Income Streams Spreadsheet - Help

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Topic Author
rvfigs
Posts: 62
Joined: Wed Sep 02, 2020 9:23 am

Income Streams Spreadsheet - Help

Post by rvfigs »

Hello everyone,

I need some help developing an excel spreadsheet for income streams...for two people.

Sahara provided me with one a few weeks ago which was terrific. Unfortunately, I tried to manipulate the spreadsheet but I failed miserably. I don't know anything about formulas and excel.

I need a spread sheet that considers the following:

a. Year
b. age
c. Two incomes streams with salary increases of 1% each year
d. Two pensions
e. Two social securities incomes
f. Two 403bs
g. Two 457b roths
h. RMD
i. RMD factor
j. tax brackets

I'm hoping someone can help me.

Thank you.
Dottie57
Posts: 9171
Joined: Thu May 19, 2016 5:43 pm
Location: Earth Northern Hemisphere

Re: Income Streams Spreadsheet - Help

Post by Dottie57 »

What exactly are you trying to figure out?
rossington
Posts: 771
Joined: Fri Jun 07, 2019 2:00 am
Location: Florida

Re: Income Streams Spreadsheet - Help

Post by rossington »

rvfigs wrote: Thu Oct 15, 2020 3:30 pm Hello everyone,

I need some help developing an excel spreadsheet for income streams...for two people.

Sahara provided me with one a few weeks ago which was terrific. Unfortunately, I tried to manipulate the spreadsheet but I failed miserably. I don't know anything about formulas and excel.

I need a spread sheet that considers the following:

a. Year
b. age
c. Two incomes streams with salary increases of 1% each year
d. Two pensions
e. Two social securities incomes
f. Two 403bs
g. Two 457b roths
h. RMD
i. RMD factor
j. tax brackets

I'm hoping someone can help me.

Thank you.
Maybe this will help:
https://www.bogleheads.org/wiki/Retiree ... lio_Model
"Success is going from failure to failure without loss of enthusiasm." Winston Churchill.
Topic Author
rvfigs
Posts: 62
Joined: Wed Sep 02, 2020 9:23 am

Re: Income Streams Spreadsheet - Help

Post by rvfigs »

Dottie57 wrote: Thu Oct 15, 2020 3:40 pm What exactly are you trying to figure out?
Hello,

Thank you for the reply.

I clearer picture of what retirement will look like with different streams of income.

Sahara gave me a really good excel spreadsheet. I just don't know how to manipulate it for my purposes.

Unfortunately, I can't attached anything. Don't see options for attachment.
Topic Author
rvfigs
Posts: 62
Joined: Wed Sep 02, 2020 9:23 am

Re: Income Streams Spreadsheet - Help

Post by rvfigs »

rossington wrote: Thu Oct 15, 2020 4:26 pm
rvfigs wrote: Thu Oct 15, 2020 3:30 pm Hello everyone,

I need some help developing an excel spreadsheet for income streams...for two people.

Sahara provided me with one a few weeks ago which was terrific. Unfortunately, I tried to manipulate the spreadsheet but I failed miserably. I don't know anything about formulas and excel.

I need a spread sheet that considers the following:

a. Year
b. age
c. Two incomes streams with salary increases of 1% each year
d. Two pensions
e. Two social securities incomes
f. Two 403bs
g. Two 457b roths
h. RMD
i. RMD factor
j. tax brackets

I'm hoping someone can help me.

Thank you.
Maybe this will help:
https://www.bogleheads.org/wiki/Retiree ... lio_Model
Thank you for the reply.

Wow...that is too complicated for me at this time :shock:
Topic Author
rvfigs
Posts: 62
Joined: Wed Sep 02, 2020 9:23 am

Re: Income Streams Spreadsheet - Help

Post by rvfigs »

Sahara wrote: Tue Sep 08, 2020 7:10 am
rvfigs wrote: Mon Sep 07, 2020 11:39 am During retirement, I think our tax rate will be high :(
I use this type of spreadsheet to map out income streams. You can make a copy and modify to fit your details.
I've begun with both spouses 43 years of age and retiring at age 55. Current income 150,000 increasing at 2% per year.
One spouse begins SS at 62. The second spouse begins SS at 70. See https://opensocialsecurity.com/ for further resources.
85% of Social Security income taxable.
403b balance of 360,000 with annual contributions of 19,500 through age 55 and 5% return through age 55.
Using the 2021 Proposed RMD Table.

Keep in mind tax brackets are scheduled to revert to pre TCJA levels in 2026. And, brackets have historically been indexed, so the top of the 24% bracket should be higher in the future. Filing single vs married is beyond my scope.

There are many ways to frame these issues and calculate. My methods are simple and may be used as a general illustration.

https://docs.google.com/spreadsheets/d/ ... sp=sharing
Topic Author
rvfigs
Posts: 62
Joined: Wed Sep 02, 2020 9:23 am

Re: Income Streams Spreadsheet - Help

Post by rvfigs »

Sahara wrote: Tue Sep 08, 2020 7:10 am
rvfigs wrote: Mon Sep 07, 2020 11:39 am During retirement, I think our tax rate will be high :(
I use this type of spreadsheet to map out income streams. You can make a copy and modify to fit your details.
I've begun with both spouses 43 years of age and retiring at age 55. Current income 150,000 increasing at 2% per year.
One spouse begins SS at 62. The second spouse begins SS at 70. See https://opensocialsecurity.com/ for further resources.
85% of Social Security income taxable.
403b balance of 360,000 with annual contributions of 19,500 through age 55 and 5% return through age 55.
Using the 2021 Proposed RMD Table.

Keep in mind tax brackets are scheduled to revert to pre TCJA levels in 2026. And, brackets have historically been indexed, so the top of the 24% bracket should be higher in the future. Filing single vs married is beyond my scope.

There are many ways to frame these issues and calculate. My methods are simple and may be used as a general illustration.

https://docs.google.com/spreadsheets/d/ ... sp=sharing
Here is the spreadsheet Sahara recommend. Simple. Straightforward. I just don't know how to manipulate the formulas for my purposes.
retire2022
Posts: 1534
Joined: Tue Oct 02, 2018 6:10 pm
Location: NYC

Re: Income Streams Spreadsheet - Help

Post by retire2022 »

rvifigs

I am not by far consider myself an expert on Excel, but I was able to make this simple spreadsheet, which just sum each year of my salary which I retrieved from my Social Security Employment history and just summed the balances.

https://imgur.com/a/Gi5VKcO

I was able to retrieve historical 457 contribution limits and IRA contribution limits using this link

https://dqydj.com/historical-401k-contribution-limit/

tax brackets

http://moneychimp.com/features/tax_brackets.htm

https://files.taxfoundation.org/legacy/ ... ominal.pdf

you should be able to do this in 6 hours.

with the total of 457 contributions and ROTH IRA contributions I was able to calculate my present balance in all my investment accounts and figure out my average annual average.
Last edited by retire2022 on Fri Oct 16, 2020 3:41 am, edited 1 time in total.
User avatar
LilyFleur
Posts: 1504
Joined: Fri Mar 02, 2018 10:36 pm

Re: Income Streams Spreadsheet - Help

Post by LilyFleur »

rvfigs wrote: Thu Oct 15, 2020 5:50 pm
rossington wrote: Thu Oct 15, 2020 4:26 pm
rvfigs wrote: Thu Oct 15, 2020 3:30 pm Hello everyone,

I need some help developing an excel spreadsheet for income streams...for two people.

Sahara provided me with one a few weeks ago which was terrific. Unfortunately, I tried to manipulate the spreadsheet but I failed miserably. I don't know anything about formulas and excel.

I need a spread sheet that considers the following:

a. Year
b. age
c. Two incomes streams with salary increases of 1% each year
d. Two pensions
e. Two social securities incomes
f. Two 403bs
g. Two 457b roths
h. RMD
i. RMD factor
j. tax brackets

I'm hoping someone can help me.

Thank you.
Maybe this will help:
https://www.bogleheads.org/wiki/Retiree ... lio_Model
Thank you for the reply.

Wow...that is too complicated for me at this time :shock:
Don't feel badly... I am pretty good at spreadsheets and I don't do well with that one either.
User avatar
Eagle33
Posts: 928
Joined: Wed Aug 30, 2017 3:20 pm

Re: Income Streams Spreadsheet - Help

Post by Eagle33 »

rvfigs wrote: Thu Oct 15, 2020 5:56 pm
Sahara wrote: Tue Sep 08, 2020 7:10 am
rvfigs wrote: Mon Sep 07, 2020 11:39 am During retirement, I think our tax rate will be high :(
I use this type of spreadsheet to map out income streams. You can make a copy and modify to fit your details.
I've begun with both spouses 43 years of age and retiring at age 55. Current income 150,000 increasing at 2% per year.
One spouse begins SS at 62. The second spouse begins SS at 70. See https://opensocialsecurity.com/ for further resources.
85% of Social Security income taxable.
403b balance of 360,000 with annual contributions of 19,500 through age 55 and 5% return through age 55.
Using the 2021 Proposed RMD Table.

Keep in mind tax brackets are scheduled to revert to pre TCJA levels in 2026. And, brackets have historically been indexed, so the top of the 24% bracket should be higher in the future. Filing single vs married is beyond my scope.

There are many ways to frame these issues and calculate. My methods are simple and may be used as a general illustration.

https://docs.google.com/spreadsheets/d/ ... sp=sharing
Here is the spreadsheet Sahara recommend. Simple. Straightforward. I just don't know how to manipulate the formulas for my purposes.
What do you what different on this spreadsheet? List items in order of priority and maybe we can walk you through the changes.
Rocket science is not “rocket science” to a rocket scientist, just as personal finance is not “rocket science” to a Boglehead.
Topic Author
rvfigs
Posts: 62
Joined: Wed Sep 02, 2020 9:23 am

Re: Income Streams Spreadsheet - Help

Post by rvfigs »

Eagle33 wrote: Fri Oct 16, 2020 10:25 pm
rvfigs wrote: Thu Oct 15, 2020 5:56 pm
Sahara wrote: Tue Sep 08, 2020 7:10 am
rvfigs wrote: Mon Sep 07, 2020 11:39 am During retirement, I think our tax rate will be high :(
I use this type of spreadsheet to map out income streams. You can make a copy and modify to fit your details.
I've begun with both spouses 43 years of age and retiring at age 55. Current income 150,000 increasing at 2% per year.
One spouse begins SS at 62. The second spouse begins SS at 70. See https://opensocialsecurity.com/ for further resources.
85% of Social Security income taxable.
403b balance of 360,000 with annual contributions of 19,500 through age 55 and 5% return through age 55.
Using the 2021 Proposed RMD Table.

Keep in mind tax brackets are scheduled to revert to pre TCJA levels in 2026. And, brackets have historically been indexed, so the top of the 24% bracket should be higher in the future. Filing single vs married is beyond my scope.

There are many ways to frame these issues and calculate. My methods are simple and may be used as a general illustration.

https://docs.google.com/spreadsheets/d/ ... sp=sharing
Here is the spreadsheet Sahara recommend. Simple. Straightforward. I just don't know how to manipulate the formulas for my purposes.
What do you what different on this spreadsheet? List items in order of priority and maybe we can walk you through the changes.
Hello Eagle33,

Thank you for offering help...I think I will let this go for now. I don't want to waste anyone's time teaching me excel :)

Thank you for your reply.
retired@50
Posts: 3463
Joined: Tue Oct 01, 2019 2:36 pm
Location: Living in the U.S.A.

Re: Income Streams Spreadsheet - Help

Post by retired@50 »

rvfigs wrote: Mon Oct 19, 2020 8:11 pm I don't want to waste anyone's time teaching me excel :)
If you're truly curious about learning Excel, you might be able to find a course at a community college or continuing education center for adults. Once you start to get the hang of formulas and the "help" in Excel, you can usually muddle through. At least if you take a class, you'll have a teacher to ask for assistance.

Regards,
This is one person's opinion. Nothing more.
Topic Author
rvfigs
Posts: 62
Joined: Wed Sep 02, 2020 9:23 am

Re: Income Streams Spreadsheet - Help

Post by rvfigs »

retired@50 wrote: Mon Oct 19, 2020 8:16 pm
rvfigs wrote: Mon Oct 19, 2020 8:11 pm I don't want to waste anyone's time teaching me excel :)
If you're truly curious about learning Excel, you might be able to find a course at a community college or continuing education center for adults. Once you start to get the hang of formulas and the "help" in Excel, you can usually muddle through. At least if you take a class, you'll have a teacher to ask for assistance.

Regards,
I will probably need to take a video course online. I have a young family to raise and being absent for even a few hours is tough :D

Thanks for the reply.
JohnFiscal
Posts: 823
Joined: Mon Jan 06, 2014 4:28 pm
Location: Florida

Re: Income Streams Spreadsheet - Help

Post by JohnFiscal »

rvfigs wrote: Mon Oct 19, 2020 8:23 pm
retired@50 wrote: Mon Oct 19, 2020 8:16 pm
rvfigs wrote: Mon Oct 19, 2020 8:11 pm I don't want to waste anyone's time teaching me excel :)
If you're truly curious about learning Excel, you might be able to find a course at a community college or continuing education center for adults. Once you start to get the hang of formulas and the "help" in Excel, you can usually muddle through. At least if you take a class, you'll have a teacher to ask for assistance.

Regards,
I will probably need to take a video course online. I have a young family to raise and being absent for even a few hours is tough :D

Thanks for the reply.

Way back around 1993 I wanted to learn how to use Excel for my work. I found it useful for my education to try creating simple projects that I was very familiar with. A perfect example was a checkbook register. I created one in Excel and basically I have been using the same workbook ever since. It has been upgraded many times through the years and now contains ledgers for all my financial accounts...credit cards, mortgages, payroll, taxes, W-2, investments, and many more. Each account on a separate worksheet.

Anyway, that was a good way for me to learn how to use Excel.
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