Side question, but this software looks a bit like Conquest, but more accessible and affordable for the DIY'er. Can you please point me to the video that explains who is this software for, how it is different from say something like Conquest or Snap Projections?
Hello, the Adviice platform is available to advisors & planners (just like Conquest or Snap Projections) but we also make it available directly to individuals users. Unlike those other platforms we’re focused on making financial planning easy but still very powerful. Once you enter your information in the Discovery phase the platform will automatically explore 100’s of AI Strategies for you and how they impact your plan. Things like when to start CPP, when to start OAS, how to melt down your RRSP/RRIF, how much you can spend in retirement etc etc. Here’s an intro video with an overview… ua-cam.com/video/8NPBl5ub3GA/v-deo.html
Good video, thank you. I wish that I had ability to modify the inflation rate in this tool. It looks to me like your model is assuming a 2.1% inflation rate for all future years. I understand that is based on historical data, and you update this 'built-in fixed value' at the start of each year, but it limits my ability to simulate different 'what-if' scenarios where a higher than normal inflation rate is the norm (as we've had over the past few years). Yes, I can adjust the return rates on my various investments to create a 'synthetic' change to inflation rate, but I find that very cumbersome and limiting. I should be able to change default value, and bonus feature (at some point in a future update) have an AI strategy that enables change to inflation rate by certain % for x number of years. Maybe that's wishful thinking, but you never know until you ask. :-)
Thanks for the comment! It’s important to highlight that the Success Rate analysis feature will do this stress testing for you, it will automatically evaluate the retirement plan over 100+ historical periods of stock returns, bond returns AND inflation rates. This includes sustained periods of higher inflation like the 1970’s. We find this to be a much more robust way to test the success rate of the plan as it reflects all of the inflation periods from the last 100+ years. That being said we have had this request come up a few times and it is on our roadmap. We’ll let you know when it’s available.
@@adviice_ca agree with comment above.. 2.1% is too low of an assumption, the 100 year average is 3.1%, and the 1960 to 2023 average is 3.8%... One of the scenario's i would want to run is to simply change 2.1 to 3.1... will be subscribing shortly!
Canada is a country based on benefits,if u have money,its a no brainer to melt down rrsp/rrif to your taxable account or TFSA,huge benefits when u are older and everything is income tested.You are going to spend it one way or another anyway,stop leaving the government so much money.
You shouldn’t have to feel it necessary to meltdown your rrsp before it is turned into a rif.You should be able to keep your rrsp as long as you live and withdraw from it what you want rather than mandated withdrawals when you are 71. That would be a real self directed retirement plan which would give you some discretion with your finances when or if you get very old.The withdrawal rates when you are in your 80s and up ensure your retirement savings will be basically gone in your early nineties. Do govt pensions disappear when they are in their nineties ?
Thanks for the comment! Doing away with minimum withdrawals would certainly make things more flexible. But most of the time melting down the RRSP is about managing tax over time rather than having a large tax bill in the estate.
@@adviice_ca You can take out all you want from your rrsp but when it comes to a rif thé amont left is a pittance when the minimum withdrawals kick in and you get up in years. I’d rather have some flexibility if i get really old and what happens after i die who cares.At least the way i’m describing will potentially leave something behind as compared to the mandated withdrawal route which will leave you virtually broke if you reach 95. Imagine being broke at 95. What kind of a sociopath dreamed up the rif strategy?
Hi! If you’re registered you can go to Planning > Projections > Table and see the marginal tax rates. We’ll be adding avg tax rate soon but you can already see total tax / taxable income.
Side question, but this software looks a bit like Conquest, but more accessible and affordable for the DIY'er.
Can you please point me to the video that explains who is this software for, how it is different from say something like Conquest or Snap Projections?
Hello, the Adviice platform is available to advisors & planners (just like Conquest or Snap Projections) but we also make it available directly to individuals users.
Unlike those other platforms we’re focused on making financial planning easy but still very powerful.
Once you enter your information in the Discovery phase the platform will automatically explore 100’s of AI Strategies for you and how they impact your plan. Things like when to start CPP, when to start OAS, how to melt down your RRSP/RRIF, how much you can spend in retirement etc etc.
Here’s an intro video with an overview…
ua-cam.com/video/8NPBl5ub3GA/v-deo.html
Listen to this guy=common sense.
Good video, thank you. I wish that I had ability to modify the inflation rate in this tool. It looks to me like your model is assuming a 2.1% inflation rate for all future years. I understand that is based on historical data, and you update this 'built-in fixed value' at the start of each year, but it limits my ability to simulate different 'what-if' scenarios where a higher than normal inflation rate is the norm (as we've had over the past few years). Yes, I can adjust the return rates on my various investments to create a 'synthetic' change to inflation rate, but I find that very cumbersome and limiting. I should be able to change default value, and bonus feature (at some point in a future update) have an AI strategy that enables change to inflation rate by certain % for x number of years. Maybe that's wishful thinking, but you never know until you ask. :-)
Thanks for the comment! It’s important to highlight that the Success Rate analysis feature will do this stress testing for you, it will automatically evaluate the retirement plan over 100+ historical periods of stock returns, bond returns AND inflation rates. This includes sustained periods of higher inflation like the 1970’s. We find this to be a much more robust way to test the success rate of the plan as it reflects all of the inflation periods from the last 100+ years.
That being said we have had this request come up a few times and it is on our roadmap. We’ll let you know when it’s available.
@@adviice_ca agree with comment above.. 2.1% is too low of an assumption, the 100 year average is 3.1%, and the 1960 to 2023 average is 3.8%... One of the scenario's i would want to run is to simply change 2.1 to 3.1... will be subscribing shortly!
Canada is a country based on benefits,if u have money,its a no brainer to melt down rrsp/rrif to your taxable account or TFSA,huge benefits when u are older and everything is income tested.You are going to spend it one way or another anyway,stop leaving the government so much money.
You shouldn’t have to feel it necessary to meltdown your rrsp before it is turned into a rif.You should be able to keep your rrsp as long as you live and withdraw from it what you want rather than mandated withdrawals when you are 71. That would be a real self directed retirement plan which would give you some discretion with your finances when or if you get very old.The withdrawal rates when you are in your 80s and up ensure your retirement savings will be basically gone in your early nineties. Do govt pensions disappear when they are in their nineties ?
Thanks for the comment! Doing away with minimum withdrawals would certainly make things more flexible. But most of the time melting down the RRSP is about managing tax over time rather than having a large tax bill in the estate.
@@adviice_ca You can take out all you want from your rrsp but when it comes to a rif thé amont left is a pittance when the minimum withdrawals kick in and you get up in years. I’d rather have some flexibility if i get really old and what happens after i die who cares.At least the way i’m describing will potentially leave something behind as compared to the mandated withdrawal route which will leave you virtually broke if you reach 95. Imagine being broke at 95. What kind of a sociopath dreamed up the rif strategy?
Where does this software show tax rates?
Hi! If you’re registered you can go to Planning > Projections > Table and see the marginal tax rates. We’ll be adding avg tax rate soon but you can already see total tax / taxable income.