Development of a Canadian Retirement Income Calculator for Wealthcopilot

Project Overview

Category: Software Development, Financial Planning Tools

Skills Required: Software development (JavaScript/TypeScript, Tailwind CSS), financial analysis, user interface design, version control, documentation.

We are looking for 3-5 students to collaborate on this project together.

Goals

The primary objective of this project is to develop a comprehensive Canadian Retirement Income Calculator for Wealthcopilot using JavaScript/TypeScript and Tailwind CSS. Preferably, the development should utilize Svelte/SvelteKit, but this is not mandatory. This tool will help users estimate their retirement income from various sources, including the Old Age Security (OAS) pension and Canada Pension Plan (CPP) retirement benefits. Students will gain hands-on experience in software development and financial planning, contributing to Wealthcopilot's mission to empower DIY investors with essential tools.

Learning Outcomes

• Develop practical skills in software development using JavaScript/TypeScript and Tailwind CSS.
• Gain experience in creating user-friendly interfaces for financial tools.
• Understand the integration of government-provided financial information into user-centric applications.
• Enhance problem-solving and project management skills through real-world application development.

Activities and Deliverables

Tasks:

1. 
   
2. Research and Analysis:

• Study the existing Canadian Retirement Income Calculator provided by the government.
• Identify key functionalities and data sources required for the calculator.

1. 
   
2. Design:

• Create a wireframe or mock-up of the calculator’s user interface using Figma or Tailwind CSS (not necessary but will make the rest of the implementation easy).
• Develop a product roadmap and implementation plan.

1. 
   
2. Development:

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• Build the core modules of the retirement income calculator using JavaScript/TypeScript and Tailwind CSS. Use Svelte/SvelteKit if possible.
• Income estimation from OAS and CPP.
• Comparison against user-defined retirement goals.
• Impact analysis of different saving strategies.
• Ensure the calculator can handle individual and couple scenarios separately.
• Ensure no personal information is collected or stored.

1. 
   
2. Testing and Documentation:

• Test the calculator for accuracy and usability.
• Document the development process, including code comments and user guides.

1. 
   
2. Presentation:

• Prepare a final presentation of the project, including a demo of the calculator.
• Compile a comprehensive final report detailing the research, design, development, and testing phases.

Deliverables:

• Product Roadmap: Detailed plan outlining the development process.
• Source Code: Well-documented code hosted on a version control system like Git.
• User Guide: Instructions for using the calculator.
• Final Report: Detailed documentation of the entire project.
• Presentation: Summary and demonstration of the project outcomes.

By participating in this project, students will contribute to the development of a critical financial planning tool that will be integrated into the WEALTHCOPILOT app. This calculator will help users make informed decisions about their retirement planning, aligning with Wealthcopilot’s mission to empower DIY investors.

This project offers a unique opportunity for students to apply their skills in software development and financial analysis to create a valuable tool for Wealthcopilot. The experience will not only enhance their technical expertise but also provide insight into the financial planning industry, making a tangible impact on the lives of future app users.