Software Upgrade

RetireWare has been updated today with several new features that have been requested by users.

1. Excess funds to TFSA

In any year where there is excess income during retirement, i.e. income above the retirement income goal, the after -tax value of the excess funds are deposited in the TFSA account up to the available contribution room. Any excess then goes to the non-registered account.

Before this change, excess funds were deposited entirely in the non-registered account.

2. Showing spouse name on the "Spouse Bar"

When doing a plan combining the financial information of both spouses, a drop-down menu at the top of the page allows you to move from one spouse to the other for data entry and viewing results.

Now, the name entered on the General Information tab is showing for each spouse.

Before this change, the program used the generic identifiers "Spouse (1) " and "Spouse (2)".

3. Option to select age for RRIF and LIF accounts

On the Options page, you can select the age for starting withdrawals from the RRIF or LIF (locked-in) account.

4. Option to select amount payable from RRIF and LIF

Also on the Options page, you can select the type of payments from a RRIF (either the minimum or flat amount), or LIF (either the minimum, maximum or flat payment).

Note that with any of these options, the actual amount withdrawn in any year may be overridden by a higher payment if the selected amount falls below the minimum or more funds are required to meet the retirement income goal.

5. Option to purchase a smaller residence when disposing of principal residence

Finally, a common strategy is to downsize to a smaller residence at one point during retirement. With this new option, you can use part of the proceeds from the sale of the principal residence as a source of retirement income, and the remainder toward the purchase of a smaller residence.

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Written by RetireWare / Equisoft