Retirement Planning Software

[Dale00]

Any recommendations on retirement planning software?
Newretirement.com is the best free one I have found. It offers a paid upgrade level but have not tried it out yet.

Retirement planning is tangled and complicated: uncertain future tax rate increases, required minimum distributions (RMDs) from traditional IRAs, IRMAA medicare rate increases and the widow's tax trap. Some would recommend hiring a financial planner but that is not without drawbacks.

 

[Chief Sapulpa]

If you have a 401k through your employer many times those financial service companies can provide you some guidance.
From a Social Security standpoint if you can keep working and delay collecting until you reach 70 years old, do it.

 

[okcBob]

Any recommendations on retirement planning software?
Newretirement.com is the best free one I have found. It offers a paid upgrade level but have not tried it out yet.

Retirement planning is tangled and complicated: uncertain future tax rate increases, required minimum distributions (RMDs) from traditional IRAs, IRMAA medicare rate increases and the widow's tax trap. Some would recommend hiring a financial planner but that is not without drawbacks.

Never used any. Retired last year & living off SS & pensions as cash flows, not using 401k’s or IRA’s yet. When I hit 70.5, i will then have to take annual minimum distributions. My brokerage’s will calculate that amount & transfer it to my checking acct.

 

[Chief Sapulpa]

Never used any. Retired last year & living off SS & pensions as cash flows, not using 401k’s or IRA’s yet. When I hit 70.5, they will then have to take annual minimum distributions. My brokerage’s will calculate that amount & transfer it to my checking acct.

Trump changed the age to take RMDs up to 72.
Retirement Plan and IRA Required Minimum Distributions FAQs | Internal Revenue Service
You can reinvest the RMD funds if you don’t need them to live on.

 

[Mr.Glock]

Do the math on drawing your SS at your eligibility date and at 70. You will find that most likely before you would lose any money drawing it the earliest you’d have to live well up in your 90’s.

Mine was a small loss starting at 97 years old, no way in hell I would live that long. So advice on waiting is erroneous for most. We started at 62 on day one, actually you start in on filing at 6 months before 62.

 

[OHJEEZE]

From a Social Security standpoint if you can keep working and delay collecting until you reach 70 years old, do it.

Bad advice in my opinion!

Everyone thinking about how they will take their socialist security should read this!

The bigger dollar amount offered for waiting is a dangling carrot, tempting you to wait to collect, while they hope you die sooner rather than later!

If you can afford it, get while the getting is good!

Take the money and run! Asap!

 

[okcBob]

General rule of thumb: I think the SS break even point between taking it at 62 (early retirement) vs 67 (full retirement) is around 81 yrs old. So, if you are healthy & without a lot of comorbidities, wait until 67. If you are not in good health &/or have some comorbidities and don’t expect to live well past 81, then take it at 62.
I took SS at full retirement because I worked until 67, was healthy, & didn’t need the $$. We’ll see if I make it to 81 to the break even point. I’m in a fiscally good position so it wasnt a tough decision to wait until 67.

 

[FRISKY]

Because of inflation the money you would get at age 62 is worth more than what you would get five years later, and much more than ten years later. If you can invest SS money from age 62 the interest will more than make up for the difference of waiting, but at the same time, inflation will eat up the added amount from SS and interest.

Will SS still be available in five or ten years?

There is a chance the economy will crash or there will be an EMP, CME, war or change of politics that will kill SS for everyone.

 

[jakeman]

Do the math on drawing your SS at your eligibility date and at 70. You will find that most likely before you would lose any money drawing it the earliest you’d have to live well up in your 90’s.

Mine was a small loss starting at 97 years old, no way in hell I would live that long. So advice on waiting is erroneous for most. We started at 62 on day one, actually you start in on filing at 6 months before 62.

Bad advice in my opinion!

Everyone thinking about how they will take their socialist security should read this!

View attachment 424770

The bigger dollar amount offered for waiting is a dangling carrot, tempting you to wait to collect, while they hope you die sooner rather than later!

If you can afford it, get while the getting is good!

Take the money and run! Asap!

Best SS advice to be found in this thread is right ^ there. I’ve done the math. Unless you think you’re gonna live a long time, take it as early as it makes sense.

I’m going to build a few more houses and do some more consulting work, or I’d be taking mine at 62. Regardless if I had needed it or not I was planning on drawing it at 62. Any financial adviser that tells you to wait because it’s going to be so much more is giving you horrible advice.

I would imagine your work place 401k program has a tool. Mine was with Fidelity and they had a very nice tool that was fun to play with, but I wouldn’t advise you to put much trust in them.

I chose not to use Fidelity or couple of others I interviewed, and went with Baird. All of them presented me with a detailed plan in an effort to convince me to put my money with them, but my guy at Baird had the best plan and I liked him and his people best. I’d be surprised if you couldn’t get someone to work you a generic starting plan for free if you provide them with your balances & whatnot.

 

[foghorn918]

I did the math on my SS and I would have to live beyond 80 for me to have received more money out of the system versus taking at 65 or waiting. None of the men in my family have ever lived to 80, so I took mine at 65 plus my medicare premiums come out of it instead of having to come up with quarterly payments for it.