Fidelity RIP

[Frankie1926]

I was using the new Fidelity retirement income planner and the speedometer that was used to measure readiness is gone, just lists portfolio values for 2 risk scenarios. Did they can the speedometer? It was fun trying to boost it up by cutting expenses


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[Senator]

The speedometer is still on for me. I do have accounts there.

 

[MasterBlaster]

I was using the new Fidelity retirement income planner and the speedometer that was used to measure readiness is gone, just lists portfolio values for 2 risk scenarios. Did they can the speedometer? It was fun trying to boost it up by cutting expenses��


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Regarding the Speedometer. If you tell them that you are to retire on your birthday in March (for example). And then that date passes. The tool then assumes that you have retired and the speedometer goes away.

To get the Speedometer back, tell the tool you'll retire next year or later. And then adjust any income that matters like increased pension or increased Social Security payments etc.

 

[Senator]

Regarding the Speedometer. If you tell them that you are to retire on your birthday in March (for example). And then that date passes. The tool then assumes that you have retired and the speedometer goes away.

To get the Speedometer back, tell the tool you'll retire next year or later. And then adjust any income that matters like increased pension or increased Social Security payments etc.

Good point. I put in 62 as a retirement, even though I am retiring at 56.5. I plan on not touching my investments until 62+, and live solely off my rental income.

I also put in $1 a year as a salary, it's sort of a 'trick' to leave the additional savings from being added in.

 

[Frankie1926]

Hmm, my status changed to retired just recently, are u still working? Maybe thats it.


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[Dreaming of Freedom]

Do you have to be a Fidelity customer to use RIP?

 

[MasterBlaster]

Do you have to be a Fidelity customer to use RIP?

I believe that anyone can use it (??)

The new name for the Retirement Income Planner is "The Planning and Guidance Center"

You can access it here:

https://www.fidelity.com/calculators-tools/planning-guidance-center

 

[omysteve]

Hi all. If you change your status (or spouse) to retired the speedometer goes away. Found that out recently when I changed my status to retired, and confirmed with my Fidelity rep.

You have to be a Fidelity customer (have at least one account there) to use RIP.

 

[Frankie1926]

Aha!


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[Dreaming of Freedom]

Does anyone know of a retirement planning tool similar to RIP?

 

[tmm99]

Does anyone know of a retirement planning tool similar to RIP?

Similar in what way? (Just askin....)

 

[Dreaming of Freedom]

Unfortunately I don't know what RIP is like since I am not a Fidelity customer, but everyone talks about how great it is and I feel like I am missing out on something. One thing I have heard is it inflates healthcare expenses more than other retirement planning tools, but that is all I know.

 

[MasterBlaster]

Does anyone know of a retirement planning tool similar to RIP?

There are more retirement calculators than you can imagine. Here is a link to the Bogleheads list:

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

 

[bUU]

Does anyone know of a retirement planning tool similar to RIP?

Quicken Lifetime Planner, found in Quicken Premier desktop software.

 

[bUU]

Fidelity RIP will not let me edit the asset allocation for my company 401k, and it has it wrong. I could call Fidelity and complain, and they could add it to the list of other concerns I've expressed, and then, like all the others, do nothing about it and provide me no assistance. Does anyone know any trick I could use, short of deleting the automatic-updating account, waiting a day, and then adding it back in as a manually-entered account, waiting another day, and then trying again?

 

[Steelart99]

Fidelity RIP will not let me edit the asset allocation for my company 401k, and it has it wrong. I could call Fidelity and complain, and they could add it to the list of other concerns I've expressed, and then, like all the others, do nothing about it and provide me no assistance. Does anyone know any trick I could use, short of deleting the automatic-updating account, waiting a day, and then adding it back in as a manually-entered account, waiting another day, and then trying again?

If the account can not be added for automatic updates, then manual is the only way to go. You can periodically check to see if FID has added the account (good luck).

Unfortunately, regardless of how accounts are added, if RIP can't figure out the Asset Allocation, there is no way to input what you think the AA is. So that part of the tool is not really useful

 

[Steelart99]

Do you have to be a Fidelity customer to use RIP?

You do have to be a customer; i.e., open an account. HOWEVER, you don't have to fund the account. That's what I did and it has worked fine.

 

[bUU]

If the account can not be added for automatic updates, then manual is the only way to go.

The account is added for automatic updates. It just is automatically updating the wrong allocation.

Unfortunately, regardless of how accounts are added, if RIP can't figure out the Asset Allocation, there is no way to input what you think the AA is. So that part of the tool is not really useful

It's a critical failure afaic. I used to prefer RIP to QLP; now I'm not using RIP and just using QLP.

 

[MasterBlaster]

The account is added for automatic updates. It just is automatically updating the wrong allocation.

It's a critical failure afaic. I used to prefer RIP to QLP; now I'm not using RIP and just using QLP.

What is this "QLP" and where can I use it ?

 

[Dreaming of Freedom]

How is QLP, Quicken Lifetime Planner, better than RIP?

 

[Options]

You do have to be a customer; i.e., open an account. HOWEVER, you don't have to fund the account. That's what I did and it has worked fine.

+1

 

[Options]

If the account can not be added for automatic updates, then manual is the only way to go. You can periodically check to see if FID has added the account (good luck).

Unfortunately, regardless of how accounts are added, if RIP can't figure out the Asset Allocation, there is no way to input what you think the AA is. So that part of the tool is not really useful

I manually update my accounts as I want the tool match my actual AA. I don't find it burdensome to do so.

 

[bUU]

What is this "QLP" and where can I use it ?

Sorry... I mentioned it earlier in the thread and so abbreviated it from there on...

Quicken Lifetime Planner, found in Quicken Premier desktop software.

How is QLP, Quicken Lifetime Planner, better than RIP?

It wasn't until the problems with Fidelity RIP I mentioned earlier manifested.

Fidelity RIP will not let me edit the asset allocation for my company 401k, and it has it wrong.

Otherwise, they are pretty comparable. They both project out year by year. QLP crafts a balance sheet for every year, which I especially like, so you can see how much of your income for that future year comes from which sources. I'll try to craft some screen shots with personal data obscured.

 

[bUU]

I started trying to put together screenshots myself, blanking out personal data, and then I realized - duh - there are screenshots online!

Here's a review Quicken itself:
Quicken 2016 review
With this photo showing the overview of your lifetime plan:
http://dividendlife.com/wordpress/wp-content/uploads/2016/01/Quicken2016-LifetimeGoals2.png

Comparing that image to mine, it should be noted that that image doesn't show that Quicken seamlessly handles self and spouse, not just self. Also, the event list can be quite long, anticipated job changes, retirements, major purchases, sale of second home, etc.

Now click on any one of those bars and you get balance sheet. I couldn't find a clean screen-shot of that, and there's no way to clean up one of mine - practically every bit of it has personal information. But as I indicated above, it shows the year, all the sources of income anticipated (salary, social security and pension benefits, withdrawals from retirement accounts, etc.), a summary of expenses (as detailed as you entered it, adjusted for inflation, with special handling for things like healthcare), taxes, and then a summary of portfolio value at the end of the year.

 

[Gone4Good]

I just started playing around with the Fidelity tool. Is it me or is it as much of a black box as it first appears?

There's not much info about return or inflation assumptions. Assumed spending seems to jump up and down for no known reason. And there's limited ability to customize scenarios.

I understand that returns in the "underperforming" scenario are supposed to fall within the bottom declie of historic averages, but I'd still like to see what specifically Fidelity thinks that means.