Retirement Planning Software

[Dale00]

Everyone's situation varies so it is a very individual choice. There are two different ways of viewing the choice:
Starting SS earlier: Fear Of Missing Out
Taking SS later: Fear Of Running Out - SS as insurance against the possibility of living a long time and using up your savings and assets.

 

[okcBob]

Agreed. It’s always a gamble because no one knows how long they will live. In my case, I was still working full time until full retirement age. So, taking it early at 62 wasn’t an option as the SS benefit is reduced even more by the SS income limit. It basically comes down to how healthy you are & your financial situation.

 

[Fr Mulcahy]

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.

Hey, thanks for the tip. I am trying it out now. I will let you know how the $120/year upgrade works out.

 

[16colt]

Speaking of Social Security -
Not sure if this has been mentioned or not, but another factor will be what your retirement plans actually are.
I plan on being a lot more busy/active at 62 than at 80+. That stated, I do believe I’ll be spending alot more money in my early retirement years as opposed to later.
That extra SS $$ will come in handy upfront!

 

[adluginb]

Have to factor in if you are still working also. If you are I think you can only make so much before it decreases what you get from SS. If you go over that amount you wont get any money from SS.

 

[okietool]

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.

Mine is a 6’ Blonde and she looks really soft.

 

[Hirschkopf]

I'm 62 and planning to work to 64 or 65 before retiring.

For the past couple of years, I've subscribed to Maxifi (financial planning software):

Smarter Personal Financial and Retirement Planning Software

It’s the only personal financial and retirement planning software powerful and accurate enough to calculate your highest sustainable living standard — starting today — with a plan to maintain and raise that amount — for life.

maxifiplanner.com

One very important personal factor impacting when to draw SS is spouse's survival benefit. That's most important if one is significantly older than the spouse and/or if your benefit is much larger based on a lifetime of much higher income.

A free planner that I've heard of before but never used is Open Social Security:

Open Social Security: Free, Open-Source Social Security Calculator

opensocialsecurity.com

A great website for financial education (a Wiki) and advice (a forum) is Bogleheads.org

 

[Dale00]

If interested in retirement planning software, here is a good look at newretirement.com

New Retirement Software - discussion and exposition by the new retirement insiders