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Online Calculators

141K views 72 replies 58 participants last post by  londoncalling 
#1 ·
I was thinking that there should be a thread (maybe even a sticky one) about our favourite calculators. These are the ones that I have been using.

FICO Credit Score Calculator

RESP Savings Calculator

Various Canadian Financial Calculators
*I use these a lot. Great variety.

Various Tax Calculators
*I find many of these awkward, but they seem to work

Simple Mortgage v. RRSP Contribution Calculator

Downloadable Smith Manoeuvre Spreadsheet (Excel)
*I'm not doing any SM (yet) but the allure is there.

Okay, now the more knowledgeable amongst us should step in and correct my wayward ways!
 
#13 ·
Here are 3 web sites that have retirement calculators. I've tried a lot of calculators and have good idea how much money I will need. However, the third one below based on Bruce Cohen's The Pension Puzzle tells me I need to save a lot more than any other calculator I've tried. I'm very interested to hear if others get the similiar results. The Retirement Advisor calculators are my favorite.


http://www.hrsdc.gc.ca/eng/isp/common/cricinfo.shtml

https://www.retirementadvisor.ca/retadv/apps/tools/tools.jsp

http://www.fiscalagents.com/toolbox/index.shtml#tb2
 
#19 ·
I have a question about the Pension Puzzle calculator on the Fiscal Agents web site.

I'm not sure what to put on the line where it asks for the DB Pension Indexing Rate. I've been leaving it blank because my pension does not have guaranteed indexing. However, I'd like to play around with various scenarios.

For example, if inflation is 3% and a pension has a maximum indexing of 2/3 of the CPI does one put in 2% or 67%?

Unfortunately, the calculator's help section doesn't address this question Here's the link to the calculator:

http://www.fiscalagents.com/toolbox/cal/rrsp/pensioncalc.shtml
 
#20 ·
Ativa Interactive

I found this site a few weeks ago and I really like the range of calculators that they offer. They are all Canadian (ie. the TFSA calculators) and they offer free trials of the more in-depth financial planning tools that they have. I haven't tried the free trials yet but the calculators, I think, are very good. If anybody has tried the free trial software I'd be curious to know if it's worth a look.

http://www.ativa.com/index.html
 
#23 ·
One puzzle that should be mentioned is why, given that the basic rules of math are fixed... namely the rules of compound interest, inflation, and taxation... that there are as many answers to a simple financial planning scenario as there are online calculators and spread sheets available out there.

After all, a simple mortgage or annuity will be the same when run on several different financial calculators or a tax return crunched on a Quicktax or a Taxwiz will deliver the same T1. Why then shouldn't a simple question such as "I am X years old, earn $Y, plan to retire at age 60, have $Z saved in my RRSP. What should I be saving pre retirement, and drawing down post retirement in order to deliver me a constant aftertax lifestyle with my capital just running out on my 100th birthday?, deliver the same consistent answer?

Seven simple parameters (age now, at retirement and at death, salary and current savings. (coupled with inflation and investment rate)

Pop those 7 parameters into any spreadsheet or online calculator and be prepared to shake your head over the disparity in the answers.
 
#27 ·
http://firecalc.com/ is American and uses Monte Carlo simulation of historical market returns. Canadians will have to make a few adjustments in data input.

http://www.retirementoptimizer.com/ is Canadian, by Jim Otar, an engineer who has used math to throw cold water on simplistic assumptions about the distribution phase. You can use the calculator for free without bells and whistles, or order the customizable version for $100.
 
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