Retirement Planning Tools

cfw1994

Hi all,
I'm realising I keep tripping over tools that help plan/check/test retirement scenarios....maybe even some of you already retired use tools or spreadsheets that could be referenced?
I thought it would be nice to capture these and discover any new ones, hence this thread.

If it is a repeat, please feel free to point me to any others: I had a quick skim, but cannot see a thread to list tools available.


I spotted someone mentioning https://www.retireeasy.co.uk. I have not used it: it may well be a great tool, but clearly there is an on-going subscription to use it....& I would want a free 3+ month trial before paying for something like that (I guess that is only a tenner to try!), or ideally an ad-based model that is free to me!
I am sure there are other professional paid tools that advisors would use: I would prefer an offline cost-free tool (or one off-purchase, perhaps) to a subscription model. Someone else here mentioned https://www.personalprojexion.co.uk - a possibility perhaps.

http://www.cfiresim.com is a free tool that some will find handy to check scenarios, model possibilities.

https://engaging-data.com/will-money-last-retire-early is a useful one for a ball-park "will my money last" - not so keen on the dark grey 'dead curve' though!

Just spotted these tools inspired by Mr Money Mustache....not yet sure if they are useful.

I should add that The Number thread has been useful to me as well to shape thoughts.

Anyone here feel like sharing any other tools you like to use, or feel like 'sanitising and sharing' any good spreadsheets?

Obviously UK tools would be preferable from my perspective: I don't mind ignoring the $ sign for overview projections etc, but if tax is in consideration, a country specific tool would be better!

& before anyone asks....yes, I imagine plenty of IFAs use tools that are wrapped into their charges: this is perhaps more for those taking a DIY approach, or even preliminary to using an IFA!

dunstonh

I am sure there are other professional paid tools that advisors would use

There are and the cost to a consumer would be ridiculous.

Most of these tools are just a front end to a spreadsheet. Plus, in reality, the majority of people dont have difficult scenarios and dont really need extensive modelling.

e.g. if you are the type that has a relatively consistent expenditure and no split funding/income requirements. In this case, you just need to know if your income draw is sustainable and is going to exceed your outgoings with a bit to spare to pay for the inevitable capital expenditure (cars/boiler/decorating etc).

cfw1994

Thanks: I imagined as much.
So the question is out there: anyone have some useful spreadsheets they might care to share (or share privately if preferred!)?

or any other useful tools you may have found!

MallyGirl

I don't pay for basic version of retireeasy

cobson

The free software at https://www.flexibleretirementplanner.com is an alternative to cfiresim for Monte Carlo analysis, but with user selected returns rather than historical ones. It is US but works fine for the UK if you ignore the tax elements. The sensitivity analysis mode is good for comparing the probability of success across ranges of values e.g. spending levels vs. investment returns.

cfw1994

MallyGirl wrote: »

I don't pay for basic version of retireeasy

You must be a personal favourite of theirs (or maybe signed up early?)
They only appear to offer Basic/Classic/Premium at just under £3/5/7 pcm now!

AnotherJoe

retireeasy is pretty good, i was on the free version though i thought that had gone away now but knowing what i know about it after using it for about a year, if i was starting now I'd certainly pay for it for 3-6 months which is about all you need.


People have a funny attitude to money, they'll spend ten quid on a couple of lattes and a bun at Costa but not (it seems) on a tool that will help them look at how they manage hundreds of thousands of pounds worth of income and savings in retirement.

MallyGirl

cfw1994 wrote: »

You must be a personal favourite of theirs (or maybe signed up early?)
They only appear to offer Basic/Classic/Premium at just under £3/5/7 pcm now!

I think I got an intro from one of my old pensions (that I no longer have). I update it every now and then but it sends me a weekly reminder so it must still be active and I certainly don't pay.

I found an email from last September which says:
With effect from 30 September 2017, changes are being made to RetireEasy LifePlan accounts which will mean that we will no longer be providing NEW Basic LifePlan subscribers with a service free of charge.

For the time being, this will NOT affect you as you are already a Basic subscriber, and your service will remain free. However, we will review this policy from time to time to ensure our service remains viable.

So I guess I could lose it, or have to pay, at some point in the future.

cfw1994

AnotherJoe wrote: »

retireeasy is pretty good, i was on the free version though i thought that had gone away now but knowing what i know about it after using it for about a year, if i was starting now I'd certainly pay for it for 3-6 months which is about all you need.


People have a funny attitude to money, they'll spend ten quid on a couple of lattes and a bun at Costa but not (it seems) on a tool that will help them look at how they manage hundreds of thousands of pounds worth of income and savings in retirement.

Thanks - yes, I know what you mean about funny attitude: tight as I am with cash, I will spend if it is useful!
That said, I use Quicken 2000 because it still does exactly what I want, & try as I might (& every year or two I do a proper look!), I cannot find an easy equivalent, free or paid!

This thread is as much about hearing peoples views of such tools, as well as finding other ones I (& perhaps others!) are unaware of: I will probably give it a blast for a couple of months to see how it is: from the things described here, was yours (or Mallygirl?) equivalent to the 3/5 or 7 one?

MallyGirl

Mine is the most basic. I can only lump the value of my SIPP in there rather than listing the individual holdings. The ISA will list individual holdings, and by person, but both my husband and I hold VLS60 and it can't deal with that so I have to add them together. Mainly the basic one doesn't do charts/downloads. I am 9 yrs away from retirement so that is good enough for now - if I had to pay I would go up a level if I was closer to finishing.

caldejud

Retireeasy is great and def worth a try but we do pay a monthly subscription. We needed to upgrade to their premium service to save the three scenarios we are running with. The first we keep static and just update the real numbers every 3 months and what we know were going to fork out over the next year or so and the other two we plot various what-ifs.

As Another Joe says it costs the same as a skinny latte a month.