A Worry-Free Financial Roadmap

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Wow. That was some scary week on the stock markets. [...] Suppose you have a $500,000 portfolio when you retire. How much can you take out each year? [...] People should consider a full range of possible scenarios for investment returns. Don't rely on a potentially misleading long-term average. [...] Monte Carlo tools can play a powerful role in making retirement planning more realistic and accurate. [...] [Read the entire article by Ellen Roseman]

The Story of Russell

The Toronto Star published the story of a teacher aged 56. A few years ago, he left his employment and instead of taking a pension, he chose the lump sum option thinking he would be able to earn 10% on his investments.

Instead he earned low even negative returns. He is now age 56 with $500,000 in a locked-in RRSP facing the choice of maintaining his lifestyle until he runs out of money or scaling back his spending to ensure he will remain solvent for the long haul. [Read the entire article]

How Much Will He Need? What Lifestyle Can He Afford?

How can Russell determine how far the $500,000 will take him?

His situation is complex, but not at all uncommon: he has to take into account withdrawal rules for locked-in plans, other potential income sources, Government pensions, future income taxes and unknown investment returns and life expectancy.

Should he work part-time until age 65 drawing less on his nest egg to enhance its tax-deferred growth? Should he sell his house at one point in the future, move in to a condo and use the difference as a source of capital? Nothing is in a vacuum. Everything is intertwined. And each action is irrevocable: you cannot turn back the clock, only live with regret.

There are many possibilities for the road ahead, but remaining in the dark is rarely the best course of action. RetireWare tries to be a searchlight, by letting you envision how your future can play out and the financial cost of achieving your dreams and enjoying your lifestyle in retirement.

Without this knowledge and sense of security, without a plan in place, many will have no choice but being obligated to conserve their assets and reduce their standard of living, because of the uncertainty of future expenses, investment returns and unknown life expectancy.

If you or your spouse are years away from retirement, about to retire or already retired and you are concerned about not knowing whether your assets will be sufficient to maintain your lifestyle and achieve your goals, RetireWare will help you make sense of your financial future.

RetireWare dashboard

Manage Uncertainty

How much should I save? How should I invest my money? Will I have enough for my retirement? How can I ensure I won't outlive my money? With the recent downturn in the capital markets, these are questions that have become increasingly important as we get closer to our retirement. RetireWare is the only tool that is specifically designed to answer these questions using leading-edge technology.

Total Planning

RetireWare is specifically designed for Canadian tax and retirement savings rules and is about total planning: you can integrate all of your and your spouse's assets and future income in planning retirement and other financial goals.

RetireWare is independent, unbiased, flexible and powerful. Its intuitive user interface is easy to use: you can create a retirement plan in just a few minutes. Then, you can do a more detailed analysis using dozens of special features.

Avoiding Second Thoughts

The General Social Survey conducted by Statistics Canada found that 60% of recent retirees who left the labour force early have had second thoughts, often because of financial constraints. In a recent Statistics Canada survey, one third of Canadians age 45 to 59 say they are not financially prepared for retirement. A Financial Planners Standards Council survey found that while most realize the importance of financial planning, only a third have a written financial plan.

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