Tuesday, July 23, 2013

Monthly pension


I'm trying to enter a pension into one of my files; however, I'm not clear on how to do so.

If someone has a $2,000/month pension, what do I put into lifetime pension payable at age 65?


If it is a pension that will not grow from future years of service, enter it as a 'Pension from a former Employer'.

In your case, you would enter Bridge as 0 (assuming no temporary bridging pension from the plan) and Lifetime pension at 65 as $24,000.

If there are future accruals, enter as a 'Pension from a Current Employer', you would enter $24,000 if this is the amount payable at age 65 based on service to date, and the program will calculate future pension accruals based on expected future service (at the age of termination from the plan or retirement).
In both cases, it will apply an early retirement pension reduction by selecting the appropriate early retirement rules in the program.

TFSA savings after retirement date


The software appears not to allow for savings to be allocated to TFSA after retirement date.

Is there a way to grow my TFSA account after retirement?


There are two places to enter TFSA amounts:
  • In 'Registered Investments' for retirement purposes
  • In Pre-retirement Budget, on the 'Budget Information' tab, to enter TFSA balances for a purpose other than retirement.

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