Retirement Planner

[NitroZ7]

Just throwing this out there in case it is of interest to anyone.

I have been watching Root Financial on Youtube for awhile and they just started an Academy where you can purchase the right capital software for $300.00. Right Capital is the software many financial planners use for doing retirement analysis. Root was able to convince the software provider to make it available for non financial planners. The fee is a one time purchase fee and not a subscription. It is pretty good as you can fiddle with the numbers to see how it may affect your retirement.

[davidsa]

can you talk about the features a bit please

I had what looked like an extremely complete and complex plan done in 2022. Imagine my surprise to learn that the Fidelity platform has almost the exact same capability for free sitting in front of my eyes for decades and I never tried it. In fact, my advisor put in my numbers and goal and that got my attention. I have studied it and now trust the directional projections.

What I'm not able to make the fidelity platform do is simulate possible future portfolio's. So in other words, the analysis is on my current holdings that I tell it are in scope along with my income needs, anticpated social security, and expected time I'm no more.

[NitroZ7]

can you talk about the features a bit please

I had what looked like an extremely complete and complex plan done in 2022. Imagine my surprise to learn that the Fidelity platform has almost the exact same capability for free sitting in front of my eyes for decades and I never tried it. In fact, my advisor put in my numbers and goal and that got my attention. I have studied it and now trust the directional projections.

What I'm not able to make the fidelity platform do is simulate possible future portfolio's. So in other words, the analysis is on my current holdings that I tell it are in scope along with my income needs, anticpated social security, and expected time I'm no more.

I use the Fidelity platform as well but wanted a second opinion. This is a little more in depth since it allocates for long term care, health insurance, life insurance, education, and some other things as well as social security withdrawal strategy and some tax planning. I did the same thing you did and used Fidelity and met with a financial advisor and Fidelity was pretty much spot on with what I got from them. The one thing I do like with the software is I can do some comparison planning, like doing one withdrawal rate and comparing it with another and then looking at a difference of what I might have if I increase or decrease it. It is certainly not a necessity as Fidelity works very well but I was sort of looking at having another platform to test against what Fidelity has.

[TexomaDan]

I have been using Boldin. Yearly fee, but very flexible software. Basically, you input all of your accounts and optimistic/pessimistic returns. Software calculates taxes, expenses, withdrawal and growth rates. Can be used to optimize Roth conversions and spending rate. I recommend it for retirement planning.

[davidsa]

Basically, you input all of your accounts and optimistic/pessimistic returns. Software calculates taxes, expenses, withdrawal and growth rates. Can be used to optimize Roth conversions and spending rate.

Sounds good and appears to be what Nitro77 is going for as well. Over a few decades, I have developed my own "software" in excel that I use for the same things and they are beneficial. The ability to play what if I did x and let the result play out is helpful. The ability to know the total amount of tax I'm going to pay if I move y amount of money from IRA to Roth is also helpful.

[NitroZ7]

So I have been messing around with the planner and one really good thing is it is showing projected outflows and giving me projected tax brackets and taxes in each year of the plan so that is helpful to see what I need to allocate to taxes.

[RazorCat]

I’ve been using a free app from the AppStore for about 10 years now. It’s called RetirePlan.
You can break down every aspect of your retirement income, expenditures both large and recurring, taxes, you name it. If I keep my income, expenditures, and investment returns up-to-date RetirePlan is dead-on accurate. Once it’s setup initially you only have to update the variables a couple times a year. I actually prefer it to the Fidelity program I access thru my Wealth Management account.
May be something of interest for you.