I investigated Boldin/Ne Retirement recently in the hope of using it to optimize my order of withdrawals and recommend possible Roth conversions for me and my wife in retirement. If the software does more, fine but I need it to do that. Boldin does not seem to allow this--according to the Boldin support. I don't need to monitor expenses, nor do I need help in calculating how much to withdraw per year. Just from where.
So what I need is a way to enter my account balances (multiple IRAs, inherited IRAs, taxable accounts, MYGAs) 3-4 times per year-- I don't want to connect my Vanguard and MYGA accounts directly. And enter teh amount I want to withdraw per year. And to see if I would benefit from a current Roth Conversion to lessen my tax burden in the future when SS (at 70 for me) and RMDs kick in later in my and my wife's life and 2. get recommendations on which accounts to draw from in a nonTraditional order so I can use up IRA money earlier in my retirement to lessen RMDs later and still stay in a lower current tax bracket.
So really just the withdrawal recommendations for tax optimization--both via possible Roth conversions and spending down IRA money early and keeping in lower tax bracket. Say for example keeping Cap gains tax in 0% bracket as much as possible while staying in the 12% bracket filling up as much of it as possible with ordinary income from IRA in addition to cap gains from taxable account. I don't mind if the software does more. But not less. I don't mind paying a reasonable amount for a subscription.
For example, I put in I want to pull out $160000 for a year. I input all my accounts. And then get recommendation for from where to withdraw it. Sort of like i-ORP did.
Finace software for layperson to help optimize retirement taxes
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Re: Finace software for layperson to help optimize retirement taxes
if you have a fidelity account I believe you can use this tool:
Retirement Strategies Tax Estimator
1. i would have one IRA rather than multiple IRAs unless there's a good reason not to.
2. I would look at the inherited IRA and if you're under the 10 year rule figure how much to take out of that and when. Are you going to spread evenly over 10 years or is it more favorable to take out later if/when income is lower, etc?
Retirement Strategies Tax Estimator
does that help?Many investors use tax planning strategies in a retirement income plan, both before and during retirement. Strategies include:
Converting traditional IRA assets to a Roth IRA
Planning charitable giving amounts
Targeting withdrawals by account type
1. i would have one IRA rather than multiple IRAs unless there's a good reason not to.
2. I would look at the inherited IRA and if you're under the 10 year rule figure how much to take out of that and when. Are you going to spread evenly over 10 years or is it more favorable to take out later if/when income is lower, etc?
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Re: Finace software for layperson to help optimize retirement taxes
Pralana has an "optimize withdrawal strategy" function. I don't think it focuses on taxes so much as optimizing the total portfolio size, which is probably your goal.
Re: Finace software for layperson to help optimize retirement taxes
You may know this, but Boldin does allow you to customize your order of withdrawals- so that you can try different withdrawal orders and see which leads to the best outcome.
Gasdoc
Gasdoc
Re: Finace software for layperson to help optimize retirement taxes
Pralana has an excellent tax module, has a Roth Optimizer, and a withdrawal order optimizer. The withdrawal order optimizer looks at two time periods simultaneously, but is all or none, it won't tell you to pull some from this account and some from that account in the same year. My guess is it will tell you that your plan to mostly empty your IRA early is not a good one, Roth Conversions will be better and spending from taxable instead of your IRA reduces tax drag. Pralana will make an estimate of capital gains taxes when you sell assets, that is often ignored by simpler programs, yet it can act as a significant drawback to Roth Conversions.Tom_T wrote: Mon Feb 03, 2025 6:50 pm Pralana has an "optimize withdrawal strategy" function. I don't think it focuses on taxes so much as optimizing the total portfolio size, which is probably your goal.
Pralana is limited to one inherited IRA per spouse.
Pralana allows you to hold different allocations in different accounts (use Advanced Portfolio Modeling-Mode 2), most programs will go haywire and recommend too many Roth Conversions if you try to tell it to hold bonds in tax deferred.