I am 69 and receiving SS since I turned 66. My wife is 64. She and I will retire next year. She will postpone SS until she is 70. I thought she was eligible for SS spousal benefits, at about half her eventual benefit, beginning at her age of 66.
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When I set up a plan for my wife and myself it will not allow me to show a retirement date prior to the current year. My wife retired in 2013 and I did in 2014. Perhaps it really does not matter that much but it seemed odd it would not allow for an accurate date in the past?
Under my Federal Employee Pension plan my pension benefits are indexed. The only way I have been able to get the ESP model to correctly show what is effectively a real constant benefit is to set the overall inflation rate to zero. This makes some of the other values incorrect.
Comparing the Total Income (on the Total Income schedule) to the Adjusted Gross Income (on the Federal Taxes - Joint Filer schedule), the AGI is larger than the TI. Are there adjustments for federal taxes that are not shown?
Just wondering what other people are using for investment return rates, in retirement.
Thank you for the responses. After figuring out how to enter our self-employment earnings without doubling them by accidentally adding the earnings to Social Security future earnings as well...whew!...the only thing I'm stuck on at the moment is how to get rid of the insurance.
How do I get the nuts and bolts of what I want to know (e.g., with our current rate of income, savings, expected Social Security income, etc., how much income will we have for our family at any given age?)?
I enabled contingent planning, and under primary residence I indicated that upon my death the rent I would pay would be 0, and there would be no new home. I also entered a special expenditure assuming my wife would go into assisted living (Cheery scenario).
I've been running scenarios using a key age of last withdrawal of 100. Recently I ran a new scenario using 90 instead of 100. I was surprised to see that the spreadsheet "Annual" tab shows a lower annual consumption using 90 instead of 100. Everything else stayed the same.
I am running reports in which my spouse lives an extra five years after my death. She inherits all my retirement accounts (IRAs). While the Monte Carlo reports for my retirement accounts seem reasonable until my death, hers don't. In hers all the percentiles are zero.
I can not find a definition of what constitutes a safe asset. Risky asset are described as stock or a part of the S&P 500. A checking account or CDs seems safe? What about bonds and TIP?
I would like to test an all TIPS portfolio. In ESPlanner "Inflation Indexed Government Bonds" a.k.a "TIPS" show a mean return of 2.99% in the Monte Carlo section.
What is the historical range for the data used in calculating the various Assets behavior?
The larger the sample the better, from my perspective...
IRS regulatory changes toward holding QLACs in IRAs are fairly new. Does ESP accommodate them? It seems not, since there's only one annuity supported on the "Annuities" (sic) tab of Pensions and Annuities.
I am confused as to why ESPlanner shows negative savings under the Annual Suggestions. I don't need it for the income, there is enough of that.
Has anyone figured an efficient way to model retirement withdrawals from ROTH and traditional accounts?
I can't find any mention of your plan to support Windows 10. Is there a plan for a relevant release?
I want to model converting part of my traditional IRA to a ROTH IRA. Here is what I did is this the preferred approach?
1. In the "Retirement Accounts/Special Withdrawals" window I entered an amount to be withdrawn from my IRA this year 2015.
I don't understand how this report determines "Deduct". My interest, sale & real estate taxes and donations are about 18K now and I see $15.1K as a constant value over time. I understand the real cost of interest will decrease overtime.