Spouse name and comments

Question:

How do I enter the information to see the spouse's full name and my comments on the final report?

Answer:

On the Forecast page, on the General tab, select the Option to do a calculation for both spouses. The page will refresh and show a drop down box for selecting each spouse. Select 'Spouse (2)' and enter the spouse's name.

You can add plain text commentary in the report on the Report tab of the Options page.

By: RetireWare / Equisoft On 11:28 AM

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Using RetireWare for fee-only practice

Question:

I'm in the process of trying to scale my fee-only/advice-only planning practice. With enough clients that I'm reaching significant overload, I'm looking into Canadian planning software that I can use for my clients - but not necessarily with my clients.

Answer:

If you use the professional version, you create and control the files and your clients do not have any access.

The collaborative version has more CRM functionality, such as exportable client lists, but not to the extent of exchanging information with billing and other CRM systems. For the collaborative, you can turn off the social media and referral components.

By: RetireWare / Equisoft On 5:06 PM

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Update Wizard

Question:

One question on the “Update” feature.  I haven’t used it yet but just trying to figure out what happens when you use it.  So say you update all the financial information and any changes that might need to be done with assumptions, etc.,  does the program then use those numbers and the date (for example if I updated the financial info for Feb 28th, next week)  and project the year end results for this year based on 10 months of returns / expenses?

If you use the update feature I assume it changes the “date of financial information” to the current month.  If you just go in and make changes to the data then it will be using the previous date for calculations unless you manually change the “date of financial information”.

Basically the update feature seems to be an automated feature that adjusts the date for calculations and allows you to update the financial information.  If you need to do more than that then you can go into the other sections to do that.

So it will use 10 months of data for projection for year 1 when I use March as my start date for instance?

Answer:

What you said is correct. The Update Wizard groups all main and changing inputs in one location (mostly asset values), and updates the date of calculation automatically.

If you use the Detailed or Quick retirement calculations, you must change the date manually.

If you go through the Update Wizard, you can always go to the main program at any time and change the date back if you wish. It is not cast in stone. However, it's best to align the date with the date of the most current account balances.

The projection for year one is for 10 months, and all other years are twelve months, except the last. The last year, i.e. grimly called "year of death", is from January 1 to the birthday month.

By: RetireWare / Equisoft On 5:03 PM

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MonteCarlo calculations

Questions:

I have a dilemma. Hopefully you can help. My investment adviser recently provided me with a retirement plan using another product.

Income, future assets etc. were comparable to what I calculate using RetireWare.

However, for the same scenario, RetireWare is indicating a 100% probability of success. The competing software shows a 14% failure. The adviser recommends up to 10% failure as acceptable.

I assume that both programs should yield generally comparable Monte Carlo results?

Answer:

Please note that there is a setting in the Options page that counts small shortfalls as a success, so by setting the threshold to $0, the probability may go down.

Also note that Naviplan probably uses a different approach for their simulations. For example, they may use only one expected return and volatility, or maybe only fixed income and equities for asset classes. In any case, with such calculations resting heavily on assumptions and methodologies, one may view a 14% failure as equivalent to a 10% failure. Also, since this is the product of an advisor, there is an incentive to err on the conservative side since your success is at stake, so he may be extra careful to recommend higher spending.

One way to assess your plan is to look at the various results produced by the software. You have the odds of success, a deterministic projection based on your selected expected returns (or RetireWare's standard, which is fairly conservative). You also have a projection assuming you earn poor investment returns in the future. Then there is the risk analysis that "stress tests" the plan against the main risks under various economic conditions.

Our idea in making decisions when facing an uncertain future is to take a "holistic" approach. If you see that most indicators are favourable, then you probably are OK.

One last thought. If you find you experience lower than expected returns or higher expenses after a year or two, you are able to correct the course by monitoring your plan and adapting your spending going forward to set you back on solid footing to meet your expenses throughout retirement.

By: RetireWare / Equisoft On 4:57 PM

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Functionality of RetireWare

Question:

I am interested in a subscription but before doing so wanted to know the extent of your program - is there a 30 day trial version.

I tried another product but the program was not detailed enough. Does your software allow you to enter your lifestyle needs item by item. e.g., housing expenses, living expenses including food, entertainment, travel , transportation expenses etc.

Then does it allow you to enter RRSP and TFSA balances and unregistered investment accounts separately for myself and my spouse and then set different returns for different investment products i.e. cash (1%), bonds (2%), Canadian equities (5%), foreign equities (7%).

Does to allow you to set annual contributions to the RRSP an TFSA and then set dates when withdrawals may or may not take place. What about personal residence and recreational property?

Answer:

Here are answers to your questions:

1. You can base your income goal on a detailed post-retirement budget that includes nearly 50 different items.

2. balances are separate by type of account and include RRSP, TFSA, non-registered and locked-in, also separated for each spouse.

3. You can customize expected investment returns for the following asset classes: cash, fixed income, Canadian equity, US equity and international equity. The program suggests defaults as well. The expected return will depend on the asset mix selected for the calculations.

4. You formulate an annual savings goal and select one of several savings rules, such as maximizing the RRSP, then contributing to the TFSA. RRSP and TFSA limits are applied and carried forward.

5.  Withdrawals are driven by the retirement income goals. After taking into account annual income from public and private pensions, shortfalls are funded from non-registered assets, TFSAs, locked-in assets and the RRIF.

6. You can also include the disposition of the personal residence, other property, business or other future assets in your plan.

As opposed to a free trial, we offer a 30-day money back guarantee. If you're not satisfied with the product, we will refund your credit card in full - no questions asked. Simply email us and request a refund and we will oblige within 24 hours.

By: RetireWare / Equisoft On 4:51 PM

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Expected Investment Income

Question:

How are investment income calculated for the projection?

Answer:

Registered funds are projected in the future based on the rates selected in the Economic Forecast on the Forecast page, and the asset allocation selected on the Options page.

If you base your projection on the current asset mix, then you should enter the asset allocation of registered assets by clicking the blue icon next to the 'Registered' balance on the second tab of the
Financial Information page. In setting your rate for fixed income consider that part of the assets will earn 8% on the mortgages and part will earn a lower rate for mutual fund investments, bonds, etc.

Also recognize that the expected rates may apply for 30 to 50 years in the future, so it is best to use a conservative approach and consider that rates that may be guaranteed for
the next few years may not apply for the entire life expectancy.

By: RetireWare / Equisoft On 11:37 AM

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Spending Projections in Retirement

Question:

When doing long term income projections, is it possible to drop spending by say 25% at age 75 and then continue adjusting that revised spending by inflation rather than having spending continue along the same rate?

Answer:

Yes, go to the 'Forecast' page and on the 'Retirement Income Target' tab, and click 'Advanced'.

You can increase or decrease retirement income at three points during retirement and income continues to be adjusted with inflation throughout.

You can also add one-time or recurring special expenses in your retirement income goals (such as car purchase every few years, trips, weddings, etc.).

By: RetireWare / Equisoft On 11:32 AM

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Income Coverage

Question:

Can you explain the concept of "income coverage" in the risk analysis results?

Answer:

For the income coverage, it is defined as lifetime sources of income over total average income. It is a useful measure for lower wealth individuals that require the peace of mind of knowing funds will be available to cover their expenses no matter how long they live. A few other users mention that the usually low percentage requires extra explanations to clients and we will be adding wording to indicate that it's not a bad thing if funds are sufficient.

By: RetireWare / Equisoft On 11:29 AM

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Collaborative Version

Question:

I recently purchased your software and understand I could share it with my clients ( I bought the professional collaborative version with up to 200 files).

How can I do this and how does the client login?

Answer:

When you create a new file on the first tab of the File Manager (the landing page after logging in), you can enter your client's email address and send an automated invitation.

The invitation has a link where the user can choose a password to access their account. Once this is completed, the user can login and access a simplified version and work on or review their retirement plan.

I suggest you use a personal email to try and see the experience from the user's perspective. This will help in understanding how it works.

If you need further information, there are a few You Tube videos at the following link:

https://www.youtube.com/user/retireware

The videos can also be a helpful reference to your clients trying to get familiar with the user interface.

By: RetireWare / Equisoft On 11:28 AM

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If You Are Retired

Question:

What use is RetireWare for those people already retired?

Answer:

As a retired person, you use RetireWare to set and monitor your spending levels such that it will last a lifetime. Also, if you have poor or excellent investment returns can impact future expenses, and when unforeseen expenses or life changes occur, you revisit your plan and adjust your goals.

By: RetireWare / Equisoft On 11:23 AM

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Printing a Report

Question:

Where do we generate a PDF report of the results of the analysis?

Answer:

Click the 'Review' button on the toolbar, and go to the 'Report' tab. You will see an icon that you can click to generate a PDF report.

By: RetireWare / Equisoft On 11:22 AM

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Data linking

Question:

Will your product read data from Quicken Home & Business?

I have RRSPs from many sources, stock options from my work, and have to open many different websites to look at all the investments.

Answer:

No, there is no fetching of data from other sites, such as banks, mutual funds, brokerage accounts, etc.

There is no need to enter exact account balances, rather you can enter a close but approximate amount for each type of account (non-registered, registered, TFSA, locked-in), and the program will calculate whether you current funds together with planned savings will be sufficient to fund your retirement.

By: RetireWare / Equisoft On 11:16 AM

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Files

Question:

The description of RetireWare refers to limits on the number of "files" each subscription level is entitled to, but I don't see any explanation of what a file is.

I'm guessing it's a comprehensive report based on a single scenario or set of input data.

Answer:

A file represents a record in the database that holds the information of a financial plan for you and your spouse.

With 10 files you can create a few alternative scenarios (different retirement ages, income goals), and you can build plans for other family members or friends and save their information for future retrieval.

When you delete a plan, your file tally goes back up by one. You can access any of your files at will to modify, run or generate a report and this does not affect your limit of 10.

By: RetireWare / Equisoft On 11:15 AM

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Functionality

Questions:

1. Will the product allow me to prepare retirement income projections for my wife and me combined?

2. Assuming yes, will it allow different start times for her and my CPP and OAS?

3. Will it provide any optimization regarding when we should start drawing from RRSPs relative to
OAS and CPP?

Answer:

1. You can do retirement income projections for a couple for a common plan by entering separately the financial information for each.

2. Yes you can start CPP and OAS, or retire at different times.

3. The software does not optimize the retirement date that will be best for RRSP withdrawals relative to OAS and CPP. But you can run a few different scenarios to find a practical solution.

By: RetireWare / Equisoft On 11:10 AM

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Demo Account

Question:

Do you have a demo account that I can test drive?

Answer:

No, but you can purchase the version you want to try it and we will refund your payment in full within 30 days if you don't like it or find it not to be a good fit for your needs.

In order to get a refund, simply send an email at support@retireware.com and we will do the refund within one business day.

If you work for a financial services company and are looking for a vendor that does custom development, customization or white label versions of products, we do provide a demo account.

By: RetireWare / Equisoft On 11:10 AM

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Detailed Cash Flow Tables

Question:

When I try to view the detailed table for both income and accumulations, nothing comes up. Any suggestions on how to fix?

Answer:

Please ensure your browser doesn't block "pop-up" windows. Or try another browser, such as Google Chrome.

By: RetireWare / Equisoft On 11:10 AM

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Types of Assets Supported by RetireWare

Question:

My spouse and I have salary income. We are contemplating early retirement (5 years early). We will both earn small pensions from our employers.

We have the following 6 registered plans. TFSA x 2, RRSP x 2, Locked-In registered plan (LIRA) x 2, plus Investment accounts x 2 plus an investment property.

Before I purchase a DIY plan I am writing to inquire if the software will has functionality to input details for all the above accounts individually.

Answer:

You'll be able to enter all these types of accounts and property separately for each spouse by selecting the option of doing a plan that combines the financial information for both spouses on the Forecast page.

By: RetireWare / Equisoft On 11:09 AM

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Software Upgrade

RetireWare has been updated today with several new features that have been requested by users.

1. Excess funds to TFSA

In any year where there is excess income during retirement, i.e. income above the retirement income goal, the after -tax value of the excess funds are deposited in the TFSA account up to the available contribution room. Any excess then goes to the non-registered account.

Before this change, excess funds were deposited entirely in the non-registered account.

2. Showing spouse name on the "Spouse Bar"

When doing a plan combining the financial information of both spouses, a drop-down menu at the top of the page allows you to move from one spouse to the other for data entry and viewing results.

Now, the name entered on the General Information tab is showing for each spouse.

Before this change, the program used the generic identifiers "Spouse (1) " and "Spouse (2)".

3. Option to select age for RRIF and LIF accounts

On the Options page, you can select the age for starting withdrawals from the RRIF or LIF (locked-in) account.

4. Option to select amount payable from RRIF and LIF

Also on the Options page, you can select the type of payments from a RRIF (either the minimum or flat amount), or LIF (either the minimum, maximum or flat payment).

Note that with any of these options, the actual amount withdrawn in any year may be overridden by a higher payment if the selected amount falls below the minimum or more funds are required to meet the retirement income goal.

5. Option to purchase a smaller residence when disposing of principal residence

Finally, a common strategy is to downsize to a smaller residence at one point during retirement. With this new option, you can use part of the proceeds from the sale of the principal residence as a source of retirement income, and the remainder toward the purchase of a smaller residence.

By: RetireWare / Equisoft On 11:10 AM

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Plans for Both Spouses

Question:

How do I add the financial information for my spouse?

Answer:

On the Forecast page select the option to do a plan that combines the financial information of both spouses. You will then see a drop-down menu at the top of the page allowing you to enter information for the other spouse.

There is a video showing how it works:

https://www.youtube.com/c/retireware

By: RetireWare / Equisoft On 8:00 PM

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What Makes RetireWare Different from Other Products

Question:

I am looking at getting a planning software that helps calculate retirement but also shows clients their net worth. Why would I use RetireWare rather than other products? Which version would you suggest I use?

Answer:

RetireWare is unique in the following ways:

1. Focus on long-term planning: this product is to plan the financial aspect of retirement.
2. Sophisticated mathematics: detailed projections of assets and income, accurate income tax calculations, Monte Carlo simulation, odds of success, risk management (assessment of post-retirement risks such as longevity, inflation, market returns, sequence of returns, long-term care needs, etc.).
3. Five components: detailed retirement, quick retirement calculation, investor profile, budget and net worth.
4. Data entry: easy and quick data entry, organized logically using a clean tab interface.
5. SaaS: web-based software as-a-service.
6. Collaborative: you can provide account access to your clients. They get a simplified version and can view their plan online and enter their own data.
7. Engagement: although you can generate reports with RetireWare, it's more engaging for users to access their account and see their plan online. 
8. Easy to update: by regularly updating (using a quick update wizard), you can keep the plan fresh and provide a road map to retirement to your clients.
9. Social media: links to allow users to "spread the word" about you on their social networks.
10. News: you can broadcast messages or news to your user group (such as market commentary, current events, upcoming seminar, reminders, etc.) that they'll see when they login to their account.
11. Customization: when your users login, they'll view your profile that can be customized with your logo and colour scheme.
12. Design: clean design and user interface (see our tutorials: http://www.youtube.com/user/retireware).
13. Results: detailed results with numerous charts and tables.
14. Dashboard: once you do a plan, you get a dashboard view of the results.
15. Other tools: over a dozen other stand-alone calculators.
16. Help: comprehensive help and product support blog.
17. Canadian-based: federal and provincial income tax, RRSP, TFSA, jurisdiction-specific LIF, pensions, etc.
18. Data security: no possibility of data loss or breach on local PC; the data is stored securely in our encrypted database.

If the collaborative features are something you would use, then I would recommend the Professional Collaborative version, otherwise the Professional version that gives you 50 files, but no collaborative features.

By: RetireWare / Equisoft On 8:45 PM

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