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Re: Financial Planning Software Suggestions?

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(1) I use my own Excel workbooks that I have developed since around 1992. Yes, it's a lot of work.

(2) I *also* recommend a free on-line retirement planner (works for you during retirement, too).This is at www.i-orp.com. This is a retired guy's life's work and it is really strong. It does take some time to understand it but it is very powerful and will hold its own against anything, paid commercial or otherwise. I am getting concerned about it as I have *just* retired and I'm afraid the author will not be maintaining this for too many more years. Still, it is well worth some serious investigation. The big thing for this software is that it optimizes your retirement draws from SS, tax deferred accounts, taxable accounts, etc, to determine your optimal annual draw from all accounts so you don't run out of dough at the end.

 

(3) I love the commercial products put out by Professor Kotlikoff from Boston University. Cost is manageable for a single license of any of them. "Maxifi" is similar to i-ORP.

(4) i-ORP does not link to your existing financial accounts, nor does Maxifi as far as I know. For this consolidated record keeping there are lots of new "apps" out there such as Mint, etc. For this use I simply use my Excel workbooks (and use a Google Sheet with Google Finance functions to get the daily prices).

Good Luck.

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Thanks for the recommendation. After spending a good part of yesterday relinking external accounts and manually updating other accounts in the Merrill Lynch 'My Financial Picture' product, I'm I ready to abandon ship and start over. As I told a couple of the Merrill Lynch support folks I called yesterday, I was dismayed how poor their user design/experience is. I've worked in IT for many years, so perhaps I'm more critical than many folks. Anyway, in addition to looking at the MyWealth subscription products, I might also look at some Mac products; e.g., Quicken, etc.

Mark @WalksInPortland
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https://www.mywealthtrace.com/

 

Used the free version for a year, then became a paid subscriber. Good stuff. Monte Carlo simulations, variable inputs, what-if scenarios, slider bars for instantaneous feedback on changing returns, retirement age, expenses, etc. Feeds from all your accounts if you want. I meet periodically with the fellow that authors the software to go through my plan. I also have the Vanguard and Fidelity planners, and have used T.Rowe Price...i like this more. 

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Excel.


"...Why is everyone a victim? Take personal responsibility for your life..."
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I'm looking for windows software that will help with projections. I know my soc security and pension at diffferent ages and income from ira. I'd like to try some software that allows me to input these incomes and also expenses and tax assumptions for seeral decades. Can anyone suggest anything?

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