Lifetime planning software
Discussion
Does anyone have any recommendations for financial lifetime planning software?
Pete Matthew talks about Voyant Go software bit it’s for advisors only and not sold directly
Starting to think about longer term savings for putting the kids through college, pensions etc
Might have left it a little late, but would like to set some realistic aims, and have some goals for the money we put away.
I’ve always avoided IFAs as I felt they were more sales advisors, but think I’d happily pay a fee but not commission, for proper long term financial planning
Pete Matthew talks about Voyant Go software bit it’s for advisors only and not sold directly
Starting to think about longer term savings for putting the kids through college, pensions etc
Might have left it a little late, but would like to set some realistic aims, and have some goals for the money we put away.
I’ve always avoided IFAs as I felt they were more sales advisors, but think I’d happily pay a fee but not commission, for proper long term financial planning
Often wished for the same....never found one!
Timeline looks (from limited views) decent, but as you say, advisor only.
I believe RetireEasy used to be free. ..but is clearly focused on the pension side, not the broader investment side of things, & now charges monthly.
I've always just used a spreadsheet. Doesn't make me a bad person...
Track various investments, budget for costs...each year had a handful of rows for "things to do"....and highlight green (done) or amber (in progress), just to make me feel good
Maybe I should sanitise it and flog it
. Might need a guinea-pig to test....
It's getting quite complex now, as I try to form a view on the near future of potentially (hopefully!) 30+ years of decumulation ahead, as opposed to the accumulation thus far!
Timeline looks (from limited views) decent, but as you say, advisor only.
I believe RetireEasy used to be free. ..but is clearly focused on the pension side, not the broader investment side of things, & now charges monthly.
I've always just used a spreadsheet. Doesn't make me a bad person...
Track various investments, budget for costs...each year had a handful of rows for "things to do"....and highlight green (done) or amber (in progress), just to make me feel good
Maybe I should sanitise it and flog it
. Might need a guinea-pig to test....It's getting quite complex now, as I try to form a view on the near future of potentially (hopefully!) 30+ years of decumulation ahead, as opposed to the accumulation thus far!
foiled said:
Does anyone have any recommendations for financial lifetime planning software?
Pete Matthew talks about Voyant Go software bit it’s for advisors only and not sold directly
Starting to think about longer term savings for putting the kids through college, pensions etc
Might have left it a little late, but would like to set some realistic aims, and have some goals for the money we put away.
I’ve always avoided IFAs as I felt they were more sales advisors, but think I’d happily pay a fee but not commission, for proper long term financial planning
Have you looked at Pete's academy that includes a Voyant Go license?Pete Matthew talks about Voyant Go software bit it’s for advisors only and not sold directly
Starting to think about longer term savings for putting the kids through college, pensions etc
Might have left it a little late, but would like to set some realistic aims, and have some goals for the money we put away.
I’ve always avoided IFAs as I felt they were more sales advisors, but think I’d happily pay a fee but not commission, for proper long term financial planning
https://www.facebook.com/meaningfulmoney/posts/256...
mikeiow said:
Often wished for the same....never found one!
Timeline looks (from limited views) decent, but as you say, advisor only.
I believe RetireEasy used to be free. ..but is clearly focused on the pension side, not the broader investment side of things, & now charges monthly.
I've always just used a spreadsheet. Doesn't make me a bad person...
Track various investments, budget for costs...each year had a handful of rows for "things to do"....and highlight green (done) or amber (in progress), just to make me feel good
Maybe I should sanitise it and flog it. Might need a guinea-pig to test....
It's getting quite complex now, as I try to form a view on the near future of potentially (hopefully!) 30+ years of decumulation ahead, as opposed to the accumulation thus far!
Timeline is more of a stress testing tool after the financial plan is built in Voyant - they complement each other.Timeline looks (from limited views) decent, but as you say, advisor only.
I believe RetireEasy used to be free. ..but is clearly focused on the pension side, not the broader investment side of things, & now charges monthly.
I've always just used a spreadsheet. Doesn't make me a bad person...
Track various investments, budget for costs...each year had a handful of rows for "things to do"....and highlight green (done) or amber (in progress), just to make me feel good
Maybe I should sanitise it and flog it
. Might need a guinea-pig to test....It's getting quite complex now, as I try to form a view on the near future of potentially (hopefully!) 30+ years of decumulation ahead, as opposed to the accumulation thus far!
A spreadsheet is a perfectly viable alternative - Voyant makes things a lot more efficient (and reduces potential errors) with built in tax calculations, estate planning, "what if" scenarios etc, but nothing to stop you doing similar in Excel.
Derek Chevalier said:
Have you looked at Pete's academy that includes a Voyant Go license?
https://www.facebook.com/meaningfulmoney/posts/256...
Yes, I’ll probably sign up, just seeing if there were any other options https://www.facebook.com/meaningfulmoney/posts/256...
Creating your own spreadsheet really is the best way, IME.
It means you fully understand the assumptions and can change them if circumstances change.
I have a small spreadsheet purely for my mortgages (different rates/ some endowments/ some repayment). It is highly tailored to my situation but helps me keep tabs on when I will pay it off.
It means you fully understand the assumptions and can change them if circumstances change.
I have a small spreadsheet purely for my mortgages (different rates/ some endowments/ some repayment). It is highly tailored to my situation but helps me keep tabs on when I will pay it off.
mikeiow said:
Often wished for the same....never found one!
Timeline looks (from limited views) decent, but as you say, advisor only.
I believe RetireEasy used to be free. ..but is clearly focused on the pension side, not the broader investment side of things, & now charges monthly.
I've always just used a spreadsheet. Doesn't make me a bad person...
Track various investments, budget for costs...each year had a handful of rows for "things to do"....and highlight green (done) or amber (in progress), just to make me feel good
Maybe I should sanitise it and flog it. Might need a guinea-pig to test....
It's getting quite complex now, as I try to form a view on the near future of potentially (hopefully!) 30+ years of decumulation ahead, as opposed to the accumulation thus far!
Happy for you to use me as a guinea pig Mike. I use a very basic spreadsheet but it’s really really basic and I’d be keen to try something like the OP is looking for. Timeline looks (from limited views) decent, but as you say, advisor only.
I believe RetireEasy used to be free. ..but is clearly focused on the pension side, not the broader investment side of things, & now charges monthly.
I've always just used a spreadsheet. Doesn't make me a bad person...
Track various investments, budget for costs...each year had a handful of rows for "things to do"....and highlight green (done) or amber (in progress), just to make me feel good
Maybe I should sanitise it and flog it
. Might need a guinea-pig to test....It's getting quite complex now, as I try to form a view on the near future of potentially (hopefully!) 30+ years of decumulation ahead, as opposed to the accumulation thus far!
Derek Chevalier said:
Have you looked at Pete's academy that includes a Voyant Go license?
https://www.facebook.com/meaningfulmoney/posts/256...
I've had a quick look at that & it seems it's the second module (Building Wealth) but it seems it doesn't include the first module (Financial Foundations) & there doesn't seem to be a link to the first module. It looks like it's £249 to come in half way through the course?https://www.facebook.com/meaningfulmoney/posts/256...
I use excel but I have found it is very easy to make mistakes and to not include stuff that you simply didn't know about.
But I find it a rewarding experience, in every sense of the word.
Examples of mistakes I have made:
Not knowing all nuances and opportunities of taxation, pensions, trusts, IHT etc.
Fat fingers when copying and pasting formulas
Getting formulas wrong (not testing the result and only noticing later)
Hard coding certain values when they should be dynamic
Confusion about how to show the impact of inflation v investment growth
Not fully understanding pension scheme rules and options
But I find it a rewarding experience, in every sense of the word.
Examples of mistakes I have made:
Not knowing all nuances and opportunities of taxation, pensions, trusts, IHT etc.
Fat fingers when copying and pasting formulas
Getting formulas wrong (not testing the result and only noticing later)
Hard coding certain values when they should be dynamic
Confusion about how to show the impact of inflation v investment growth
Not fully understanding pension scheme rules and options
All your spreadsheets sound rather complicated, I only want to track my pension and savings (mostly to send kids to uni)
Either your financial circumstances are far more complicated than mine, or I’m not going into enough detail, and I’ll only find out when I come to retire, and it’s all too late!
Either your financial circumstances are far more complicated than mine, or I’m not going into enough detail, and I’ll only find out when I come to retire, and it’s all too late!
foiled said:
All your spreadsheets sound rather complicated, I only want to track my pension and savings (mostly to send kids to uni)
Either your financial circumstances are far more complicated than mine, or I’m not going into enough detail, and I’ll only find out when I come to retire, and it’s all too late!
What exactly is it you want to see? Either your financial circumstances are far more complicated than mine, or I’m not going into enough detail, and I’ll only find out when I come to retire, and it’s all too late!
Your pension provider should give you online access to be able to track your pension (and the same with your savings provider).
If you are just looking to track these investments then you should be able to do this already. If you want to track whether they are on course to meet your objectives (and if not, then what you need to do to ensure they get back on line) then a simple spreadsheet should do the job really.
Not sure if these might help
http://www.truthlite.co.uk/register_new.aspx
https://www.retireeasy.co.uk/
http://www.truthlite.co.uk/register_new.aspx
https://www.retireeasy.co.uk/
Derek Chevalier said:
mikeiow said:
Often wished for the same....never found one!
Timeline looks (from limited views) decent, but as you say, advisor only.
I believe RetireEasy used to be free. ..but is clearly focused on the pension side, not the broader investment side of things, & now charges monthly.
I've always just used a spreadsheet. Doesn't make me a bad person...
Track various investments, budget for costs...each year had a handful of rows for "things to do"....and highlight green (done) or amber (in progress), just to make me feel good
Maybe I should sanitise it and flog it. Might need a guinea-pig to test....
It's getting quite complex now, as I try to form a view on the near future of potentially (hopefully!) 30+ years of decumulation ahead, as opposed to the accumulation thus far!
Timeline is more of a stress testing tool after the financial plan is built in Voyant - they complement each other.Timeline looks (from limited views) decent, but as you say, advisor only.
I believe RetireEasy used to be free. ..but is clearly focused on the pension side, not the broader investment side of things, & now charges monthly.
I've always just used a spreadsheet. Doesn't make me a bad person...
Track various investments, budget for costs...each year had a handful of rows for "things to do"....and highlight green (done) or amber (in progress), just to make me feel good
Maybe I should sanitise it and flog it
. Might need a guinea-pig to test....It's getting quite complex now, as I try to form a view on the near future of potentially (hopefully!) 30+ years of decumulation ahead, as opposed to the accumulation thus far!
A spreadsheet is a perfectly viable alternative - Voyant makes things a lot more efficient (and reduces potential errors) with built in tax calculations, estate planning, "what if" scenarios etc, but nothing to stop you doing similar in Excel.
https://www.timelineapp.co/blog/how-does-timeline-...
Mr Pointy said:
Derek Chevalier said:
Have you looked at Pete's academy that includes a Voyant Go license?
https://www.facebook.com/meaningfulmoney/posts/256...
I've had a quick look at that & it seems it's the second module (Building Wealth) but it seems it doesn't include the first module (Financial Foundations) & there doesn't seem to be a link to the first module. It looks like it's £249 to come in half way through the course?https://www.facebook.com/meaningfulmoney/posts/256...
https://meaningfulacademy.com/
foiled said:
All your spreadsheets sound rather complicated, I only want to track my pension and savings (mostly to send kids to uni)
Either your financial circumstances are far more complicated than mine, or I’m not going into enough detail, and I’ll only find out when I come to retire, and it’s all too late!
Either your financial circumstances are far more complicated than mine, or I’m not going into enough detail, and I’ll only find out when I come to retire, and it’s all too late!
Condi said:
Why do you need to plan on a spreadsheet?
Money in > money out, once desired savings have been accounted for.
The bank account tells me at the end of every month how successful that has been.
You are both right.....things can be as simple or complex as you want. One bank account/pension/ISA/etc or several: can all make things a bit more complex/interesting to track Money in > money out, once desired savings have been accounted for.
The bank account tells me at the end of every month how successful that has been.
Right now I have spent some time (far too much, frankly!) trying to model our situation for a *decumulation* phase ahead.
I would say it is relatively easy to track how savings & investments are growing (or not!) in the accumulation phase, but I am fairly determined not to find out things are too late (as per your comment, foiled!)
So my more challenging spreadsheet tries to track a decumulation time period (kind of as long as you like 30-40 years *hopefully*), with a few variables. We have 4 pensions in addition to the State ones, all kicking in at different points.
So the worksheet has options to try different growth % (per pension), inflation, desired income, & (for us, perhaps the most important), a variable view on the main drawdown pot.
Other worksheets include a basic 'budgeting' one, a "The Number" one to figure out how much is needed/desired for comfy, okay & budget retirement, & a 'net worth' summary.
Yes. Crazy. Must love excel. What can I say.
Like I say, happy to share a "sanitised" version - just pm me with an email to send it to. If anyone here is really interested in this stuff, I'd welcome some feedback ("spot the error"!)
My finances are more simple, as I have the security of a defined benefit pension that should rise with inflation.
What I’m trying to calculate is how much do I need to put away monthly so that my wife and myself will have enough savings for the equivalent of the state pension for both of us between the ages of 69 to 67, until the state pension actually kicks in.
If I assume the state pension will rise by 3% per year until I retire in 14 years time, then I calculate I’d need a pot of £197k in 14 years time.
A basic savings calculator, assuming 6% growth per year, suggests I’d need to put away £1150 per month to get that pot of money.
But my salary “should” continue to grow by the same 3%, so I’d like to adjust for that, so I’m not front ending my monthly savings.
Also, I’m not going to draw down the full £197k pot in one go, but over 7 years, where it should hopefully continue to grow.
So I think, I don’t probably need to save as much as £1150 per month, so basically looking for an idea of how much I need to save each month, increasing by 3% per year, over the next 14 years, to give state pension x2 for 7 years. Assuming inflation of 3% and growth of a S&S isa of 6%
See as basic question, that seems to get very complicated quite quickly.
Do I need an IFA or maths postgrad?
What I’m trying to calculate is how much do I need to put away monthly so that my wife and myself will have enough savings for the equivalent of the state pension for both of us between the ages of 69 to 67, until the state pension actually kicks in.
If I assume the state pension will rise by 3% per year until I retire in 14 years time, then I calculate I’d need a pot of £197k in 14 years time.
A basic savings calculator, assuming 6% growth per year, suggests I’d need to put away £1150 per month to get that pot of money.
But my salary “should” continue to grow by the same 3%, so I’d like to adjust for that, so I’m not front ending my monthly savings.
Also, I’m not going to draw down the full £197k pot in one go, but over 7 years, where it should hopefully continue to grow.
So I think, I don’t probably need to save as much as £1150 per month, so basically looking for an idea of how much I need to save each month, increasing by 3% per year, over the next 14 years, to give state pension x2 for 7 years. Assuming inflation of 3% and growth of a S&S isa of 6%
See as basic question, that seems to get very complicated quite quickly.
Do I need an IFA or maths postgrad?
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