i-orp error message "End of plans must be greater than the retirement ages.."

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LUVCalifornia
Posts: 6
Joined: Thu Jun 12, 2014 8:06 am

i-orp error message "End of plans must be greater than the retirement ages.."

Post by LUVCalifornia »

Hi! I'm trying to use i-orp and getting an error message that says "End of plans must be greater than the retirement ages.." anyone know what this means or how to fix it? thank you in advance!
curmudgeon
Posts: 2262
Joined: Thu Jun 20, 2013 11:00 pm

Re: i-orp error message "End of plans must be greater than the retirement ages.."

Post by curmudgeon »

look closely at your date entries. that sounds like the type of message you would get if you said to plan to age 95, but your retirement date was at age 99. maybe you switched year/month or something like that.
Silk McCue
Posts: 5553
Joined: Thu Feb 25, 2016 7:11 pm

Re: i-orp error message "End of plans must be greater than the retirement ages.."

Post by Silk McCue »

I played around with my settings in Extended i-ORP to reproduce this error.

Your "Planning Horizon" must be at least 5 years beyond your "Retirement Age" or it will fail to run.

Cheers
Topic Author
LUVCalifornia
Posts: 6
Joined: Thu Jun 12, 2014 8:06 am

Re: i-orp error message "End of plans must be greater than the retirement ages.."

Post by LUVCalifornia »

Thank you so much for your quick replies! I tried playing around with the numbers and *think* I tried changing every one that that I think could be causing the problem. Here's what I have:
current age: 55
Age to begin SS Benefits (FRA): 65
Retirement Age: 67
Planning Horizon: 91
Year to begin historical simulation: 2022

Any other ideas of what I might be doing wrong? Thank you again for your help!
Last edited by LUVCalifornia on Tue Jun 15, 2021 4:50 pm, edited 1 time in total.
Topic Author
LUVCalifornia
Posts: 6
Joined: Thu Jun 12, 2014 8:06 am

Re: i-orp error message "End of plans must be greater than the retirement ages.."

Post by LUVCalifornia »

Thank you! I got it to work. I had misread the last section on 3-Peat and didn't realize that was optional.

Anyway, one last question. I'm wondering about "Early Withdrawals (Pay 10% Penalty)" - I read the description cut/pasted below, but I'm still confused. I have about $300K in Roth rollovers (that I paid taxes on. these are contributions, not gains). I do want iORP to optimize for specific tax rate and suggest timing for more roth rollovers. Anyone know what "Early Withdrawals (Pay 10% Penalty)" is for and/or how to fill it out? thank you so much for any help you may have.

*****************************************************instructions from iORP pasted below*********************
Early Retirement Tax-deferred Account Distribution Strategies.

Early Retirement (ER) is defined by ORP to be the ages between retirement and 59 1/2, the age at which you can withdraw from your tax advantaged accounts without the 10% early withdrawal penalty. The IRS has rules about withdrawing from your Tax-deferred Account during ER. ORP offers you these options:
Amount Conversions
Allowed Description
Blank No Pay penalty on withdrawals for spending, no conversions. It is frequently the case that ORP will use the withdrawal with penalty to pay taxes with this option.
Blank Yes Conversions, without penalties are allowed. Additional withdrawals, with penalties, are also allowed.
0 No No Tax-deferred Account withdrawals of any kind are allowed.
0 Yes Conversions are allowed but additional withdrawals are not allowed.
>0 No Fixed SEPP withdrawals are made every year, no conversions.
>0 Yes Fixed SEPP withdrawals, in addition to conversions, are made every year.
A 457(b) plan is a tax-deferred retirement plan available to state and local government employees. If an employee retires before age 59 1/2 then 457(b) distributions are permitted without without the 10% early withdrawal penalty. ORP does not distinguish between 457(b) and 401(k) plans.

IRA to Roth IRA conversions are not subject to the 10% early withdrawal penalty. ORP may do conversions in parallel with both penalized withdrawals and with a SEPP. Personal income taxes are assessed on conversions.

Default: If this field is left blank and IRA to Roth IRA conversions are not requested then ORP applies the 10% penalty to Tax-deferred Account withdrawals during ER.
curmudgeon
Posts: 2262
Joined: Thu Jun 20, 2013 11:00 pm

Re: i-orp error message "End of plans must be greater than the retirement ages.."

Post by curmudgeon »

LUVCalifornia wrote: Tue Jun 15, 2021 4:49 pm Thank you! I got it to work. I had misread the last section on 3-Peat and didn't realize that was optional.

Anyway, one last question. I'm wondering about "Early Withdrawals (Pay 10% Penalty)" - I read the description cut/pasted below, but I'm still confused. I have about $300K in Roth rollovers (that I paid taxes on. these are contributions, not gains). I do want iORP to optimize for specific tax rate and suggest timing for more roth rollovers. Anyone know what "Early Withdrawals (Pay 10% Penalty)" is for and/or how to fill it out? thank you so much for any help you may have.
Given your age and the fact that you've got $300K in Roth contributions, this is not likely to apply to you. It's essentially asking whether you are willing to pay the 10% early withdrawal penalty to get earlier access (before age 59.5) to your tIRA/401K tax deferred money for either spending or paying taxes on Roth conversions.
Topic Author
LUVCalifornia
Posts: 6
Joined: Thu Jun 12, 2014 8:06 am

Re: i-orp error message "End of plans must be greater than the retirement ages.."

Post by LUVCalifornia »

Thank you so much curmudgeon! so do I just leave it blank?
Silk McCue
Posts: 5553
Joined: Thu Feb 25, 2016 7:11 pm

Re: i-orp error message "End of plans must be greater than the retirement ages.."

Post by Silk McCue »

LUVCalifornia wrote: Tue Jun 15, 2021 5:26 pm Thank you so much curmudgeon! so do I just leave it blank?
Yes. Leave it blank. The way I learned was to use i-ORP was after putting a base set of information to get results only make one change at a time to see what happens. If I tried to do too much at once it became unmanageable. There are many inputs that are not necessary on this form depending upon your circumstances.

Cheers
Topic Author
LUVCalifornia
Posts: 6
Joined: Thu Jun 12, 2014 8:06 am

Re: i-orp error message "End of plans must be greater than the retirement ages.."

Post by LUVCalifornia »

Thank you! This is great advice. This is what I did after I kept getting the error message. I just started adding one thing at a time and seeing if it would generate results. I do think the instructions aren't very clear. I appreciate they are trying to make them clear but I find them hard to understand. That said, I understand it's a free calculator so I'm happy it's available! And I'm really grateful for your help!!! Thank you again.
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