Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

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stingray777
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Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by stingray777 »

[Topic is now in Personal Finance (Not Investing) - mod mkc]

I still have 15 years until retirement, and I was a very late starter. To maximize my nest egg, should I use a paid calculator or planning software? I don't mind spending $100ish if it is one time (and if I can keep using it.)

I guess I want to have a vague idea on Roth conversion, and RMD since I am not familiar with those. I only understand the concept but no clue how big the impact may be. Free ones tell me how much I will have in retirement if I keep investing...

I've come across:
-Pralana $100 (excel / one time cost / no future (going to web based app)
-NewRetirement $120 (annual subscription)
-PlanVision $300 (+ $8/month / FP consulting)

Pralana is an excel, so it is definitely one time cost.

I might become an expat, so PlanVision may be a good option. I don't know how knowledgeable they are on the matter, but it seems to be one of their sales points.

New Retirement - I hear about them here and there... That is all.

Maybe nothing is necessary at this point. Free retirement calculator is all I need? Too many unseen factors from today until retirement. Oh, one question. SS estimate - is that realistic? I am supposed to get $1500, but I hear they will run out in 2035 (so that it will be much less.) How can I look at it? Should I ignore SS as though it does not exist?
bombcar
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by bombcar »

There are calculators on the wiki in excel. You don’t really need anything more than that and they’re free.

$100 might get you some cute graphs however.

SA is a separate quest but even complete trust fund failure results in just a reduced payment not $0.
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arcticpineapplecorp.
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by arcticpineapplecorp. »

stingray777 wrote: Mon Jun 10, 2024 8:39 pm Maybe nothing is necessary at this point. Free retirement calculator is all I need? Too many unseen factors from today until retirement. Oh, one question. SS estimate - is that realistic? I am supposed to get $1500, but I hear they will run out in 2035 (so that it will be much less.) How can I look at it? Should I ignore SS as though it does not exist?
depends on what you're looking at.

when you say "supposed to get $1500" does that mean at 62, at 67 or at 70?

if you don't know that you get different amounts based on what age you claim (and other factors like the average of the highest 35 earning years) then you should go back to SSA.gov if you haven't already, set up an account and play around with the slider to see you get different amounts at different ages. And that these amounts will likely still go up if your earnings do over time (and the lower earning years drop off).

you can sign up for free with pralana bronze and new retirement, you're just limited as to certain features. So if you want more functionality, you'd have to pay.

regarding SS they are not "running out" in 2035, they will merely not have enough coming in to pay 100% of promised benefits because it is a pay as you go system and they project they'll have more going out than coming in in 2035 so something will need to change or benefits will be reduced by 25% I think. There are many simple fixes that can sustain the program for 50-100 years depending on what options are chosen (means testing, increase retirement age, reduce benefits, increase FICA tax, increase income limit that's taxable for FICA). 2035 is so far in the future and it's likely it will be fixed Decemer 2034 because that's how things tend to get done.

you have two options with SS:
1. assume you'll get what they say
2. assume you'll get 75% of what they say currently

if you plan for the worst case scenario, you're fine because you will have to increase your savings to compensate for any lost SS. If the worst happens, you're still ok because you planned for it.

if you plan for the best scenario and it doesn't happen, you're in trouble.
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Kenkat
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by Kenkat »

If you have access to Fidelity, the “for customers” version of their Retirement Planner is really helpful. There is a free version for non-customers that has fewer features as well, but I am not familiar with the differences.
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stingray777
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by stingray777 »

OP here.

Thank you for super fast responses! It sounds like I don't need to spend anything for a planner at this point.

As far as SS, what I meant was whether their estimate considered the large decrease at 2035 or not. It does not really matter at what age I start the withdraw. I just wanted to know how to look at their estimate. General assumption is 75%? OK! Thank you. That means I will, most likely, get much less than the estimate.

I have my HSA at Fidelity. So... are theirs better than free ones, but less than $100 programs? I've been using NerdWallet calculator for free. If they are really good, I might want to switch my accounts from vanguard to fidelity.
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FiveK
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by FiveK »

How closely do you follow the suggestions in Prioritizing investments - Bogleheads?

Understanding why those suggestions are what they are will probably be more valuable to you than any spreadsheet or web tool. :)
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by Wannaretireearly »

I plan on investing time/money in 4 years. A year or so away from target retirement age. So many things will change in the interim.
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by mhc »

Save your money and wait until you are closer to retirement. A lot can change in 15 years. A lot more can change in the decades after you retire.
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MathWizard
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by MathWizard »

stingray777 wrote: Mon Jun 10, 2024 9:34 pm OP here.

Thank you for super fast responses! It sounds like I don't need to spend anything for a planner at this point.

As far as SS, what I meant was whether their estimate considered the large decrease at 2035 or not. It does not really matter at what age I start the withdraw. I just wanted to know how to look at their estimate. General assumption is 75%? OK! Thank you. That means I will, most likely, get much less than the estimate.

I have my HSA at Fidelity. So... are theirs better than free ones, but less than $100 programs? I've been using NerdWallet calculator for free. If they are really good, I might want to switch my accounts from vanguard to fidelity.
I used 75% of estimated SS benefits for planning rather than 100% or 0% . This is not a prediction of what will happen, but a conservative estimate for pkanning.
The 75% comes from the SS Governor's report which usually says something like "Once the trust fund runs out, if no changes are made, income from SS taxes will still fund X% of benefits " and the X here is typically a bit above 75% .

The reason you are asked at what age the $1500/month refers to is that claiming benefits at age 62 would mean that you get only 70% of what you would get at 67. Also note that the estimate assume that you make your current salary and work continuously until the age at which you claim.

I agree that free planning software is the way to go right now. Contributing to a Roth early on in your career , when you are in lower tax brackets is a good way to get a lot in Roth.
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by dogagility »

Great pre-retirement and in-retirement planning tool. https://tpawplanner.com/

Free. Ask questions of the developer who is a forum member.

viewtopic.php?t=331368
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by smitcat »

stingray777 wrote: Mon Jun 10, 2024 9:34 pm OP here.

Thank you for super fast responses! It sounds like I don't need to spend anything for a planner at this point.

As far as SS, what I meant was whether their estimate considered the large decrease at 2035 or not. It does not really matter at what age I start the withdraw. I just wanted to know how to look at their estimate. General assumption is 75%? OK! Thank you. That means I will, most likely, get much less than the estimate.

I have my HSA at Fidelity. So... are theirs better than free ones, but less than $100 programs? I've been using NerdWallet calculator for free. If they are really good, I might want to switch my accounts from vanguard to fidelity.
You can get great feedback on all of the items you asked about with the free RPM calculator. You will need to do more manual inputs and variations compared to the paid ones that have 'auto' options but the details, charts, outputs are excellent.
One note - when Pralana goes web based their price will be a subsciption model as well. Currently Pralana price and renewal rates are quite different.
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by stan1 »

For 15 years out the free stuff works fine, as does rule of thumb like 25X net (non-investment income - expenses) in most cases. Use higher than 25X if you want to be conservative or are retiring before 60.
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by student »

The youtube channel of a firm offers Right Capital usage for $199. This is the channel https://www.youtube.com/@RootFP This is the offer https://retirement-planning-academy.mykajabi.com/rpa In the FAQ, the first one says "You will receive lifetime access to the course and to the planning software we use." In the fourth one, it says "there are certain advisor assumptions that cannot be changed by the end user. However you will receive full access to use all the modules James shows in his YouTube videos." I am guessing once they pay Right Capital a fixed price, they can have "many" accounts for clients. His partner has a different course aiming at early retirement at $299. https://ari-taublieb.mykajabi.com/early ... nt-academy Same setup.

Currently I have emoney via Planvision but I am considering one of these offers to get access to Right Capital because there is no much I can play with in emoney on the client side.
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by student »

Kenkat wrote: Mon Jun 10, 2024 8:57 pm If you have access to Fidelity, the “for customers” version of their Retirement Planner is really helpful. There is a free version for non-customers that has fewer features as well, but I am not familiar with the differences.
Yes. The Fidelity version is quite good. Entrance fee is minimal if there is a big difference between the customer version and the non-customer version.
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by steadyosmosis »

Instead of 'paid calculators and planning software', you would likely be better served to do your own taxes each year (if you don't already).
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by mrb09 »

10 years ago I was worried I had too much in my 401k and had a plan to do aggressive Roth conversions, then three years ago I was worried I didn’t have enough, now I’m back to maybe thinking of Roth conversions again. 15 years is a long time, but as D.Eisenhower. said, “plans are useless but planning is indispensable”.

One planner that really helped me think was Maxfi, as it is really oriented towards consumption smoothing and thinking about keeping the same level of “discretionary” spending in retirement as other expenses change. It isn’t my favorite detail calculator (that would be Pralana Gold for me), but going through the maxfi model really helped me think.
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by EricGold »

stingray777 wrote: Mon Jun 10, 2024 8:39 pm I guess I want to have a vague idea on Roth conversion, and RMD since I am not familiar with those.
From what you have written, RMD is not a concern for you and ROTH is a bad idea
Save as much as you can pre-tax, and then try to save some more. Since you are 15 years from planned retirement, a portfolio with a heavier bond component is reasonable -- perhaps 60:40 equity_index:Intermediate term Bonds.

If you give specifics you may get more tailored advice
Last edited by EricGold on Tue Jun 11, 2024 12:10 pm, edited 1 time in total.
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by Wiggums »

student wrote: Tue Jun 11, 2024 11:18 am The youtube channel of a firm offers Right Capital usage for $199. This is the channel https://www.youtube.com/@RootFP This is the offer https://retirement-planning-academy.mykajabi.com/rpa In the FAQ, the first one says "You will receive lifetime access to the course and to the planning software we use." In the fourth one, it says "there are certain advisor assumptions that cannot be changed by the end user. However you will receive full access to use all the modules James shows in his YouTube videos." I am guessing once they pay Right Capital a fixed price, they can have "many" accounts for clients. His partner has a different course aiming at early retirement at $299. https://ari-taublieb.mykajabi.com/early ... nt-academy Same setup.

Currently I have emoney via Planvision but I am considering one of these offers to get access to Right Capital because there is no much I can play with in emoney on the client side.
If you have a Fidelity account, the generated reports look very similar to the software Ari uses.

Check out Fidelity’s Planning and guidance tool. (Requires a Fidelity logon)

https://myguidance.fidelity.com/ftgw/pn ... retirement
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by student »

Wiggums wrote: Tue Jun 11, 2024 12:09 pm
student wrote: Tue Jun 11, 2024 11:18 am The youtube channel of a firm offers Right Capital usage for $199. This is the channel https://www.youtube.com/@RootFP This is the offer https://retirement-planning-academy.mykajabi.com/rpa In the FAQ, the first one says "You will receive lifetime access to the course and to the planning software we use." In the fourth one, it says "there are certain advisor assumptions that cannot be changed by the end user. However you will receive full access to use all the modules James shows in his YouTube videos." I am guessing once they pay Right Capital a fixed price, they can have "many" accounts for clients. His partner has a different course aiming at early retirement at $299. https://ari-taublieb.mykajabi.com/early ... nt-academy Same setup.

Currently I have emoney via Planvision but I am considering one of these offers to get access to Right Capital because there is no much I can play with in emoney on the client side.
If you have a Fidelity account, the generated reports look very similar to the software Ari uses.

Check out Fidelity’s Planning and guidance tool. (Requires a Fidelity logon)

https://myguidance.fidelity.com/ftgw/pn ... retirement
I use the Fidelity one also. It is based on emoney. What I do not see in the Fidelity version is tax liability projection for the next 30 years so one cannot use it to do Roth conversion planning. My emoney from Planvision has it but I cannot running different Roth conversion scenarios for comparison. (I can ask Planvision to run it but I would like to spend time playing with it.) Another feature that I would like is stress test. Empower free version has it so I have played with it.
EricGold
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by EricGold »

dogagility wrote: Tue Jun 11, 2024 11:07 am Great pre-retirement and in-retirement planning tool. https://tpawplanner.com/

Free. Ask questions of the developer who is a forum member.

viewtopic.php?t=331368
This is impressive. It takes a bit of clicking around to find customization but I suspect that was by design
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by dogagility »

EricGold wrote: Tue Jun 11, 2024 1:44 pm
dogagility wrote: Tue Jun 11, 2024 11:07 am Great pre-retirement and in-retirement planning tool. https://tpawplanner.com/

Free. Ask questions of the developer who is a forum member.

viewtopic.php?t=331368
This is impressive. It takes a bit of clicking around to find customization but I suspect that was by design
Agree. Simple, yet powerful. A deadly combination! :sharebeer
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by cbs2002 »

firecalc.com is detailed yet simple. It hits all the most important basics - time until retirement, portfolio choices, one-time spending or revenue events, social security, spending patterns, etc. and runs it all through a Monte Carlo simulation. It also looks like an AltaVista page, but if you can ignore that it works splendidly. I'm not sure what else you would need at your stage in life.
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by gavinsiu »

I have seen comments about Planvision and expats, Is there some sort of service that Planvision offers that make them attractive to expat?

I think this depend on what you want to do. If all you need to do is to see if you can make it to retirement and if it will last, many of the retirement calc offered by Empower, or Fidelity will do. If you want something that do a bunch of what if (What if I retire early? What if I want to roth convert to avoid IRMAA?), then perhaps you will need more.

I feel that no retirement calc will be particularly accurate, but accurate enough to help you make decisions.
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by tibbitts »

Kenkat wrote: Mon Jun 10, 2024 8:57 pm If you have access to Fidelity, the “for customers” version of their Retirement Planner is really helpful. There is a free version for non-customers that has fewer features as well, but I am not familiar with the differences.
I haven't experimented that much with Fidelity's tools, but I am a customer so I guess I have the full versions.

One surprising "feature" is that the Fidelity "Planner" doesn't incorporate outside accounts manually updated in Full View... but the "Retirement Planner" does. You can separately add your manually-updated accounts yet again in the Planner, but seemingly you then have to update them twice...?

I haven't seen how to model Roth conversions in the Retirement Planner - am I missing how to do that? It is reflecting IRMAA or NIIT?
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by tibbitts »

gavinsiu wrote: Tue Jun 11, 2024 3:19 pm I feel that no retirement calc will be particularly accurate, but accurate enough to help you make decisions.
From my limited experience that's probably a good summary. You can explore some "what ifs" and maybe see if there's a direction you want to go in terms of when you might want to realize income, etc.
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Kenkat
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by Kenkat »

tibbitts wrote: Tue Jun 11, 2024 5:02 pm
Kenkat wrote: Mon Jun 10, 2024 8:57 pm If you have access to Fidelity, the “for customers” version of their Retirement Planner is really helpful. There is a free version for non-customers that has fewer features as well, but I am not familiar with the differences.
I haven't experimented that much with Fidelity's tools, but I am a customer so I guess I have the full versions.

One surprising "feature" is that the Fidelity "Planner" doesn't incorporate outside accounts manually updated in Full View... but the "Retirement Planner" does. You can separately add your manually-updated accounts yet again in the Planner, but seemingly you then have to update them twice...?

I haven't seen how to model Roth conversions in the Retirement Planner - am I missing how to do that? It is reflecting IRMAA or NIIT?
I don’t believe the Fidelity Retirement Planner handles Roth conversion recommendations or modeling. They have another product which I believe is called something like Retirement Income Planner which is meant for post retirement. I believe it does address Roth conversions. I tried the tool briefly but didn’t find it particularly useful as I had my own retirement income strategy already set - so it was a lot of me choosing to ignore it’s recommendations :happy
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by tibbitts »

Kenkat wrote: Tue Jun 11, 2024 6:04 pm
tibbitts wrote: Tue Jun 11, 2024 5:02 pm
Kenkat wrote: Mon Jun 10, 2024 8:57 pm If you have access to Fidelity, the “for customers” version of their Retirement Planner is really helpful. There is a free version for non-customers that has fewer features as well, but I am not familiar with the differences.
I haven't experimented that much with Fidelity's tools, but I am a customer so I guess I have the full versions.

One surprising "feature" is that the Fidelity "Planner" doesn't incorporate outside accounts manually updated in Full View... but the "Retirement Planner" does. You can separately add your manually-updated accounts yet again in the Planner, but seemingly you then have to update them twice...?

I haven't seen how to model Roth conversions in the Retirement Planner - am I missing how to do that? It is reflecting IRMAA or NIIT?
I don’t believe the Fidelity Retirement Planner handles Roth conversion recommendations or modeling. They have another product which I believe is called something like Retirement Income Planner which is meant for post retirement. I believe it does address Roth conversions. I tried the tool briefly but didn’t find it particularly useful as I had my own retirement income strategy already set - so it was a lot of me choosing to ignore it’s recommendations :happy
Fidelity has a "Roth Conversion Calculator", although it's someone limited in scope (pretty much assumes a one-year conversion of whatever the total amount you want to convert is, notably.) And it's definitely not an "optimizer", meaning you have to guess an amount first and then see what effect converting it would have. There is also a "Retirement Strategies Tax Estimator", which provides estimated taxes with and without a conversion, but only for the current tax year, and again you have to provide the guess as to how much to convert. Unlike the Conversion Calculator, it doesn't seem to attempt to project a benefit for the conversion.
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by Silk McCue »

gavinsiu wrote: Tue Jun 11, 2024 3:19 pm I have seen comments about Planvision and expats, Is there some sort of service that Planvision offers that make them attractive to expat?
https://planvisionmn.com/expats/

Cheers
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by esteen »

stingray777 wrote: Mon Jun 10, 2024 9:34 pm OP here.

Thank you for super fast responses! It sounds like I don't need to spend anything for a planner at this point.

As far as SS, what I meant was whether their estimate considered the large decrease at 2035 or not. It does not really matter at what age I start the withdraw. I just wanted to know how to look at their estimate. General assumption is 75%? OK! Thank you. That means I will, most likely, get much less than the estimate.

I have my HSA at Fidelity. So... are theirs better than free ones, but less than $100 programs? I've been using NerdWallet calculator for free. If they are really good, I might want to switch my accounts from vanguard to fidelity.
For what it's worth, for my planning I also use 75% of what SSA says.
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student
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by student »

Kenkat wrote: Tue Jun 11, 2024 6:04 pm
tibbitts wrote: Tue Jun 11, 2024 5:02 pm
Kenkat wrote: Mon Jun 10, 2024 8:57 pm If you have access to Fidelity, the “for customers” version of their Retirement Planner is really helpful. There is a free version for non-customers that has fewer features as well, but I am not familiar with the differences.
I haven't experimented that much with Fidelity's tools, but I am a customer so I guess I have the full versions.

One surprising "feature" is that the Fidelity "Planner" doesn't incorporate outside accounts manually updated in Full View... but the "Retirement Planner" does. You can separately add your manually-updated accounts yet again in the Planner, but seemingly you then have to update them twice...?

I haven't seen how to model Roth conversions in the Retirement Planner - am I missing how to do that? It is reflecting IRMAA or NIIT?
I don’t believe the Fidelity Retirement Planner handles Roth conversion recommendations or modeling. They have another product which I believe is called something like Retirement Income Planner which is meant for post retirement. I believe it does address Roth conversions. I tried the tool briefly but didn’t find it particularly useful as I had my own retirement income strategy already set - so it was a lot of me choosing to ignore it’s recommendations :happy
I was not aware of this tool so I played with it after seeing your post. Maybe I did something wrong, I do not see any Roth conversion analysis. It just gave me a suggestion of buying annuity.
gavinsiu
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by gavinsiu »

I don't think the Fidelity planner or any free planner like Empower will do Roth conversation analysis. What I would suggest is to use one of the free calc and run some Monte Carlo to get a range of returns. Your actual return may not even fall in that range, but most likely it will. You want to think in terms of ranges so you can set your expectation that you will have a range of outcome and you should be flexible. For example, you can think about having a set of mandatory and discretionary expenses. In the event you fall into the lower range, you can reduce your discretionary expenses.

You can also change your allocation a bit. I think if you add some bonds, your potential return drops but so does your potential loss. It doesn't hurt to try two different planners. If the results are different, investigate the cause. For example Empower's results are often lower than other planner because they add a 1% fee to the return. May be 1% is too high, but perhaps you may want to factor in fees into your expense.

You should also look into getting a SSA estimate. You can always do estimate with and without or with a 20% haircut on SS. Back in the 90's, I thought SS disappear by the time I retire and I probably have to work until I am 70 or longer. Now that I am closer to retirement, I realized my assumptions were too pessimistic. The important thing to remember is that no plan is perfect and your life is not static, so make changes as you go along.
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by yolointopants »

dogagility wrote: Tue Jun 11, 2024 11:07 am Great pre-retirement and in-retirement planning tool. https://tpawplanner.com/

Free. Ask questions of the developer who is a forum member.

viewtopic.php?t=331368
This. I have tried many of them. This was the most intuitive and the one that really clicked for me.
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by Kenkat »

student wrote: Tue Jun 11, 2024 7:45 pm
Kenkat wrote: Tue Jun 11, 2024 6:04 pm
tibbitts wrote: Tue Jun 11, 2024 5:02 pm
Kenkat wrote: Mon Jun 10, 2024 8:57 pm If you have access to Fidelity, the “for customers” version of their Retirement Planner is really helpful. There is a free version for non-customers that has fewer features as well, but I am not familiar with the differences.
I haven't experimented that much with Fidelity's tools, but I am a customer so I guess I have the full versions.

One surprising "feature" is that the Fidelity "Planner" doesn't incorporate outside accounts manually updated in Full View... but the "Retirement Planner" does. You can separately add your manually-updated accounts yet again in the Planner, but seemingly you then have to update them twice...?

I haven't seen how to model Roth conversions in the Retirement Planner - am I missing how to do that? It is reflecting IRMAA or NIIT?
I don’t believe the Fidelity Retirement Planner handles Roth conversion recommendations or modeling. They have another product which I believe is called something like Retirement Income Planner which is meant for post retirement. I believe it does address Roth conversions. I tried the tool briefly but didn’t find it particularly useful as I had my own retirement income strategy already set - so it was a lot of me choosing to ignore it’s recommendations :happy
I was not aware of this tool so I played with it after seeing your post. Maybe I did something wrong, I do not see any Roth conversion analysis. It just gave me a suggestion of buying annuity.
It is possible that I was thinking of a different, possibly non-Fidelity tool as I tried a few different calculators in settling on my retirement readiness and strategy. I did not spend a lot of time of Roth conversion strategy as pre-social security I have just chosen to convert up to the top of the 12% bracket for now; that seems like mostly a “no brainer”.
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Kenkat
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by Kenkat »

tibbitts wrote: Tue Jun 11, 2024 7:06 pm
Kenkat wrote: Tue Jun 11, 2024 6:04 pm
tibbitts wrote: Tue Jun 11, 2024 5:02 pm
Kenkat wrote: Mon Jun 10, 2024 8:57 pm If you have access to Fidelity, the “for customers” version of their Retirement Planner is really helpful. There is a free version for non-customers that has fewer features as well, but I am not familiar with the differences.
I haven't experimented that much with Fidelity's tools, but I am a customer so I guess I have the full versions.

One surprising "feature" is that the Fidelity "Planner" doesn't incorporate outside accounts manually updated in Full View... but the "Retirement Planner" does. You can separately add your manually-updated accounts yet again in the Planner, but seemingly you then have to update them twice...?

I haven't seen how to model Roth conversions in the Retirement Planner - am I missing how to do that? It is reflecting IRMAA or NIIT?
I don’t believe the Fidelity Retirement Planner handles Roth conversion recommendations or modeling. They have another product which I believe is called something like Retirement Income Planner which is meant for post retirement. I believe it does address Roth conversions. I tried the tool briefly but didn’t find it particularly useful as I had my own retirement income strategy already set - so it was a lot of me choosing to ignore it’s recommendations :happy
Fidelity has a "Roth Conversion Calculator", although it's someone limited in scope (pretty much assumes a one-year conversion of whatever the total amount you want to convert is, notably.) And it's definitely not an "optimizer", meaning you have to guess an amount first and then see what effect converting it would have. There is also a "Retirement Strategies Tax Estimator", which provides estimated taxes with and without a conversion, but only for the current tax year, and again you have to provide the guess as to how much to convert. Unlike the Conversion Calculator, it doesn't seem to attempt to project a benefit for the conversion.
I did not spend a lot of time on extensive Roth conversion planner per my prior post or any of the Fidelity withdraw tools. There are probably better non-Fidelity tools out there.
student
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Joined: Fri Apr 03, 2015 6:58 am

Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by student »

Kenkat wrote: Wed Jun 12, 2024 9:23 am
student wrote: Tue Jun 11, 2024 7:45 pm
Kenkat wrote: Tue Jun 11, 2024 6:04 pm
tibbitts wrote: Tue Jun 11, 2024 5:02 pm
Kenkat wrote: Mon Jun 10, 2024 8:57 pm If you have access to Fidelity, the “for customers” version of their Retirement Planner is really helpful. There is a free version for non-customers that has fewer features as well, but I am not familiar with the differences.
I haven't experimented that much with Fidelity's tools, but I am a customer so I guess I have the full versions.

One surprising "feature" is that the Fidelity "Planner" doesn't incorporate outside accounts manually updated in Full View... but the "Retirement Planner" does. You can separately add your manually-updated accounts yet again in the Planner, but seemingly you then have to update them twice...?

I haven't seen how to model Roth conversions in the Retirement Planner - am I missing how to do that? It is reflecting IRMAA or NIIT?
I don’t believe the Fidelity Retirement Planner handles Roth conversion recommendations or modeling. They have another product which I believe is called something like Retirement Income Planner which is meant for post retirement. I believe it does address Roth conversions. I tried the tool briefly but didn’t find it particularly useful as I had my own retirement income strategy already set - so it was a lot of me choosing to ignore it’s recommendations :happy
I was not aware of this tool so I played with it after seeing your post. Maybe I did something wrong, I do not see any Roth conversion analysis. It just gave me a suggestion of buying annuity.
It is possible that I was thinking of a different, possibly non-Fidelity tool as I tried a few different calculators in settling on my retirement readiness and strategy. I did not spend a lot of time of Roth conversion strategy as pre-social security I have just chosen to convert up to the top of the 12% bracket for now; that seems like mostly a “no brainer”.
Thanks for the reply.
CycloRista
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Joined: Sun Feb 16, 2020 10:53 am

Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by CycloRista »

Check if your employer offers free retirement planning services.

Mine offers lifetime services for all employees through https://www.transitionsrbg.com/

I've been impressed with their depth of knowledge in one-on-one "by appointment" retirement, benefits continuity, Social Security and RMD planning. They also have more generic seminars which were not all that helpful since I'm ahead of the curve on the planning side at least (having read many books, blogs, etc. over the years).
WorkToLive
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by WorkToLive »

It’s not paid but have you considered RPM offered by a Bogleheads through a spreadsheet?

It has everything you’re looking for.
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SmileyFace
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by SmileyFace »

stingray777 wrote: Mon Jun 10, 2024 8:39 pm I am supposed to get $1500, but I hear they will run out in 2035 (so that it will be much less.) How can I look at it? Should I ignore SS as though it does not exist?
Don't listen to the "run out" hype. I remember hearing 35 years ago that it was supposedly going to run out 20 years ago. You should plan using your estimates. Fake news then and fake news now.
gavinsiu
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by gavinsiu »

SmileyFace wrote: Thu Jun 13, 2024 6:25 am Don't listen to the "run out" hype. I remember hearing 35 years ago that it was supposedly going to run out 20 years ago. You should plan using your estimates. Fake news then and fake news now.
One common misconception is that when the benefits run out, it will be empty and no one will have SS. In general, it means benefits will likely be reduce if nothing is done. There are a number of possible fixes, but it is likely due to human nature that the can will be kicked down the road for a while.
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SmileyFace
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by SmileyFace »

gavinsiu wrote: Thu Jun 13, 2024 10:02 am
SmileyFace wrote: Thu Jun 13, 2024 6:25 am Don't listen to the "run out" hype. I remember hearing 35 years ago that it was supposedly going to run out 20 years ago. You should plan using your estimates. Fake news then and fake news now.
One common misconception is that when the benefits run out, it will be empty and no one will have SS. In general, it means benefits will likely be reduce if nothing is done. There are a number of possible fixes, but it is likely due to human nature that the can will be kicked down the road for a while.
It's not worth speculating on and we can't discuss much more without getting into politics.
Main point here is not to believe the never ending noise about the plan going away (nor would I even imagine ANY reduction for someone 15 years away).
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hand
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Re: Still have 15 yrs till retirement. Any suggestion for paid calculator or planning software?

Post by hand »

stingray777 wrote: Mon Jun 10, 2024 8:39 pm [Topic is now in Personal Finance (Not Investing) - mod mkc]

I still have 15 years until retirement, and I was a very late starter. To maximize my nest egg, should I use a paid calculator or planning software? I don't mind spending $100ish if it is one time (and if I can keep using it.)
I'm not what value a calculator would add for you - if you're a late starter with 15 years to go, the answer is undoubtedly to save as much as you can now and in years to come.
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