Thanks Trent! Great information. New Retirement has been so helpful in running Roth Conversion scenarios and getting a good handle on the long term impact and short term costs.
Good Video Trent. Maybe one way for users to see the difference between their taxes between plans is to download the data to a spreadsheet and cut and paste those two lines out between the two Scenarios and they could put one over the other to get the data rather than type it all out by year.
Good video Trent!. Besides the curves/graphs, can NR show you in a tabulated form how much to withdraw out of each account (taxable, tax-deferred and tax-free) each year in order to meet your cash flow needs in a tax-efficient manner ?
I’ve only used NR a week or so, haven’t seen an easy way to find Roth conversions amounts that take my income up to the limit of 22% or 24% etc, seems like that would be easy to implement? It seems like you have to put in a lot of individual conversion-years, lots of data entry to get to the limit - and seems like you should be able to just say ‘50k Roth conversion for 6 years’, and not 6 separate entries… Great vids!
Hi Steve, I agree, there is room for improvement on this area as it's currently a bit manual in the Planner+ program. Have you tried their simple Roth conversion calculator for this? It should help: www.newretirement.com/retirement/roth-conversion-calculator/
In the current version, this is simple to do. You use "Explorers -> Roth Conversion Explorer" and choose "Tax Bracket Limit". After choosing the particular limit, you can see the optimized plan. From that, there's an "Apply to scenario" button that will clear out any other Roth conversion, and create all the conversions under the "Money Flows" area.
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Thanks Trent! Great information. New Retirement has been so helpful in running Roth Conversion scenarios and getting a good handle on the long term impact and short term costs.
Sure thing Larry! Thanks for the feedback.
Thanks for an informative video for NewRetirement software. I use it often and look forward to joining The Retirement Planning Club.
We'd be happy to welcome you to the Community. Thanks for the comment.
Good Video Trent. Maybe one way for users to see the difference between their taxes between plans is to download the data to a spreadsheet and cut and paste those two lines out between the two Scenarios and they could put one over the other to get the data rather than type it all out by year.
That works too! Thanks for sharing.
Good video Trent!. Besides the curves/graphs, can NR show you in a tabulated form how much to withdraw out of each account (taxable, tax-deferred and tax-free) each year in order to meet your cash flow needs in a tax-efficient manner ?
Very helpful Trent, thank you.
I’ve only used NR a week or so, haven’t seen an easy way to find Roth conversions amounts that take my income up to the limit of 22% or 24% etc, seems like that would be easy to implement? It seems like you have to put in a lot of individual conversion-years, lots of data entry to get to the limit - and seems like you should be able to just say ‘50k Roth conversion for 6 years’, and not 6 separate entries… Great vids!
Hi Steve, I agree, there is room for improvement on this area as it's currently a bit manual in the Planner+ program. Have you tried their simple Roth conversion calculator for this? It should help: www.newretirement.com/retirement/roth-conversion-calculator/
In the current version, this is simple to do. You use "Explorers -> Roth Conversion Explorer" and choose "Tax Bracket Limit". After choosing the particular limit, you can see the optimized plan. From that, there's an "Apply to scenario" button that will clear out any other Roth conversion, and create all the conversions under the "Money Flows" area.