Backswath Management Retirement Calculator
How does the Backswath Management Retirement Calculator work? What are the results?
Using the data you will enter in the Calculator, and applying some projections and assumptions, the BMRC is a tool that provides a ‘peek’ at your financial picture in your retirement years. More specifically, it answers the following questions:
- Am I saving enough money for retirement?
- If not, what is my shortfall?
- What if (scenario X) happens?
It tells you if you are saving enough for the kind and length of retirement you desire. If it anticipates that you might fall short of those goals, it can tell you by how much (displayed as ‘underfunded years’, not a dollar amount).
It also provides the opportunity to analyze some ‘what-if scenarios’ where significant events can be taken into account, and their potential effect on your retirement finances. The results are presented in a yearly format. For example, you may find your retirement funding falls short of your life expectancy by a few years. Alternately, you may find you have more than enough savings to finance your retirement, so you might want to use some of that extra money to invest, spend, donate, etc. This is valuable insight.
Download a free copy of the Backswath Management Retirement Calculator Template, and How-To Guide, so you can take a ‘peek’ at your own financial picture in your retirement years.
*Adapted from Manitoba Agriculture, Food and Rural Initiative’s RetirePlan