No.
Wife was in finance. I deferred all decision.
It's better that way. 😃
Edit: analysis. She does the numbers.
N+1 is much harder on ss
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How the hell are we supposed to retire?
- Thread starter Red Mosquito
- Start date
No.
Wife was in finance. I deferred all decision.
It's better that way. 😃
Edit: analysis. She does the numbers.
N+1 is much harder on ss
GSTim
Formerly M3Tim
I didn't try it, but one of the YouTube guys that I like says this is a good basic free starting point:
Honest Math - Free and Powerful Retirement Planning Software
Honest, powerful and affordable financial planning software for everybody. Retirement calculator, portfolio analysis, Monte Carlo simulation, and unbiased personal finance insights.
www.honestmath.com
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John the Plumber
Well-Known Member
Haven't touch savings yet. My healthcare started at 59 paid by my union and at 65 Medicare is first and union insurance is 2 nd., when I retired they said it wasn't guaranteed that is why I haven't touched savings. Living off pension and SS. Seems to work for me and my wife has her own income and SS. She is carried on the unions insurance, too.
try projectionlabs, not sure if its exactly what your looking for but its a pretty feature filled website
projectionlab.com
ProjectionLab - Modern Financial & Retirement Planning Tools
Simulate your financial future. Modern financial and retirement planning tools to plan for early retirement, financial independence, and more.
projectionlab.com
While I'm hoping for a few down days, everyone can thank me for the surge in the market that is bound to happen over the next few days. We're in the middle of a 401K rollover so we have a big chunk out of the market right now.
I'm always telling my wife not to worry about a dip because you're not selling today. Whelp. Now it matters.
I'm always telling my wife not to worry about a dip because you're not selling today. Whelp. Now it matters.
Fire Lord Jim
Well-Known Member
Here's an interesting way to buy your retirement. You basically pay your parents' tax on their Roth conversion and then wait to inherit everything you neglected to save.
Pay parents tax
Pay parents tax
tonyride
Don't piss off the red guy
I like her videos. I watch them often.
de00304
Well-Known Member
I have used and subscribed to all but Pralana (note that Boldin is the same as New Retirement). I also have MaxFi and Income Labs. Of these, I like Projection Lab the best. I use a tool called Tiller to track my exact expenses in excel, and I then use that to model my going forward spend in PL. I retired this year so not much actual history to gauge, but so far it seems to track. I think I will be dropping the subscriptions on the others next year.
Look at FICalc as well - it is pretty useful and free…
Sounds like a good deal to me
i mean, they all make assumptions, and if they all made the same ones then they would all say the same thing, without a crystal ball its all just a guess in the end.
Did you watch that video I posted? He attempted to input the same info into each program yet there were wide variations in the outcome.
Yea that's my point. The assumptions are all different and changing them can make a huge difference in the end result. If you cannot control the assumptions on the backend ......
That hurt my head. I'm assuming if all the different calculators show a 95%+ success rate, that's maybe a good time to safely retire.
I'm pretty sure managing the money post retirement is way harder than just saving the money and waiting.
When and how to take out of Taxable/Roth/Non-Roth/401K/SS etc.
Ian F
Well-Known Member
My general thought on taxes is to not over-think it too much as the Govt will get a cut one way or another, but there are some things to consider - with the caveat I am not a financial advisor nor did I stay at a Holiday Inn Express last night.
When (if?) do you plan to take Social Security? That will be taxable income and whatever you withdraw from taxable sources will add to that. So the way I see it, I would withdraw from taxable sources first (401k and similar) and leave any non-taxable sources like a Roth alone until I started getting SS.
Then you start looking at the tax tables. Withdraw an amount from taxable sources that will keep you under a desired tax limit. These tend to change a bit every year, so there are no hard-fast rules. Depending on how much you have in various accounts, it can be beneficial to withdraw from the 401k and put it into the Roth accounts, but only to keep it under the tax table limits. The idea here being to withdraw from taxable sources up to a certain tax table level and then you the non-taxable sources if you need fund above that amount.
Eventually you will hit the age where you start having to do Required Distributions and pay taxes on that, but given that is a percentage amount, if you have less in the account, you'll withdraw less.
My main source of reference is my mother, who has a pension along with a fair amount in standard investment accounts (not a 401k or Roth), so she has to make quarterly estimated tax payments. Then she has to file a tax return just like everyone else. Sometimes the estimated payments are too much, sometimes too little. She generally prefers to owe every year. To her, a refund is basically lending the Govt money interest free. I am assuming that once I retire and no longer have my employer taking out withholdings, I'll have to make quarterly payments as well.
When (if?) do you plan to take Social Security? That will be taxable income and whatever you withdraw from taxable sources will add to that. So the way I see it, I would withdraw from taxable sources first (401k and similar) and leave any non-taxable sources like a Roth alone until I started getting SS.
Then you start looking at the tax tables. Withdraw an amount from taxable sources that will keep you under a desired tax limit. These tend to change a bit every year, so there are no hard-fast rules. Depending on how much you have in various accounts, it can be beneficial to withdraw from the 401k and put it into the Roth accounts, but only to keep it under the tax table limits. The idea here being to withdraw from taxable sources up to a certain tax table level and then you the non-taxable sources if you need fund above that amount.
Eventually you will hit the age where you start having to do Required Distributions and pay taxes on that, but given that is a percentage amount, if you have less in the account, you'll withdraw less.
My main source of reference is my mother, who has a pension along with a fair amount in standard investment accounts (not a 401k or Roth), so she has to make quarterly estimated tax payments. Then she has to file a tax return just like everyone else. Sometimes the estimated payments are too much, sometimes too little. She generally prefers to owe every year. To her, a refund is basically lending the Govt money interest free. I am assuming that once I retire and no longer have my employer taking out withholdings, I'll have to make quarterly payments as well.