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Good news on Fidelity Retirement Planner
09-13-2017, 03:33 PM
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#1
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Recycles dryer sheets
Join Date: May 2006
Location: Vienna
Posts: 226
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Good news on Fidelity Retirement Planner
I use this (along with Firecalc). In the planner it asks you for your monthly expenses, but it was never clear if that was supposed to include taxes or not. I could never find the answer online in their help files, so I just assumed it did. I finally got around to asking them directly, and what you enter on that page does NOT include taxes (it calculates that based on other data you provide later on tax rates).
I was already at a 100% success rate even with worst case assumptions (no Social Security) so this was a bonus.
Larry
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09-13-2017, 03:39 PM
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#2
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,362
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You're right that the basic input form doesn't make that clear.
But IIRC, it was made clear on the detailed spending category form that the input doesn't include taxes.
It's a great tool, but I got so much more out of it after my FIDO rep showed me how to make it dance.
__________________
I thought growing old would take longer.
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09-13-2017, 07:23 PM
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#3
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Recycles dryer sheets
Join Date: Dec 2014
Location: The Desert
Posts: 311
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Thanks for that. Whether or not taxes were included was always something I wondered about with that tool - but, since I'm at 100% plus $1,000/Mo. for my planned retirement spend, I just let it slide. Now I guess I'm slightly better off. I run four tools and have just received the 100% "good-to-go" signal on three of them (FIREcalc, Fidelity Retirement Planner and BigERN's backtesting spreadsheet), with Personal Capital telling me I'm at 96%. I'm giving my OFFICIAL notice in 30 days...
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09-13-2017, 08:17 PM
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#4
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,376
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So you are really T-Minus 30 days.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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09-13-2017, 10:20 PM
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#5
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Moderator
Join Date: Nov 2014
Posts: 9,182
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For me, it really helped when I viewed my analysis in table mode. Doing that, you can see the annual affects of taxes and inflation.
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09-13-2017, 10:22 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Mar 2017
Location: New York City
Posts: 2,838
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 Quote:
Originally Posted by madsquopper
I use this (along with Firecalc). In the planner it asks you for your monthly expenses, but it was never clear if that was supposed to include taxes or not. I could never find the answer online in their help files, so I just assumed it did. I finally got around to asking them directly, and what you enter on that page does NOT include taxes (it calculates that based on other data you provide later on tax rates).
I was already at a 100% success rate even with worst case assumptions (no Social Security) so this was a bonus.
Larry
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Nice job Larry, glad your on the bonus side of the equation, live large and enjoy.
__________________
Withdrawal Rate currently zero, Pension 137 % of our spending, Wasted 5 years of my prime working extra for a safe withdrawal rate. I can live like a King for a year, or a Prince for the rest of my life. I will stay on topic, I will stay on topic, I will stay on topic
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