Use of Funds

Question:

Does the application look at the original amount in non-registered and as soon as that amount is used it switches to registered withdrawals?

Does it consider deposits after the original date?

Answer:

If at one point you don't have any other sources of funds, and non-registered and TFSA accounts are used up, your withdrawals will come from registered funds to meet your retirement income goal. if
you select to receive payments from registered funds as late as possible on the Options page.

On the 'View' page, at the bottom of the Accumulations and Income Forecast tabs there are pop-up tables that show the detailed cash flow.

You can open these tables and see the usage of funds to meet the income goal. You can do  for you, your spouse or the combined results.

By: RetireWare / Equisoft On 11:11 AM

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Post retirement budget

Question:

When I create the post retirement budget selecting one budget for both spouses, it doubles the budget requirements. Our expenses are around $47,000 per year. when I finish the plan, its has our budget at over $90,000.

I've played around quite a bit with this and can't find a way to get it to use $47,000 total for both.

Answer:

You must select 'Based on Expenses' for the retirement income objective on the Forecast page.

Otherwise, it's using a percentage or dollar-based income goal, not the separate or common budget.

By: RetireWare / Equisoft On 7:11 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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Risk Analysis

Question:

Is there an explanation to what changes in metrics are used for the longevity, market, sequence of events and inflation risk analysis?

Answer:

You will find information in the help files under 'View Menu' | 'Risk Analysis'.

Here's a link that provides more background on the approach used:

http://retireware.blogspot.ca/2013/12/quantifying-risk.html 

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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