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#Retirement drawdown strategies software
#Retirement drawdown strategies trial
#Retirement drawdown strategies free

Using a simple 5% return will give you inaccurate results since you are looking for after-tax comparisons. For non-registered investments, returns should show how much of the return is interest, dividend, or capital gains income, and the adjusted cost base recorded.Are the tax calculations correct? If the program uses average tax rates and/or does not complete a tax calculation each year, you won’t get an accurate solution.

But what will you sacrifice by dropping your spending? Is it something you are willing to give up? Only you can answer that question.

#Retirement drawdown strategies software

For instance, if you find you haven’t saved enough to support a $100,000 annual net income in retirement, you might drop your spending projections in the software to $90,000 to make up the difference.

Make it easy to adjust your numbers up or down without any real meaning.

Overestimate or underestimate the amount you need to save for retirement.

If you don’t model everything, you might guess at a retirement income need of say, $100,000 after-tax annually for the rest of your life.

Are you able to model everything? All current and future expenses, such as home(s), vehicles, vacations, career changes, cash flow, etc., must be included in the model.

If you go this route, consider these key points:

#Retirement drawdown strategies free

If you google “financial planning software Canada” you will see some options.Īnother possibility is to build your own Excel spreadsheet, or use a free calculator off the Internet.

#Retirement drawdown strategies trial

Experienced financial planners can help you run the numbers, but if you’re determined to go it alone you could consider purchasing professional financial planning software, which costs about $1,000 annually (although you might be able to take advantage of the free trial offers).

Peter, I am not aware of any free consumer financial planning software that will do the job you’re looking for. I love this question, Peter! So much so that I have to answer it in three parts so I can properly address your software query, your RRSP withdrawal question, and the issue of your estate. I also want to receive Old Age Security (OAS) and keep as much of it as I can by avoiding clawbacks.Īny suggestions for software-as well as tips on how I can meet my goals-would be helpful.Ī. I want my money to last until I reach age 100 (however, I don’t think I’ll need to use it all and want to grow the funds for my estate), and prefer not to leave much in my registered investments for the taxman. My wife has a good pension, so we have a good blend of guaranteed and market-based plans. I have no corporate pension all my retirement money is invested in RRSPs/TFSAs and I pull income out as needed. Here are some other details about my financial circumstances.

Is there a software package you’d recommend that can do this? I’d like to run projections and analyze the best way to draw down my RRSPs with the least amount of taxes payable. I retired seven years ago, when I was 55.