Getting started with My Retirement Life
What building a plan looks like, start to finish — about fifteen minutes once the app is in your hands. Everything stays on your device the whole way through.
1. Before you start
My Retirement Life is in development. There is no download yet, no price and no release date — this guide is here so you can see how the app works before it ships, and the screenshots throughout are the app as it stands today.
Its sister app, My Financial Life, is out: free and open source, for Linux. The two are designed to exchange data, so the figures you keep there can seed the projection here.
2. Set your profile
Open Profile and enter the planning basics: your date of birth, target retirement age, life expectancy, base currency and residence/jurisdiction (for the tax layer). These anchor the timeline and the “will it last?” verdict.
3. Add accounts & pensions
Under Accounts, add what you have: cash (current, savings, ISA, fixed-term), investments (stocks & shares, pensions, workplace pensions, bonds, funds) and physical assets (property, vehicles). Each can have its own currency, growth assumption and — for assets — appreciation, depreciation and a planned sale.
4. Set drawdown order & tax
Open Drawdown strategy to set the order accounts are drawn (Waterfall or Proportional), each account’s tax treatment (tax-free / ISA, tax-free-lump-sum, gains-only, pre-tax pension) and access rules (minimum age, mandatory withdrawals). Hit Recompute to see the effect on tax and longevity instantly, before you commit.
5. Income & budget
Under Income, model salary, rental, and state / workplace / private pensions — each with a start/end year, growth, currency and the account it’s paid into (workplace pensions capture the employee + employer split). Then in Budget, set spending categories with life-stage segments — e.g. groceries that step down when the kids leave, a mortgage that ends — in real-terms or with-inflation views.
6. Add life events
In Life events, drop in the one-offs: windfalls, inheritances, a big renovation, a house move. Each lands in the right year and the right account, so the projection reflects real life, not a straight line. Designate an emergency fund and the engine fills it in good years and draws it first in bad ones.
7. Read the projection
Open Projection for the verdict: on track or under strain, your balance at retirement, and the year (if any) the money runs out. Switch on Monte Carlo to see the range of outcomes and a success rate. Watch for the “spending unfunded” signal — a plan can look healthy yet fail to fund spending because the money is locked in a pension you can’t draw yet.
Projections are illustrations based on the figures and assumptions you enter — not predictions, guarantees, or financial advice. For decisions, consult a regulated adviser.
8. Where to next
Save a few scenarios (“retire at 60 vs 63”) and compare. Use Settings ▸ Backup for a one-click JSON backup. And see how it’s designed to pair with My Financial Life, which is out now — free and open source, for Linux.
Questions the docs don’t answer? We’re happy to help.