My current baby. I built this to help me see what kind of shape I am in to be able to retire.
It is Canada focused, and Ontario specifically. Other regions can use it of course, but your tax rates will be off (though you can also easily change them – or ask me to build a custom one). It is probably “good enough” for any Canadian, but my US friends are going to get first hand experience with taxes if they use it without modification. It’s also built for people who have more substantial retirement savings as I make some assumptions on not likely great amounts being preserved for OAS and CPP (as the government will claw that back).
The first page has fields in green which you can change. What you should be doing is entering in details on ages, when you and your spouse want to retire and your current savings. Then by playing with the withdrawal percentage per year you can see whether you have a positive balance at the end of the year or require a greater percentage withdrawal per year.
For more advanced and accurate details:
- Costs are based on the average family. And that is strikingly similar for US and Canada. But, if you want a more accurate cost basis, you can
- Projected growth rates and inflation are on the 1st page. These can be configured.
- I projected 3 stages of life – retirement to 65, an active phase – 65 to whatever you specify where you will travel more and costs will be higher (while you also start government pension and can income split) and then, a less active phase of retirement (where you will do less traveling etc.) You can change all of these details on the costs page
- Also checkout the growths page – it will tell you how long your money lasts
Checkout the tools page to get the Calculator. And leave me a comment if you like it. Remember I am releasing it under Open Source – you can make your own copy, change it etc. as long as the attribution note and page stays in.