Tuesday, December 4, 2018

10 Essential Retirement Planning Tools and Calculators

The first 3 tools can be found on the main site of Retirementinview.ca @: Canadian Retirement Income Calculator

1. Canadian Retirement Income Calculator: 

Use this handy and simple to understand online calculator to get a snapshot of your income in Retirement. A certified financial planner is available to help provide insight on your numbers.

2. Cashflow Worksheet: Retirement Budget Planner:

Use this excel spreadsheet to estimate and calculate your net monthly expenses and income.

3. Retirement Savings Calculator: Compound Interest:

This excel worksheet helps you calculate the future estimated value of your retirement savings. See in detail the positive effect compound interest can have on your savings.

4. Morningstar: Research your investment portfolio:

Want to see how your mutual fund investments perform against their benchmarks? Morningstar is the best site to research the mutual funds in your portfolio.  Take a moment to view the MERs (mutual fund fees) associated with them and then use the calculator below (tool #5) to see how much you could be saving annually by switching to ETFs.

5. Investment Fees Comparison Tool: How do the MER's compare

Once you have researched the average MERs in your portfolio examine if you are overpaying for underperformance. ETF investments consistently outperform Mutual Funds and they cost less in annual management fees.

6. CPP Break Even Calculator: 

Please note this is a basic calculator and there are many factors to consider to come to a true break-even analysis; namely taxes and how the excess is spent or saved. If you want a quick snapshot of the benefits of waiting to take CPP, give this tool a spin.

8. MyService Canada: 

Obtain your CPP estimate and your statement of contributions.

9. CRA my account: 

Obtain your RRSP and TFSA contribution room, access tax slips and file T1 Adjustments conveniently online.

10.  MoneySense: The Cost of Retirement Happiness 

A look at three different budgets of retired couples. Two are real Canadian families, and one is a fictional example based on average spending amounts reported by senior couples to Statscan.


Bonus 11.  Recommended Reading List 

I have compiled a list of some of my favourite retirement planning books.


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