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Retire Easy

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  • atush
    atush Posts: 18,731 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    AnotherJoe wrote: »
    It sounds as if you literally are :D

    Yes I think in your case it would seem likely to be worthwhile financially. I think it's more in the "typical " case of let's say someone in a 3 or 4 bed house moving to a 2 or 3 bed bungalow or flat where the maths doesn't work as well as many expect.

    Yes, tee hee I have two barns from an old farm.

    People think bungalows are cheaper but they quite frequently arent. So that is where people fail on selling a 4 bed house, and buying a 3 bed bungalow.
  • jerrysimon wrote: »
    https://www.retireeasy.co.uk

    Not sure if there is already an extensive thread on here about this ?

    Seems like another helpfful tool. Takes a while to fill out and work everything out but quite comprehensive.

    Anyway I have been putting in my figures and the only thing I cant work out is the option to downsize your home at a given time in the future. I have filled it in and it does not seem to have any impact on the graph ? I would of thought this would show an increase in capital added to draw down on added to income ?

    Jerry

    Hi Jerry

    We have been using Retireeasy for 2/3 years now and we have found it so helpful for seeing how kids house deposits and possible home downsizes could affect our future finances. It really is a fantastic free tool and reliable too.

    We don't get any crappy sales stuff but do get a great newsletter - they don't seem to be afraid to give their opinions on a number of issues - they do this on their Facebook page too which is worth a look.

    When we plotted our downsize a lot changed so I do hope your Lifeplan is working OK. You might want to send a message to their support team who do respond quickly. Our Home and Investment charts changed at the point we progged the downsize as did the snapshot. The amount raised also shows in the downloadable overview in the asset sold ledger account.

    I hope this helps and good luck with your planning

    Chris
  • Previn
    Previn Posts: 241 Forumite
    Part of the Furniture 100 Posts
    I've been using Royal London Money Manager for a few years now (formally moneyvista I think it was called?)
    It has a similar layout to RetireEasy but I find it a but more intuitive & less cluttered
    The other very big benefit for me is you can add holding of stocks, funds etc into pension & ISA sections which automatically update each day without having to enter any personal account details etc.
    It is a free service, occasionally it will go down for a couple of days but I can live with that...

    ta
  • atush
    atush Posts: 18,731 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    In my case it freed up about £400k cheers fj

    This is my forecast too, but again, not banking on it.
  • tgon
    tgon Posts: 710 Forumite
    Part of the Furniture 500 Posts Combo Breaker Mortgage-free Glee!
    Retire Easy pops up in discussion every few weeks. I've used it and think it's a bit buggy and inaccurate because of the restricted date input format (eg age or month rather than date). I've emailed them a few times for support but told last week that all their resources are tired up on their imminent release of their premier (chargeable) product.

    Even though I had already downsized to reduce my risk in a volatile workplace I did find the basic format helpful to consider some of the main calculations in taking early retirement.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    edited 25 August 2016 at 7:45AM
    tgon wrote: »
    Retire Easy pops up in discussion every few weeks. I've used it and think it's a bit buggy and inaccurate because of the restricted date input format (eg age or month rather than date). I've emailed them a few times for support but told last week that all their resources are tired up on their imminent release of their premier (chargeable) product.

    Even though I had already downsized to reduce my risk in a volatile workplace I did find the basic format helpful to consider some of the main calculations in taking early retirement.

    Since with RE you are essence making predictions about the future, ,and you make guesses about future growth in things like investments and house price appreciation they will inevitably not be right, to expect accuracy by specifying an exact date rather than just the month or your age, would seem to be expecting an implausible level of accuracy.

    There's no point worrying if you can only enter your age when you down size at say 75 rather than 14 July 2024, because you think the former will be innacurate, when your guess about growth of stock at say 4% even if off by 0.1% will make far more difference, and it's more likely you'll be 50% off in either direction anyway.

    Unless I've misunderstood your point you are expecting more accuracy from your guesses can be had by specifying exact dates of future events.
  • tgon
    tgon Posts: 710 Forumite
    Part of the Furniture 500 Posts Combo Breaker Mortgage-free Glee!
    AnotherJoe wrote: »
    Since with RE you are essence making predictions about the future, ,and you make guesses about future growth in things like investments and house price appreciation they will inevitably not be right, to expect accuracy by specifying an exact date rather than just the month or your age, would seem to be expecting an implausible level of accuracy.

    There's no point worrying if you can only enter your age when you down size at say 75 rather than 14 July 2024, because you think the former will be innacurate, when your guess about growth of stock at say 4% even if off by 0.1% will make far more difference, and it's more likely you'll be 50% off in either direction anyway.

    Unless I've misunderstood your point you are expecting more accuracy from your guesses can be had by specifying exact dates of future events.

    I hadn't linked downsizing with a future date - I omitted it as I'd already downsized. Retire easy won't calculate drawing on a private pension in the current year. (ie you have to enter any age greater than your current one). My other DC pension is entered by age which may be 11 months out, especially where there is a 25% lump sum. The output graph can't show this correctly. It incorrectly displays my state pension income earlier than is permissible because it ask for an age rather than calculating it from DOB. Maybe these things are addressed in the premier product.

    Don't get me wrong, Retire Easy is good but I guess I was looking at it more for cash flow purposes which, in my circumstances, was what I needed to see. And as you correctly point out, future assumptions on rates and dividends are educated guesses.
  • westv
    westv Posts: 6,441 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    tgon wrote: »

    Retire easy won't calculate drawing on a private pension in the current year. (ie you have to enter any age greater than your current one).

    Would you not just enter the figure as income rather than a pension?
  • tgon
    tgon Posts: 710 Forumite
    Part of the Furniture 500 Posts Combo Breaker Mortgage-free Glee!
    westv wrote: »
    Would you not just enter the figure as income rather than a pension?

    Growth on the SIPP, albeit diminishing, is not taken into account. RE pension have an estimated growth %, cash or annuity income dosent.
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