5 Retirement Calculator Mistakes
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- Опубликовано: 1 ноя 2022
- Struggling to build your financial plan? There are FIVE easy-to-fix mistakes most people make when using retirement calculators. We’ll dive into all of them during a RUclips LIVE with Michelle Dash and Steve Chen from NewRetirement Calculator (our favorite tool to help plan your own retirement projections).
Join us at 8 PM ET/5 PM PT to walk through better planning and to ask your own questions to Michelle, and Steve and to host Joe Saul-Sehy.
To check out the calculator yourself, click here: www.stackingbenjamins.com/cal...
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Развлечения
Steve’s point on waiting to maximize your SS benefit is not for everyone. Early retirees who seek to travel, those receiving pensions, or those who don’t consider SS to be their main source of income should consider collecting at 62. My wife and I will collect over 200k in SS during the 5 years that we plan to travel the most. The extra $1500 per month that we would receive if we wait until 67 to collect will mean little in comparison to the utility we’ll get in having that $200k during our first 5 years of retirement. Plus, we won’t have to tap into as much savings during those 5 years if we take it at 62.
My scenario exactly
Most planners recommend the lower earning spouse claims at 62 and the higher earner claims at 67 or 70. I am in a similar situation and the higher SS for my wife after I (statistically) die is worth a bit of delay. I don’t need the money to support robust travel plans and if I need to dip into savings it’s not a big impact (as modeled in New Retirement and PlanVision).
I believe that every good calculator should allow you to add in extra "one off" expenses that you know will happen.
( new roof, ten years out/ new furnace 6 years out/ significant health issue, 20 years out/ new car, 10 years out/ funeral costs, 17 years out.)
New Retirement has a good tool to model those types of expenses.(not an employee, just a satisfied user)
I will have my CPP my old age. I just lost my husband so I have his CPP and when I’m 60, I will also have the survivors allowance and then when I turn 65 it changes over to GIS guaranteed income supplement and plus I have my savings.
Thank you so much for this, lots of info. I look forward to getting more into the tool, which I have subscribed to.
Where do you put inherited IRA’s? They have to be distributed in 10 years
I love newretirement software. It’s cheap and gives me peace
Love the feedback, thank you. Glad it helps give you peace!
peace is good!
Is there a good tool at there to determine how to balance your portfolio and what funds to to take out of during retirement? This is a great tool but there needs to be the basis for its performance.
I am interested in the calculator! How much is it to purchase it?
I wish New Retirement had a way to model self-insuring for long-term care with money saved in a separate investment account for that purpose. It could allow the account to be flagged for that purpose and then choose that option in the Long-Term Care choice. I do not think it is very rare for those who have looked at the cost of long-term care to consider self-funding. Using my home equity is not an option as my children need to inherit it as they intend to still live there.
I don’t think New Retirement lets you choose the account, but I believe it does factor in long term care and draw down from your cash/investment accounts until they hit zero. If doesn’t touch real estate unless you add a home sale to your plan, so it shouldn’t factor in your home you want to pass down in your long term care / overall retirement outcome.
How often are there updates to the program? Or is done on subscription anniversary date?
Updates are done often, based on CFP recommendations and user feedback.
Be nice if there was a way to model guaranteed income annuities paid from an ira.
Also, I’m from Canada so is this going to be OK for me?
A interesting extension would be to a tool that models generational wealth.
Does this work for Canada as well?
Yeah, I’m very interested in purchasing it, but is there online support to help me properly fill it in I don’t really know much about what I’m doing here
Try the trial version, see how it works for you. They have assistance and you can book an advisor session for a one-time fee to help you construct/assess your plan. One thing I wish it included is better guidance on inflation assumptions which this video addresses.
Camera seems to be out of focus, or low res.
I am very disturbed about how I change major parameters on their website, like my wife dying, and none of their outlook changes. For instance, like me needing 4 million dollars to retire. This seems weird.
The banks have been charging me 1.78%. I don’t like it far too much.
It needs a way to model inherited IRAs and their RMDs.
This feature is on our Roadmap.
Long term care falls on the surviving spouse and it needs to be discussed.
Does this tool work for Canada as well?
If you are not a US citizen, PlannerPlus may be useful for projecting a long term financial plan. There are a number of differences you'll want to be aware of. The Planner accounts for Social Security and Required Minimum Distributions as per the IRS Tax Code and does not have features for the retirement and tax regulations of other countries. There is no way to change your tax rate in the current program. However, you may try using a non taxable pension for work income and Roth Type account for your 401k. The Roth will not trigger taxes or be subject to RMDs. We hope to expand features for international users in the future, you may want to keep an eye on our newsletter and Facebook Group for updates.
A sit down to talk about expenese just paid for in the previous week, and then what you plan to spend in the next week... every week?
Way over the top. You guys must have a very variable life style. Most of us spend more or less the same things over and over again. Every month. It's good to be obsessive when there is an issue, but not so much if things are stable.
I use a budget tracking spreadsheet I track categories (Food, various bills, vacation, insurance etc and a General Purchase category for small non recurring purchases) at the end of the month I roll the totals to an annual tracking sheet. After 5 years of data I have a solid picture on what we are spending and the impact of lumpy expenses (just dropped an unplanned $12k on a new HVAC last week). I update it every two weeks when I get paid.
Waiting AI tells me I can retire.
The retirement planning tool on Fidelity it’s just as good and it’s free
I have account with Fidelity and have looked at their retirement planning tools. They don't come close to comparing. For one, Fidelity doesn't offer a Monte Carlo assessment.
They make it simple and give you three scenarios to pick from a good market average and below
@@missouri6014 Great point. If you are NOT looking for "what if" scenarios and in-depth tools to create milestones, by all means use the free ones out there (Fidelity's tool is middle-of-the-road IMO). For a great list of free calculators that just cover the basics (without tax planning, milestones, or "what if" scenarios), go to Chris Mamula's website CanIRetireYet.com. He has a huge list of calculators that are free. - joe
Incorrect. I've had my work plan with fidelity for 25 years. I purchased NewRetirement for a good reason. Or for many good reasons I should say.
@@ivanvarykino8202
Did you use the Fidelity planner on their website
I use it all the time and it’s fine