Example · British Columbia
Can I retire at 60 with $1 million in Canada?
Dana is 59 and lives in BC. She has $800,000 in her RRSP and $200,000 in her TFSA, retires at 60 in 2027 and wants to spend $6,000 a month. Will her money last to 90? And what changes if she's married?
The household
- Dana earns $110,000 a year until she retires at 60.
- She spends $6,000 a month after tax, in today's dollars, rising with inflation for life. She keeps $25,000 in a savings account as a cushion.
- Her CPP statement estimates $1,050 a month at 65. She gets the full OAS from 65.
- In the second plan she's married to Mike, also 59, who earns $90,000 a year until he retires at 60. He has the same CPP estimate. Between them they have the same $1 million. Dana still has the $800,000 RRSP, her TFSA holds $100,000 and Mike's holds $100,000. They spend the same $6,000 a month.
Retiring single
On her own, Dana's chance of success is 22%. Assuming typical returns, her savings run out in 2049, the year she turns 82.
Waiting until 70 for CPP puts her chance at 23%, 1 point higher. CPP started at 70 pays 42% more for life, but she draws $64,000 more from her savings by 70 while she waits for it.
Spending $5,000 a month from 75 instead puts it at 34%, 12 points higher. Spending $5,000 a month from the day she retires puts it at 61%, 39 points higher.
| Choice | Chance of success | Estate after tax | Tax over a lifetime |
|---|---|---|---|
| As planned: CPP at 65 | 22% | $1,000 | $260,000 |
| CPP at 70 | 23% | $1,000 | $260,000 |
| $5,000 a month from 75 | 34% | $1,000 | $257,000 |
| $5,000 a month from 60 | 61% | $199,000 | $254,000 |
Estate and tax in today's dollars, assuming typical returns. Tax is income tax while alive and at death.
Retiring married
With Mike, the same $1 million and the same $6,000 a month give them a chance of success of 89%, 67 points higher than Dana's alone. Assuming typical returns, they leave an estate of $650,000 after tax, in today's dollars.
Dana holds the RRSP, so splitting pension income with Mike matters. Without it, their chance of success is 1 point lower, they pay about $17,000 more in tax over their lifetimes and the estate is about $28,000 less.
If both wait until 70 for CPP, their chance of success is 93%, 4 points higher, and the estate is about $30,000 more.
| Choice | Chance of success | Estate after tax | Tax over a lifetime |
|---|---|---|---|
| As planned: pension income split | 89% | $650,000 | $219,000 |
| No pension income splitting | 88% | $622,000 | $236,000 |
| Both take CPP at 70 | 93% | $680,000 | $223,000 |
Estate and tax in today's dollars, assuming typical returns. Tax is income tax while alive and at death.
- Dana alone
- Dana and Mike
- Half the simulations end inside the band (Dana alone)
Why marriage changes the answer
The couple has the same savings and the same spending, but two CPP pensions and two OAS pensions instead of one, and Mike's pay until he retires too. Those pay part of the spending for life, so their savings have less to cover.
Kilter also decides the order to draw on the RRSP and the TFSA. It tries the orders it could take them in and keeps the one where the money lasts longest, then the one that leaves the most after tax.
Open this household in KilterA free demo, no sign-up. Change anything you like.
How Kilter worked it out
Kilter ran this household month by month from November 2026 to the end of the plan, with each year's federal and provincial tax and the tax at death. The chance of success is the share of 2,000 market simulations in which every expense is paid. Everything else assumes typical returns, in today's dollars with 3% inflation. The household is made up from a real question. Open it as a demo to change anything and see it all recalculate.