What retirement planning software do you use?

yorkshireman2

Which software, if any, do you use to put together a personal financial plan.

I know this stuff is huge over in America, but there seems to be a shortage of good quality financial planning software over here in the UK.

Any thoughts?

dunstonh

I am not a fan of these cashflow planners. They give a graphical front end to a spreadsheet. Typically, you find that when you look back at older ones, they give info nothing like what actually happened. They need continuous updating and a commitment that most people are not willing to give

yorkshireman2

I know what you mean. Some of them are just what you say. But there's no reason why there couldn't be a well put together simulator that let you enter all of the crucial information and then provided all the necessary reports.

It just seems to me that a business wouldn't dream of operating with a P&L, balance sheet and cashflow forecast, and yet people head through the financial lives with absolutely no proper plan and just live in hope that what they're doing will work out somehow.

Don't get me wrong, I think financial advisors are ESSENTIAL (absolutely), but a financial advisor is 'advising', but how can a financial advisor advice without a properly drafted financial plan to start with?

bigfreddiel

i use a spreadsheet - its easy, its configuable, you can set it up to suit your needs completely - any bespoke software will have compromises and will never suit you 100%

start simple and build your own to suit you and not waht anyone thinks you need

cheers

fj

btw there are many freeonline spreadsheets

or use open office/office libre on your pc - its all free

bigfreddiel

dunstonh wrote: »

...... and a commitment that most people are not willing to give

very true - strange that people are more interested in their football team or soap star than their finances

fj

yorkshireman2

bigfreddiel wrote: »

very true - strange that people are more interested in their football team or soap star than their finances

fj

I think it is really odd too. People seem to spend a lot more time planning their annual holiday than planning for the rest of their life.

yorkshireman2

bigfreddiel wrote: »

i use a spreadsheet - its easy, its configuable, you can set it up to suit your needs completely - any bespoke software will have compromises and will never suit you 100%

start simple and build your own to suit you and not waht anyone thinks you need

btw there are many freeonline spreadsheets

or use open office/office libre on your pc - its all free

The problem with spreadsheets is they're too 2-dimensional, whereas an in-depth and realistic financial plan is lot more complex.

Maybe you're a lot more of a spreadsheet guru than me Big Fred :-)

And doing things like Monte Carlo analysis or historical data simulations would be seriously challenging with a spreadsheet.

bigfreddiel

yorkshireman2 wrote: »

And doing things like Monte Carlo analysis or historical data simulations would be seriously challenging with a spreadsheet.

a couple of points now - MCA can be done on a spreadsheet

historical data - useful, interesting, but its history - its like a cv its a postcard from the past

random events will affect the value of everything - like red ed nationalising energy and rail, land grab and so on - no one saw that coming - how does your analysis cope with these random events?

i guess you factor it in after th event until the next one - hehehehehe

cheers

fj

Jack_Griffin

Common sense.

kidmugsy

I used paper, pencil and a programmable calculator.

yorkshireman2

bigfreddiel wrote: »

historical data - useful, interesting, but its history - its like a cv its a postcard from the past

random events will affect the value of everything - like red ed nationalising energy and rail, land grab and so on - no one saw that coming - how does your analysis cope with these random events?
fj

History does have a habit of repeating its self don't you think. I know what you mean about specific events (1929 crash, oil and inflation in 70s, etc. It is safe to say the next hundred years will be the same, but different, if you know what I mean.

It sounds like you really are a spreadsheet whiz. Anyone who can do Monte Carlo analysis on a spreadsheet sure has my total respect.

I'm just not as savvy on a spreadsheet and so would prefer a piece of software that guided me through the whole process from start to finish.

Like many people, I'm in a position where I have various amounts in pensions, ISAs, savings, policies, etc. I have a good idea that I 'probably' have enough to see me through, but I want to be a lot more certain as to how much I can spend each year without fear of running out.

I've been in business all my life and know I wouldn't start a business without a business plan so it just seems totally weird to me that people head towards retirement with nothing but a few figures and a wing and prayer.

I've searched and I can't find ANY retirement planning software in the UK at all. I've got some American software which is pretty cool, but I have to !!!!!!!ise it to make it work in UK, and so can't be sure the figures are accurate.