Here's the article with more details on the retirement planners mentioned in the video: robberger.com/best-retirement-calculators/

@Paul-jp8zz

2 ай бұрын

Are you aware of any tools that incorporate cash value whole life insurance for retirement income as well?

Ive tried a number of Retirement Calculators. Just a tiny adjustment to one of the variables (stock market return for example), and the final result can be up or down a $million. Big difference. On a positive note, the calculator will teach you about the miracle of compound growth.

@honest_math

2 жыл бұрын

You’re absolutely correct. I’d encourage you to use tools that take a more thoughtful approach to this type of analysis. 😉

@TheSilvercue

28 күн бұрын

Exactly what I say after using these tools

Love this video. Think it's important to add a distinction as to which retirement calculators use an assumed or estimated tax rate and which ones take into account the type of accounts you have (IRA vs non IRA for example) and calculate taxes based on your actual sources of cash flow. Assumed rates can be significantly different than reality for retirees all depending on the types of savings and sources of cash they have.

Rob, absolutely love your videos and straight forward method of review/teaching. I saw this mentioned in the comments below but a review on Portfolio Visualizer would be helpful. There is a free version and allows the user to run Monte Carlo simulations changing their tax, spending, inflation etc against different portfolios built with different asset class construction. That's something I think all these miss. New Retirement has Monte Carlo but no inputs to optimize your portfolio for your needs. This is a HUGE miss of the planning process in my opinion. Thanks again for what you do. I think the more folks we have talking about how they handle retirement planning the better!!

For next video you might want to include The Complete Retirement Planner - makes it easy to create a comprehensive financial plan and one of the best retirement planning tools out there (per U.S. News & World Report).

@wjb111

9 ай бұрын

Looking to purchase either New Retirement software or The Complete Retirement Planner. TCRP has worked well for you? Thanks.

I recently discovered you. Your advice is the best I’ve ever heard online. Thank you for this clip. I’m kind of a do it yourselfer So I’ll use one of the software packages. I tried the Personal Capital and it is good .They were not as helpful w my questions as they were at marketing their services to me. I will pay for New Retirement and try it.

@johnbankston72

2 ай бұрын

Did you try New Retirement and if so, how did you like it?

I am trying to sign up for the Personal Capital site, but it won't let me go any further unless I link an account. I DON'T WANT TO LINK ANY ACCOUNT. So it's useless to me right now.

I learned about New Retirement from your website article and signed up for the premium access. It’s a very pretty tool but there are a lot of aspects of it that are very frustrating. For starters it’s the only tool I’ve seen that focuses on future value. I understand that money is inflated in the future but it’s hard to grasp how much $8M is in 2074, today. Yes I can run a reverse calculation but the whole program is setup that way. Future income, savings, expenses are all inflated. It’s confusing to see I’ll have $350k in expenses when I am 70 then have to remind myself that it’s really $90k or something. It also models, at least for me, a 2-5 period near my wife’s end of life where she suddenly is millions of dollars short but then has our estate ending with $10M. Why wouldn’t it use the massive amount left in the estate to pay the shortage? I really wish there was a future value toggle.

Excellent Rob - As usual clear, concise, and to the point. I believe everyone should utilize at least two planners/claculators. I use two in addition to being a Vanguard Flagship member.

The current, best method now being touted is “dynamic withdrawal”. You don’t just run some numbers once before you retire, come up with say 4%, and maintain that rate forever. You are continuously changing your withdrawal rate based on market, financial and lifestyle changes. These types of software makes it possible to keep inputting revised numbers on a regular basis, and make withdrawal modifications as needed.

Another free tool is the Flexible Retirement Planner. You can enter inflation rates, return rates, sources of income in retirement (SS, part time job, etc.), and enter your investing style, or a custom style. Very good for free!

@charlesbyrneShowComments4all

4 ай бұрын

Thank you. It looks like a worthwhile download.

Rob-I'm very disappointed that Empower insists on having a new user link their brokerage accounts by asking for usernames and passwords. Truly wrong. BIG thumbs down. Thanks for your efforts and sharing. Thumbs up.

@user-vs3jj5wn3y

Ай бұрын

Yikes. Not happening.

Really appreciate the breakdown. I have been very happy with personal capital overall. New Retirement is one I have been playing with the free version for a few months and may end up utilizing the paid version soon. I am mapping out a FIRE scenario from around 35 years old. Would very much appreciate your insight as you go deeper into the planners on how valuable they might be for early retirees.

@rob_berger

2 жыл бұрын

I'm working on detailed demos for both New Retirement and OnTrajectory.

@FIRED13

2 жыл бұрын

@@rob_berger are you working on one for Early Retirees also?

@margitvonsaalfeld3471

Жыл бұрын

@@rob_berger Have you done the one for New Retirement yet? I cannot find it. Thank you so much

Thank you Rob for these great retirement tools what a cost saver. I was fixated on Rightcapital which is not for a novice person. Personal Capital was simple to link accounts it took me like 15 minutes to link 5 accounts.

Rob, your channel has been incredibly helpful and informative. Many thanks for providing this content. I'm trying to figure out if you've done any videos discussing small cap tilting (blend or value) versus a total market portfolio?

@rob_berger

2 жыл бұрын

Thank you! Not specifically, although I've talked about a 6-fund portfolio that would include small cap. I'll add a video on small/value to my list of future topics.

@ligmasachs9179

2 жыл бұрын

Rational Reminder podcast/Ben Felix Common Sense investing has some really great and informative factor content.

Thank you for the excellent content Rob. Questions: 1. Have you tested or reviewed Wealthtrace? Have you reviewed or tested Pralana Gold for retirement planning. Both are software that get referred to among the Boglehead community. More chatter is related to Prallana Gold. I'd be very curious as to what your input would be on these programs. Thank you, sir.

Personal Capitol required me to link at least one account. I am not comfortable with that.

@joyjoy534

2 жыл бұрын

Exactly, and PC sells your info to third party as well. Not sure why this channel promo PC, maybe he is getting pay for it, I would be careful with youtubers not disclosing their relationship with what they are promoting.

@monzav8

2 жыл бұрын

Yeah I saw that and stopped registration at that point. Then PC called me 😡

@joefloyd6606

Жыл бұрын

I agree, not linking my accounts with some unknown entity. A breach and there goes your retirement.

@jpturner171

Жыл бұрын

Agreed

@adamloughran

Жыл бұрын

Plaid is used by millions of people and it's pretty difficult to plan for retirement dynamically without linking your retirement accounts.

I enjoyed your video as I'm looking for a good retirement planner and these all look interesting. The only thing I wish you had included was how much each of these options cost. Do you buy them outright or are they a monthly fee to use? I know there are links in the description, but the first one I checked on didn't give a price without inputting my email address, etc and I really don't want to do that - I'd just like to know the price before I shop further. Could you, or anyone else using these reply and let me know the cost of these various options?

Hello Rob, You may want to do a review of wealthtrace another DIY detailed retirement planner. Since you have done a fantastic job in analyzing these you may add that to the list so that the viewers knows what wealthtrace bring to the table,

I recently found your videos and think they are very well done and thought provoking. I’m especially interested in asset allocation in retirement (equity vs bonds), but curious if the calculator projections take into account the recent under performance in bonds when evaluating the right future allocation returns. With current bond yields so low and interest rates only having one way to go, it’s hard to justify the role bonds play in future returns.

Best calculator for net worth post retirement is portfolio visualizer with its Monte Carlo Simulation. Only calculator that allows input of portfolio allocation, tax consequences with withdrawal. Also allows input of most of the proprietary portfolio allocations- Dalio, Buffett, 60/40, 40/60 etc etc. Also you mention 8% returns as unrealistic to input into calculations. Last week you were inputting 9% into calculations to obtain $1million from credit card rebates invested. Unrealistic? You betcha!

This was a fantastic review...thank you

Rob very informative channel. I also use personal capital and I’m fortunate to have a 2milliion portfolio. When I do retire Personal capital’s planning is allowing me to pull at 7% ($156,000) to the age of 90. It’s appears to be way too generous.

@majorgear1021

9 ай бұрын

Why not 100% ?

How do you manually input your amount with Capital without brokerage account info?

Is New Retirement useful for a Canadian user? If not, what do you suggest? Thanks for all the good info you share in these videos.

thanks!

I just found your channel recently and I've been watching it a lot, I'm curious on what is it you do for a living other than KZread?

@kw7292

2 жыл бұрын

Read his bio, interesting

Thanks Rob

Can you make a video explaining VTI vs VTSAX? Please I'm going to begin my ROTH soon and would value your opinion. Thank you.

@rob_berger

2 жыл бұрын

Well, the are basically the same thing, with VTI being an ETF and VTSAX a mutual fund. If I were buying them through Vanguard, I generally go with the mutual fund to avoid the premium /discounts of an ETF. If I were buying at another brokerage, I'd go with the ETF to avoid fees. That said, with these types of funds that are highly traded, it doesn't much matter in my opinion.

@manny413

2 жыл бұрын

@@rob_berger Thanks for the reply! But is there a higher risk with mutual funds being actively managed and changed by someone? I only ask since people like Warren Buffet constantly say that you can’t beat the market I don’t see why I wouldn’t want a passively managed ETF rather than an actively managed mutual fund. I’d appreciate your input on that. Thank you so much

Hi Rob, I am a regulær followers of your Channel. Can you please do a video with 3 or 4 fund etf retirement portfolio for investors in Europe.

@rob_berger

2 жыл бұрын

I will. Until then, this resource may be helpful: www.bogleheads.org/wiki/EU_investing

Just entered data into the Personal Capital planner. Only real question is the Retirement Income spending a post-tax number? Does not really say. I tried moving the tax rate around but it did not make a real difference. I know what I spend monthly just need to know if I need to just enter it or bump it up by 20% to cover taxes.

I noticed personal capital considers anything above 90% as being in "good shape". How low would you be comfortable going for a percentage of success based on the simulation? Do you think 85% is too low?

@Vitlaus

2 жыл бұрын

I’m comfortable with 80% - whenever it goes higher, I’ll increase the inflation rate, or I’ll extend my lifespan.

I tried Personal Capital but I like New Retirement better.

Rob, I'm very late to the party, but thought I would leave my thoughts after having tried Personal Capital, New Retirement, On Trajectory and, (not reviewed) MaxiFi. If you put video's together on New Retirement and On Trajectory, my opinions may change, but here are my thoughts... (1) Personal Capital is free, easy, automated, but high level and leaves me wondering if I missed anything (you get what you pay for...). But I really like the interface and use it as a proxy for retirement. (2) New Retirement: ambitious & attractive output, but difficult to set up. The platform couldn't load my 3rd 529 account for some reason, though it was from the same plan as the other two. I didn't like the layout of the accounts (would be nice to segregate these by cash, retirement, education, etc...). Overall, not sure why they charge $120 per year. Canceled my free trial within an hour. (3) On Trajectory: VERY glitchy. Gave up after spending 30 mins setting up. Want to link more than one account at an institution? You'll need to "re-apply" for every single account. It's onerous and unnecessary. Also, they want more $$$ if you link more than 2 accounts. Not worth the money and trouble. (4) MaxiFi: Lots of detail that needs to be loaded. $120 investment. BUT, the most thorough of any of the aforementioned platforms, and recommends ways to maximize your retirement income. Interface is not attractive, but I'm not in the market for a pretty graph. Just want to know where I might land ___ years from now.

@HB-yq8gy

2 жыл бұрын

I see a lot CFPs use right capital planning but geared to the pros & cost $100 per month!

Excellent video, very helpful. Will you be doing a review of Maxifi?

Hello Mr Berger, I'm at the beginning of your "5 Best...Planners" blog. Are any of the products you are evaluating available as a downloadable and subsequently available as web free software in case the companies discontinue doing business or their annual cost becomes prohibitive? Thank You, Daniel

it appears the personal capital planner accepts anything but linked accounts. I am not ready to do that yet. Do you know if there is a workaround for this apparent limitation of this free tool?

Hi Rob , thank you for your videos. I look forward to your videos. I bought 3 funds VOO ,VTI , VYM . I know they overlap . Which fund should I get rid off.

@rob_berger

2 жыл бұрын

Well, VOO and VTI probably overlap the most of the three.

@sd0753

2 жыл бұрын

Check out the annual return of VOO and VTI. VTI ever so slightly outperforms VOO (In most years) and is more diverse. I had SPY (the same as VOO) and sold it to buy VTI.

Take a look at the retirement budget calculator

It looks like Personal Capital has recently changed. They will not let me do anything at the site without first linking an account.

@joyjoy534

2 жыл бұрын

Best to stay away from PC. They will also spam call and email you now.

One question I have on Personal Capital is with the retirement spending. If I enter 120,000 annual spending, does that take into account social security or is that all coming from my retirement accounts. If I expect $30,000 per year from social security, would I be taking 90,000 our of my retirement or would that give me 150,000 total spending for the year?

@rob_berger

2 жыл бұрын

They allow you to enter income and spending separately. So you would have one income item for social security and then a separate spending item for your annual spending.

Personal Capital is now called Empower....and they require you to link an account. I could not opt out. There isn't any way any of these tools will get me link an account. Might be time for you to do an update on these types of tools, if you haven't already. I paid for New Retirement and I find it confusing without a lot of explanation in the tool to tell me how data in one area might be pulled into another. I attended what I thought was a how to class....but it ended up being a question and answer session for others who are already deep into the tool. Not for a beginner, where I might need a little more hand holding to get the info in there and explanation as to if I put it in one spot, I don't have to put it in again in another. I am a bit chagrined I paid $100 for this....and I would have to pay a person to walk me through the tool again. Money kinda wasted.

@davidweden1413

2 ай бұрын

I had the same problem! I'm guessing 99% of the people that Rob is referring to Empower don't want to do this, and hence never get into the system. If Rob is reading this, you might want to update your video to remove Empower altogether. I have been playing with the free version of NewRetirement, which seems decent, but many functions are not available in the free version.

What about projection lab

Unfortunately, I cannot get through personal capital without linking accounts. After trying to link one account and failing, then it let me log in. So it can be done but they don't make it easy to DIY portfolio.

For Personal Capital, you have to link at least one account to use the tool. So *free* if you are willing to do that. Can't use the tool otherwise.

@rob_berger

2 жыл бұрын

If you link the account and then unlink it, you should be fine. That's worked for me with the demo account I use on the show.

@user-vs3jj5wn3y

Ай бұрын

​@rob_berger I recently retired after being in IT for a broker-dealer for 37+ years. If they have any kind of audit trail -- and they should-- then once you've linked your account, they've got the info in their history audit trail. If you're going to do this, you'd do well to change the password on your account every single time. Love your channel BTW. Thanks for all the excellent advice.

Personal capital is not free. They take up your time with a required consultation meeting

does any of these softwares work for Canadians? integrated registered account options, tax rates, etc

I guess I’m a little confused about personal capital. The software doesn’t allow you to input your monthly payments on debts (I guess unless you link the accounts you use to make those payments). Which I’m not willing to do at this point. And the “retirement planning” section doesn’t appear to have any capability to handle Roth conversions and the tax consequences of conversions. Please point out if I’m wrong. Thanks for your time.

@rob_berger

2 жыл бұрын

I do think you need to link bank accounts to track cashflows, including debt payments. If you want to enter transactions manually, Quicken is probably a better option. And if you want to model roth conversions, New Retirement is a better option.

Hi Rob, I just started watching your videos and they've been extremely helpful! Are you from Ohio? Just asking because I saw an Ohio State Buckeyes cap in one of your videos. I'm from southeastern Ohio. Anyway, is there a video where you talk about standard deviation and what a good standard deviation is? In other words, what is the range?

@rob_berger

2 жыл бұрын

Always glad to hear from another Buckeye! I've talked about standard deviation in videos, but no video dedicated to that topic. I don't really see it as a good or bad factor. The real question is volatility (which is what standard deviation measures) compared to expected return. Stocks have high volatility, but we accept that b/c of the higher expected return. But I can certainly cover this in future videos.

It is a shame that these are all US focussed. Is anyone aware of some good similar software for anyone in the UK (or which allows other countries including the UK or other European countries)?

Do any retirement calculators or planners use actual IRA RMD calculations rather than just a flat percentage withdrawals?

@jimml1938

2 жыл бұрын

Pralana Gold handles RMDs correctly.

@stephenchen2098

2 жыл бұрын

NewRetirement does personal RMD calculations, Federal & State tax modeling and calculates your estimated healthcare costs based on your location and any pre-existing conditions (among other things).

@majorgear1021

9 ай бұрын

@@stephenchen2098oh dang. I’m moving overseas in retirement. so the calculations will be off

NewRetirement does have robust tools, however some of what you showed is not in the free version.

@johnbankston72

2 ай бұрын

He states at the beginning of the video it’s not free.

Love your videos! but how do you toggle between yourself and the screen like that? Please share your secret!

@rob_berger

2 жыл бұрын

I use the Roland VR-1HD video streamer. amzn.to/3CuDJ4e

@Funancialism

2 жыл бұрын

@@rob_berger Sweet, thank you so much!!! That's at least 5 VTIs!!!

There's a gaping flaw in almost all the retirement planners - they assume you are in the USA! There must be a huge market out there for non-country-specific Retirement Planners that don't make the whole bunch of assumptions that most do around people having 401K's, US tax structures, etc etc etc. Personal Capital won't even let you sign up without a USA-based phone number.

@stephenchen2098

2 жыл бұрын

NewRetirement is planning to support international users in the future. We have non-US folks today, but we do use US tax rates and US benefit programs (SS and Medicare) today - we'll make those configurable in the future.

@thehappyskeptic

2 жыл бұрын

@@stephenchen2098 Great to hear - I already signed up an NR account and tried to improvise a solution by 'fudging' some of the options, but the results came in way out of whack with reality. I don't envy the task of modifying for different markets, it's not just taxation that's different, it's lots of other underlying assumptions e.g. here in NZ we have universal healthcare & universal pensions but most also save into retirement savings schemes and many (incl us) have private healthcare insurance for elective procedures only, so there's a large array of different levers. And the big difference for investment is no capital gains tax to factor in.

@stephenchen2098

2 жыл бұрын

@@thehappyskeptic Yup - you may want to try Plus - you can do things like 1) itemize healthcare costs (including setting it to zero) 2) add a pension and mark it it's not taxable. 3) if you set the cost basis at your current value - we won't forecast cap gains taxes.

Personal Capital wants a bunch of personal info and makes you meet with a financial advisor. Avoid this one..

Saving 25k making 75k is crazy?

Highly suggest you do a little more digging. Better tools are out there.

@AlexBarnes86

2 жыл бұрын

Which tools would you suggest?

@johnbankston72

2 ай бұрын

…such as?

I'm sure social security will be gone by the time I retire....

@donmountford797

2 жыл бұрын

Depending on your age, it may be good idea to plan without social security but realistically, politicians will not vote to eliminate people's social security (they may extend age, add "bend points", change inflation metrics etc)

@LarkOfTheWoods

2 жыл бұрын

Only if enough people like you sit idly by and allow that to happen. One reasonable solution would be to remove the cap on the Social Security maximum taxable earnings. Currently there is no social security tax on income over $142,800. Increasing high earners contributions to Social Security would go a long way to eliminating the short fall.

@joyjoy534

2 жыл бұрын

That's what the MSM fake news try to make you believe. SS may not be fully funded, but it will definitely not disappear. Congress can easily change the rules and keep SS fully funded, like increase the payroll tax cap. Instead of having the first $147k subject to payroll tax, it can move up to $1mil. Increase the payroll tax by another percent or up the retirement age by 1 year. These are just a few of the easy solutions to keep SS fully funded. Do some actual research instead of relying on fake news from MSM. There is a reason why only 20million millionaires in the US, most people lack the initiative to make themselves better informed.

@johnbankston72

2 ай бұрын

“If” that occurred, it would create a revolt by those who already paid into the system all their working life. I’d join the cause myself.