the value of CPP I would get at 70, and I also corrected that the $25k includes OAS.