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How to: Create a Household and a Plan with Milestones Retirement Insights


 

Welcome to our Milestones Retirement Insights guide! This step-by-step tutorial will walk you through the process of creating a household and starting a plan. Whether you're a financial advisor or an individual planning for retirement, this guide will ensure you cover the essential details for accurate financial planning.




Step 1: Start Creating a Household

  • Click "Add": Locate the "Add" button in the upper right corner of the screen and click on it.


Step 2: Enter Household Details

  • Name the Household: Provide a name for the household.

  • Input Client Details:

  • Client email

  • Gender

  • Province

  • Year of birth

  • Employment status

  • Retirement age


Step 3: Input Old Age Security (OAS) Information

  • Enter OAS Residency Years: Input the number of years the client has been a Canadian resident. This is crucial as OAS benefits are prorated for residency less than 40 years.


Step 4: Input Canada Pension Plan (CPP) Information

  • Check CPP Status: Determine if CPP is currently being collected.

  • Input Projected CPP Amount:

  • If not collected yet, input the projected amount at age 65 (typically around $1,365 if eligible for the maximum).

  • Entering an earlier or later age for CPP will automatically adjust the amount.


Step 5: Enter Spouse Details

  • Input Spouse Information: Enter the spouse's details similarly to the client's details.


Step 6: Access the Planning Portal

  • Return to the Advisor Dashboard: Once all household details are entered, navigate back to the advisor dashboard.

  • Click "Get Started": Enter the planning portal to proceed with financial details.


Step 7: Input Financial Details

  • Add Accounts: Click the designated area to add various accounts such as RRSPs, TFSAs, and any defined contribution plans.


Step 8: Choose Planning Mode

  • Select Planning Mode:

  • Solve for Maximum Retirement Income: This mode calculates the highest possible after-tax income.

  • Solve for Desired Income: This mode lets you set a target budget for retirement income.


Step 9: Run the Report

  • Click “See My Plan”: Once all details are entered and the planning mode is selected, click "See My Plan" to generate the report.

 

For more information or to clarify any questions about using the Milestones Retirement Insights tool for comprehensive retirement income planning, reach out to us at info@milestones-retirement.com.  

 

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