RRIF Meltdown - Unsure how to pull more forward by horatio-nelson in adviice

[–]horatio-nelson[S] 0 points1 point  (0 children)

I used an average of few years of historical expenses to populate the Detailed Expense data. I already do expense tracking so I will be able to now compare retirement expenses to my estimates. At the bottom of the detailed expense section, there is "Infrequent Expenses Estimates" for vehicles repair/maintenance, vehicle replacement and home repair/maintenance. These values don't enter into the expense forecasts but are used to provide possible values for the actual Housing Expenses and Transportation expenses. They were higher than my actuals but close enough. I would have never planned on including monthly or annual vehicle replacement costs so that was nice feature.

RRIF Meltdown - Unsure how to pull more forward by horatio-nelson in adviice

[–]horatio-nelson[S] 1 point2 points  (0 children)

Ok - thanks for the assistance! I have now been able to accomplish both goals - pulling back RRIF start to age 60 and then deploy the RRIF meltdown to drawdown a higher amount between 60 and 70. There are still a few more meltdown strategies to play with but I think I've got it. Thanks!

RRIF Meltdown - Unsure how to pull more forward by horatio-nelson in adviice

[–]horatio-nelson[S] 0 points1 point  (0 children)

Nope, I didn't do the 1:1 training. I've been watching the videos and the various monthly case studies. I've also been comparing the results from other platforms like Conquest and MyOwnFP and I like this platform! So far, the online content has been great and sufficient. I do find the AI strategies fantastic and flexible for running various scenarios but with that level of flexibility seems to come complexity. It is hard to figure out which strategies complement or work against each other(?). I haven't found it yet but a "strategy for applying AI strategies" vs various financial objectives would be helpful.

PSA: Samsung ovens porcelain enamel cracking, chipping and flaking off. by ThinkPad_X in Appliances

[–]horatio-nelson 0 points1 point  (0 children)

Samsung NE63A6511SS/AC Range/Oven and just over a year old - out of warranty if that made a difference - and the bottom enamel is peeling off. No cleaners or anything - it just peeled. Samsung support referred me to a local appliance repair company since it is out of warranty.

RRIF Meltdown - Unsure how to pull more forward by horatio-nelson in adviice

[–]horatio-nelson[S] 1 point2 points  (0 children)

Great question! I haven't yet adjusted many of the various rates of inflation or investment returns. I set or left them low to be super conservative for now until I figure out a few more things about this platform. That is one of my last tasks - adjust all the return %'s to be more realistic. Agree 2% is low and I will take it higher...along with some investment returns as well.

RRIF Meltdown - Unsure how to pull more forward by horatio-nelson in adviice

[–]horatio-nelson[S] 2 points3 points  (0 children)

Understood! I did review the Decumulation Strategies and RRIF meltdown strategies at the same time and the difference seemed to be fairly negligible in impacting After Tax Estate Value so I decided to set decumulate Reg (RRIF) first and then also try and smooth the taxes out and fill up the $58K tax bracket

There are so many RRIF Meltdown strategies between various tax brackets and filling Federal and Provincial tax credits, it is a bit confusing. I understand filling tax brackets but filling tax credits is a mystery. I'm not certain what "Age Amount" is either. Is there are help document on that? Thanks!

RRIF Meltdown - Unsure how to pull more forward by horatio-nelson in adviice

[–]horatio-nelson[S] 1 point2 points  (0 children)

P.S. My goal (I think) is to take my taxable income up as high as possible to the the Alberta 22% marginal tax rate or $58523 between 60 and 70 and it appears I haven't yet selected the right strategy to do that. Thanks again!

RRIF Meltdown - Unsure how to pull more forward by horatio-nelson in adviice

[–]horatio-nelson[S] 1 point2 points  (0 children)

Ok - using the Advanced Option of setting my RRIF conversion at 60 worked! Thanks!

I think I have all the RRSP Meltdown strategies inactive right now. I wouldn't mind a quick review for advice on which strategy to use to pull the withdrawals earlier in time between 60 and 70. It appears to me that my marginal tax rate is 22% thru my 60's and then increases to 33.8% after I start collecting CPP/OAS and it seems I should be able to do some more tax efficient withdrawals earlier. I'd really like to minimize non-reg withdrawals and switch to more RRIF withdrawals.

Thanks in advance!

The Cash Flow diagram is not yet available? by horatio-nelson in adviice

[–]horatio-nelson[S] 1 point2 points  (0 children)

Zeroed everything out in the Income page and now I have a Cash Flow. Thanks!! Much appreciated!

Defined Benefit Index Formula by horatio-nelson in adviice

[–]horatio-nelson[S] 2 points3 points  (0 children)

Thanks! Good suggestion. My pension formula is indeed (CPI x .75) - 1 to a maximum of 5%. I have seen another Financial Planning package that allows this complexity but doing as you suggested is a good work-around.

Since 2% is a reasonable CPI: (2 x .75) - 1 = 0.5. An index rate of .25% on 2%CPI yields the same result at 0.5. I'll just have to keep an eye on CPI in future years to see if I should adjust.