MyGoals, a Canadian fintech company, is utilizing the Gurobi Optimizer to provide clients with more personalized and effective financial planning strategies. This integration aims to help individuals maximize after-tax retirement income, balance various financial objectives, and improve long-term legacy outcomes through advanced mathematical optimization.
Unlike conventional financial planning tools, which often use simple calculators or simulations, MyGoals employs Gurobi’s optimization technology to connect and prioritize multiple client goals, including retirement, home ownership, education, and legacy. The system also accounts for complex Canadian tax regulations and various account types, resulting in a tailored financial strategy that adapts to each client’s specific needs.
With Gurobi powering its optimization models, MyGoals has reported significant improvements: a 2%–10% increase in after-tax retirement income, and a 10%–20% improvement in after-tax income and legacy outcomes compared to traditional financial plans. The approach also facilitates faster plan delivery than manual or conventional methods.
Raphi Zaionz, Founder of MyGoals, commented on the capabilities: “By combining all sources of savings and income such as RRSP, TFSA, corporate money, CPP, OAS, GIS, part-time work, and even private pensions, we can then maximize after-tax retirement income and combine that with how one leaves the most legacy possible to their heirs. That’s not something you can do with a spreadsheet.”
Duke Perrucci, CEO of Gurobi Optimization, acknowledged the application: “We’re excited to see MyGoals apply optimization to an area that impacts so many people’s lives — personal financial planning. This is a great example of how mathematical optimization can be used to navigate complexity, uncover better strategies, and ultimately deliver peace of mind. We’re proud that Gurobi is helping MyGoals bring these capabilities to individuals and advisors.”
MyGoals’ system models both accumulation and decumulation, guiding clients on contribution strategies during their careers and strategic withdrawal methods in retirement. The optimizer also identifies optimal timing for government benefits like the Canada Pension Plan (CPP), Quebec Pension Plan (QPP), and Old Age Security (OAS). This approach is designed to provide financial advisors and their clients in Canada with advanced tools for navigating complex financial decisions.
About Gurobi Optimization: Gurobi Optimization, LLC, founded in 2008, is a provider of decision intelligence technology, enabling customers to make optimal business decisions. Its software helps identify optimal solutions from numerous possibilities, serving nearly all industries globally, including organizations like SAP, Air France, and the National Football League.
