Are you saving enough for retirement?

[Sylvanfan]

Originally Posted by opendoor

What are you talking about? The pace of money creation over the last 10-20 years is basically nothing compared to what was going on in the '70s and early '80s.

From 1970-1983, Canada's M2 increased by about 15% a year. That's about the same amount it increased in 2020 in response to COVID, except for over a decade straight.

Wasn't a lot of that demographically driven? That's the time frame where the boomers came of age and needed to make their fortune in the world. So they were in that borrow/consume/payback stage of life and there wasn't enough capital to supply their needs. So more money creation and high interest rates. We are now coming out of the reverse where these boomers were 55-65 and at peak earnings with money to lend. So the private markets had capital looking to invest.

But those Boomers are now hitting 65 and moving to retirement. They will look to protect savings which should make capital scarce again. Plus they'll start needing to draw CPP/OAS and require more health care.

Everytime this demographic bulge moves to the next phase in life it seems to cause some new ripple.

[Johnny199r]

Originally Posted by indes

Still waiting for a lottery win. At this rate I'll probably be working until I'm 80. My divorce/custody battle put me in a gigantic hole where I probably should've just filed for bankruptcy but instead am slowly just clawing my way out of it. I have a good job and make above the average income...but I'll be servicing debt for another 3-4 years before I can meaningfully invest any money.

Divorce is extremely tough financially (in addition to the other feelings). Hang in there!

[V]

Originally Posted by RichieRich

Yes DURING 2022 the markets saw a big drop however they had a healthy rebound. By not messing with things and staying in the market (ie not missing all the best days) I, like so many others, ended 2022 with a positive return. But that return only came about because of the last quarter.

What market are you talking about? S&P was down almost 20%, Nasdaq was down almost 35%, TSX was down almost 10%. I'm struggling to find a market in 2022 with a positive return.

[WideReceiver]

Divorce discussion confirms my belief that one of THE best investments is to marry well.

[Erick Estrada]

Originally Posted by WideReceiver

Divorce discussion confirms my belief that one of THE best investments is to marry well.

I would say the best investment is marry rich or not marry at all as there are no guarantees. My wife and I have been living together for over 30 years and 98% of that was perfect but mid life crisis is a real thing and nobody is immune. It's like overnight she turned into a different person from the woman I have known most of my life.

[Erick Estrada]

Originally Posted by indes

Still waiting for a lottery win. At this rate I'll probably be working until I'm 80. My divorce/custody battle put me in a gigantic hole where I probably should've just filed for bankruptcy but instead am slowly just clawing my way out of it. I have a good job and make above the average income...but I'll be servicing debt for another 3-4 years before I can meaningfully invest any money.

I'm not going to be working until 80 but my plans of early retirement went up in flames and now I'm just hoping I can retire before 70.

[cam_wmh]

Has anyone built a Canadian retirement xlsx, with all the necessary and even optional inputs?

My buddy manages my portfolio, and is killing it for me, but when I asked to have an xlsx he deferred me to his associate, who insisted it's much more complex... rrrrright

Like honestly, you search for such cdn retirement xls, and every investment house under the sun wants you to use their stupid tool.

F### off, and let me do it.

[Slava]

Originally Posted by cam_wmh

Has anyone built a Canadian retirement xlsx, with all the necessary and even optional inputs?

My buddy manages my portfolio, and is killing it for me, but when I asked to have an xlsx he deferred me to his associate, who insisted it's much more complex... rrrrright

Like honestly, you search for such cdn retirement xls, and every investment house under the sun wants you to use their stupid tool.

F### off, and let me do it.

What do you want to do? You want an Excel file that will run you a full financial plan, or is this to build a portfolio?

[d00little]

Originally Posted by cam_wmh

Has anyone built a Canadian retirement xlsx, with all the necessary and even optional inputs?

My buddy manages my portfolio, and is killing it for me, but when I asked to have an xlsx he deferred me to his associate, who insisted it's much more complex... rrrrright

Like honestly, you search for such cdn retirement xls, and every investment house under the sun wants you to use their stupid tool.

F### off, and let me do it.

What does that even mean, "asked for an xlsx"? A spreadsheet can be so many things, that ask is so vague.

[Johnny199r]

Originally Posted by Erick Estrada

I would say the best investment is marry rich or not marry at all as there are no guarantees. My wife and I have been living together for over 30 years and 98% of that was perfect but mid life crisis is a real thing and nobody is immune. It's like overnight she turned into a different person from the woman I have known most of my life.

This kind of happened with me. She just changed and wasn’t the same person.

We have no control over how our significant other may change even if we treat them with all the respect and love in the world. It’s a scary realization.

[cam_wmh]

Originally Posted by Slava

What do you want to do? You want an Excel file that will run you a full financial plan, or is this to build a portfolio?

A pre-built personal retirement projection spreadsheet.

I input my existing portfolio values, vehicle (LIRA/RRSP/Pension etc), growth rates, add in OAS/CPP etc;
I then input my age & intended annual retirement income, and it should have values, that either paint me behind or ahead of my target. I have a good idea where I'm at, but would like to have an active xls that i can defer back to at any time. (adjustments/future impacts)

[Brupal]

If you’re a client of RBC and have Online Banking, you could try using their free tool called MyAdvisor.
https://www.rbcroyalbank.com/investments/myadvisor.html

You input your information, there’s no involvement with RBC staff.

[Bend it like Bourgeois]

Originally Posted by cam_wmh

A pre-built personal retirement projection spreadsheet.

I input my existing portfolio values, vehicle (LIRA/RRSP/Pension etc), growth rates, add in OAS/CPP etc;
I then input my age & intended annual retirement income, and it should have values, that either paint me behind or ahead of my target. I have a good idea where I'm at, but would like to have an active xls that i can defer back to at any time. (adjustments/future impacts)

It’s a bit clunky and more a moment in time tool but the government site might help you build your own spreadsheet.

https://www.canada.ca/en/services/be...alculator.html

[FurnaceFace]

Originally Posted by cam_wmh

A pre-built personal retirement projection spreadsheet.

I input my existing portfolio values, vehicle (LIRA/RRSP/Pension etc), growth rates, add in OAS/CPP etc;
I then input my age & intended annual retirement income, and it should have values, that either paint me behind or ahead of my target. I have a good idea where I'm at, but would like to have an active xls that i can defer back to at any time. (adjustments/future impacts)

I’ve wanted the same thing as I’d like to run a pile of different scenarios. The tool most financial advisor use looks to be the same or similar, and it’s actual software, not just a spreadsheet/workbook. I have heard rumour that (some) advisors can give you access to a “sandbox” version of the software package where you can play around and make adjustments but I’ve not investigated further. Perhaps Slava has some insights into that.

I know in the US there is a product called something like New Retirement which does all this, but you do need to pay. I don’t know of a CA equivalent.

[Shazam]

RazorPlan
YCharts

[cam_wmh]

Yup, lots and lots of online tools out there…

With the number of variables and formulas required, I’d pay for such a spreadsheet.
Mitigates brokerage entanglement, and my agility to play with my finances in totality.

Perhaps I’ll post it Wanted $ad in an excel forum

[Shazam]

It's really hard to make a truly comprehensive planner in Excel.

You want something that calculates after-tax returns and optimization of TFSA/RRSP room and CPP start.

Also decumulation.

[flamesfever]

I think it's important to prepare a Present Worth Statement once a year, where you list all your assets and liabilities. Over time you get a feel for whether you are moving ahead or slipping back.

[Slava]

Originally Posted by cam_wmh

A pre-built personal retirement projection spreadsheet.

I input my existing portfolio values, vehicle (LIRA/RRSP/Pension etc), growth rates, add in OAS/CPP etc;
I then input my age & intended annual retirement income, and it should have values, that either paint me behind or ahead of my target. I have a good idea where I'm at, but would like to have an active xls that i can defer back to at any time. (adjustments/future impacts)

Originally Posted by FurnaceFace

I’ve wanted the same thing as I’d like to run a pile of different scenarios. The tool most financial advisor use looks to be the same or similar, and it’s actual software, not just a spreadsheet/workbook. I have heard rumour that (some) advisors can give you access to a “sandbox” version of the software package where you can play around and make adjustments but I’ve not investigated further. Perhaps Slava has some insights into that.

I know in the US there is a product called something like New Retirement which does all this, but you do need to pay. I don’t know of a CA equivalent.

Yeah, I don't know of a spreadsheet like that. It might feel like this isn't that difficult to put together, but there are many variables and factors to consider. To have something where you can add in all kinds of factors like corporations, estates, trusts and that sort of thing is not as straightforward as what you can do in Excel.

[pseudoreality]

Originally Posted by flamesfever

I think it's important to prepare a Present Worth Statement once a year, where you list all your assets and liabilities. Over time you get a feel for whether you are moving ahead or slipping back.

I have my own little spreadsheet that I update once a year. It's fun doing drawdown scenarios, but it's hard to predict retirement expenses. I have a hard time deciding on whether I want to work longer and then have more money in retirement or retire earlier, but be able to do less. I do plan on having some income in retirement thru part-time consulting, but again, that is hard to forecast. There is also the concept of go, slow, and no-go years to take into consideration.