Jakobs Financial Planning

I had thought that financial planning software was strictly the purview of the professional financial planning community and that tools geared towards everyday consumers would be either too limited, too complex, or too expensive.   Boy, was I wrong!   One very cool trend, it seems, that has been developing over the past two years in the personal finance space is the advent of a host of DIY financial planning resources, calculators and tools. It was surprising how powerful and comprehensive a few of the free tools are and how inexpensive, accessible, and even more powerful the pay-for-use tools are.   I do need to add that these tools do not replace personalized financial advice. Tax, estate, and corporate planning complexities may require professional input and can help avoid the “narrow focus” bias common in DIY planning.   So, here is a rundown on a bunch of tools I found.  If you’re looking for a place to start, and just want to explore, start with ...

  If you came here looking for a smoking gun, I’m sorry to say the answer is: “It depends” An unfortunate truth of retirement—especially early retirement—is just how complex your finances can become. When it comes to optimal withdrawal strategies alone, retirees often ask: How can I maximize spending, especially in my “go-go” years when I’m young and healthy enough to seek adventures? How can I pay less taxes? What about those dreaded OAS clawbacks? What about maximizing my legacy and financial estate for my kids? What about the high taxes at death I keep being told to watch out for? When should I take OAS?  CPP? What is an RRSP meltdown and should I use it? How to best use my TFSA? What should I do if I have a pension? To explore these questions and to provide guidelines to financial planners, FP Canada, the national credentialing body for financial planners, commissioned Doug Chandler, an actuary specializing in retirement research and an Associate Fe...