Posted by: SixZeroSixOne
So, is there any financial planning apps where you can plug-in your numbers and personal circumstances and run some what-if analysis to help for retirement planning?
I've tried this one but it's bit clumsy and you can't really save changes to run different scenarios (e.g life expectancy!)
Any suggestions for good apps or websites? Would be particularly interested in doing analysis based on various different inflation rates...
To add...assuming there is a shortage between what I need to live on and what my income will be, I'd like to be able to plug in some numbers which tells me how much I still need to be investing in my RRSP over the next few years so that I can draw down more or less at various age points.
Two calculators I like using [note they are based on US historical market data]:
https://cfiresim.com/
https://engaging-data.com/will-money-last-retire-early/
The basic rule a lot of people follow is you need $25 invested for every $1 of spending you need annually. So if your shortfall is $5000/year you would need to save/invest another $125,000 in the RRSP. That's a fairly conservative approach so you could save less with the hope/expectation that market returns will increase your principal faster than you are withdrawing.
If you are up for posting a detailed case study the folks over at the MMM forums are good at providing suggestions to help you meet your goals. You can also just read other people's case studies and get some ideas.
https://forum.mrmoneymustache.com/case-studies/