Tuesday, July 23, 2013

Monthly pension



Question:

I'm trying to enter a pension into one of my files; however, I'm not clear on how to do so.

If someone has a $2,000/month pension, what do I put into lifetime pension payable at age 65?

Answer:

If it is a pension that will not grow from future years of service, enter it as a 'Pension from a former Employer'.

In your case, you would enter Bridge as 0 (assuming no temporary bridging pension from the plan) and Lifetime pension at 65 as $24,000.

If there are future accruals, enter as a 'Pension from a Current Employer', you would enter $24,000 if this is the amount payable at age 65 based on service to date, and the program will calculate future pension accruals based on expected future service (at the age of termination from the plan or retirement).
In both cases, it will apply an early retirement pension reduction by selecting the appropriate early retirement rules in the program.

TFSA savings after retirement date



Question:

The software appears not to allow for savings to be allocated to TFSA after retirement date.

Is there a way to grow my TFSA account after retirement?

Answer:

There are two places to enter TFSA amounts:
  • In 'Registered Investments' for retirement purposes
  • In Pre-retirement Budget, on the 'Budget Information' tab, to enter TFSA balances for a purpose other than retirement.



Software for individuals, advisors and financial services companies

Software for individuals, advisors and financial services companies
Retirement Planning

Featured Post

Quantifying Risk

Lightning and lotteries According to the National Oceanic and Atmospheric Administration, the odds of becoming a lightning victim in th...

About Us

My photo
RetireWare is a Web-based risk management and retirement planning software for individuals and financial advisors that's easy-to-use, full of rich visuals and comprehensive analysis. Try today and take advantage of our unconditional money-back guarantee. Know how much retirement income you can have. Build a plan and know where you stand.

Apeiron Software Limited

Apeiron Software Limited builds financial and retirement planning software for individuals, advisors and financial services companies. Our portfolio of products ready for customization and cost-effective outsourced model means no custom development projects tying up large internal and external resources. We also offer hosted solution for no infrastructure cost.

Follow by Email

© 2016 by Apeiron Software Limited. All rights reserved. Powered by Blogger.

 

© 2016 Risk Blog by Apeiron Software Limited. All rights reserved. Designed by Templateism

Back To Top