Tuesday, October 2, 2012

More on Pensions

Questions and Answers:

1. I have a widow with a child receiving a CPP survivor's benefit of about $700 a month till retirement but I cannot find anywhere to enter this data.

Answer: if you want to include it in the spouse’s budget, enter it as 'Other Income' in 'Sources of Income'. You can put the current year for starting year, and the year it ends as the 'Ending Year'.

2. If client takes early pension with bridging, the system simply wants to know the annual amount of bridging to 65, not the amount of pension paid annually to 65. Correct?

Answer: Yes. If there are accruals make it a current defined benefit plan, if not, make it a 'prior defined benefit plan'.

3. Is there any way to show client is a widow? I am showing now as married but spouse with no income.

Answer: Just do a single calculation. In 'General Information' uncheck 'Do calculations for Both Spouses'.

7. I have a lot of 'non-registered' savings accruing in retirement due to excess income. Is there a way to project how much income will be generated from the assets rather than having all this surplus building up?

Answer: You must increase the retirement income objective in 'Retirement Income Target', otherwise, the excess is saved.

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