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Old 04-18-2016, 10:50 AM
 
58 posts, read 41,606 times
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Quote:
Originally Posted by mathjak107 View Post
a true retirement calculator tells you what you need to reduce spending to . it does not tell you how much more you need to invest with their firm .
Of the many very good points you made, I like this one the best: once you get into the retirement window, I firmly believe controlling expenses is a hugely underrated part of retirement planning and a good calculator should assist you with matching your expenses to your likely income.
Quote:
Originally Posted by mathjak107 View Post
if a tool is being used , shouldn't you at least understand what it is showing you ?
Another very good point. I would add that in my view it is important not to take a snapshot and regard that as your final answer. The calculator you use needs to allow you to update and track your data and ideally should provide an early warning if you are likely to run out of savings.
Quote:
Originally Posted by mathjak107 View Post
that is why i say there are marketing tools and then their are actual calculators
Absolutely agree - and my problem with most of them aside from the marketing aspect is they do not save your data, so you have to go through the entire process every time you want an update - which provides a disincentive for people to performs regular updates and checks on how they are tracking.
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Old 04-18-2016, 10:53 AM
 
Location: NC Piedmont
3,911 posts, read 2,876,213 times
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Quote:
Originally Posted by Maple47 View Post
What is "RIP"? Internet does not return anything useful for this abbreviation...
I think it is Retirement Income Plan.
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Old 04-18-2016, 10:57 AM
 
Location: Haiku
4,056 posts, read 2,568,125 times
Reputation: 5975
RIP = retirement income planner
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Old 04-18-2016, 11:59 AM
 
71,467 posts, read 71,652,652 times
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Quote:
Originally Posted by Maple47 View Post
Another useful thing for a RIP is to model different withdrawal methods. Most RIP tools assume a constant withdrawal (adjusted for inflation) but there are more sophisticated schemes that give better results, like variable percentage and glide path. I ended up writing my own RIP tool just so I could test different withdrawal schemes. It is interesting stuff. (We follow Guyton-Klinger withdrawal method)


What is "RIP"? Internet does not return anything useful for this abbreviation...
retirement income planner
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Old 04-18-2016, 12:01 PM
 
71,467 posts, read 71,652,652 times
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Quote:
Originally Posted by RetireGuy View Post
Of the many very good points you made, I like this one the best: once you get into the retirement window, I firmly believe controlling expenses is a hugely underrated part of retirement planning and a good calculator should assist you with matching your expenses to your likely income.

Another very good point. I would add that in my view it is important not to take a snapshot and regard that as your final answer. The calculator you use needs to allow you to update and track your data and ideally should provide an early warning if you are likely to run out of savings.

Absolutely agree - and my problem with most of them aside from the marketing aspect is they do not save your data, so you have to go through the entire process every time you want an update - which provides a disincentive for people to performs regular updates and checks on how they are tracking.
fidelity's planner generates and saves a very very detailed analysis . it works in real time off your actual account info .
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Old 04-18-2016, 12:05 PM
 
71,467 posts, read 71,652,652 times
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Quote:
Originally Posted by Maple47 View Post
Another useful thing for a RIP is to model different withdrawal methods. Most RIP tools assume a constant withdrawal (adjusted for inflation) but there are more sophisticated schemes that give better results, like variable percentage and glide path. I ended up writing my own RIP tool just so I could test different withdrawal schemes. It is interesting stuff. (We follow Guyton-Klinger withdrawal method)


What is "RIP"? Internet does not return anything useful for this abbreviation...
many variable methods are only variable after the initial opening volley . the retirement calculators are designed to get you to the gate of retirement with a ball park safe withdrawal rate number .

after year one that amount can float by any number of methods but the back testing is based on the same trinity study type data .

so in my case the fidelity rip planner and firecalc set my opening goal posts . from that point on the following years are dynamic based on each years opening balance .

i use bob clyatts 95/5 method
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Old 04-18-2016, 01:09 PM
 
30,064 posts, read 47,304,581 times
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This link is to fairly recent article on Michael Kitces's site
https://www.kitces.com/blog/best-ret...de8b8-57085093
Investigates 3 different strategies for what might be choices retired people could consider...
Not all choices work for each person...but he does work through +/- for each of the 3
Takes a while to read...
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Old 04-18-2016, 01:34 PM
 
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ha ha ha beat you to it , i posted it here a few days ago . we were discussing it here

a look at the various financial retirement strategy's
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Old 04-19-2016, 05:33 PM
 
426 posts, read 188,283 times
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Quote:
Originally Posted by mathjak107 View Post
many variable methods are only variable after the initial opening volley . the retirement calculators are designed to get you to the gate of retirement with a ball park safe withdrawal rate number .

after year one that amount can float by any number of methods but the back testing is based on the same trinity study type data .

so in my case the fidelity rip planner and firecalc set my opening goal posts . from that point on the following years are dynamic based on each years opening balance .

i use bob clyatts 95/5 method
What is "trinity study type data" and "bob clyatts 95/5 method"? Would be nice to know.
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Old 04-19-2016, 05:44 PM
 
71,467 posts, read 71,652,652 times
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the trinity study is the continuation of bill bengen's work on safe withdrawal rates .

it is easier to read about it .

https://www.bogleheads.org/wiki/Trinity_study_update
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