How to Set-Up a Quick Retirement Plan (Video and Checklist)

Adviice is built to create detailed retirement plans, but if you want to get a quick plan set up you can use this video and checklist to get your retirement plan started today.

If a section is not referenced below, it is not required.

  1. Income Section

    Only earned gross income is required in this section. No net income is needed.

      • Gross Taxable Income: Employment, Self-Employment Income, Bonus Income
      • CPP/OAS: If you are receiving these benefits, the gross amounts need to be entered.
      • Deductions for DB Pension: If you have a DB pension you need to enter it as a Pension deduction.
      • Double Check: Ensure that both spouse's income is entered and that the correct period (monthly, annually, bi-weekly) is selected

  2. Expense Section: 

    The platform requires spending targets, but this can be done in two simple ways pre and post retirement.

      • Pre-Retirement Expenses: Only savings amounts are needed, the rest we can complete using Manual mode in the Projections Tab
      • Retirement Expenses: Enter your targeted spending in the misc field. This amount should not include savings or debt payments.
      • Optional: You can create multiple snapshots for go:go, slow:go and no:go phases of retirement spending
      • Double Check: Ensure the correct period (monthly, annually, bi-weekly) is selected

  3. Assets:

    Estimated asset balances are needed for most categories

      • Balances for all accounts: TFSA, RRSP, LIRA, Group RRSP, Non-Registered
        • Don't forget non-registered cost base, this is important for tax calculation
      • Home Value: This is technically not essential unless you are selling your home
      • Contribution Room: RRSP, TFSA and FHSA

  4. Debts:

      • Balances for all debt
      • Interest Rates for all debt
      • Payments for all debt

  5. Tax & Benefits: 

    Most fields are important in this section, but estimates can be made

      • Defined Benefit Pension: Enter all information
      • Group RRSP: Enter all information
      • DPSP/ESPP: Enter all information
      • OAS Contribution Years
      • CPP Contribution Amounts: This can be estimated using max number of years, and checking back with the CPP/OAS Estimate in Foundation to get a 'close enough' number

  6. Investment Plan

    This drives assumptions on return and fees for your projections and are essential for your plan

      • Allocation and Fees: For Stock, Bonds and Cash

  7. Projections

    Your plan may be already set up, but if you did not include any spending for the pre-retirement period you'll have to make one more change

      • Set Pre-Retirement Spending to Manual: This assumes that any money not being used for savings (set in Expense Section) and debt payments (set in Debt Section) is being spent. Only use for the pre-retirement period as this will interfere with AI strategies in retirement.

Your quick plan is now set up. Adding more detail will make it more and more useful to you, but you'll be able to start using the AI strategies and experimenting with your retirement projections.