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Retirement calculators evolve into sophisticated tools
Old 05-20-2013, 08:24 AM   #1
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Retirement calculators evolve into sophisticated tools

FireCalc wasn't mentioned

http://www.pionline.com/article/2013...TSUB/305139978

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“It's not about accumulation,” said Edmund Murphy III, head of defined contribution services for Putnam Investments, Boston. “It's about spending in retirement.”

Putnam, which began offering a retirement income calculator to clients in January 2010, started rolling out an updated version in December that also allows participants to incorporate estimated health-care costs. “You can't do comprehensive retirement planning without taking into account the cost of health care in retirement,” Mr. Murphy said.
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Old 05-20-2013, 08:29 AM   #2
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Seems like a silly thing to say. Doesn't your ability to spend in retirement often *depend* on accumulation (especially if SS+pensions don't meet all your expenses)?

You can't spend what you haven't accumulated. And retirement planning (for most people) NEEDS to consider accumulation AND spending. Most of us aren't independently wealthy or have pensions that exceed our living expenses, which means we *need* accumulation to make the numbers work. And in some way, even someone fortunate enough to have such a large pension had to worry about accumulation: accumulating the "years of service" to get there....

And as for the statement about needing to include health care costs in retirement planning... well, **duh** -- Captain Obvious to the rescue! Does he think anyone is putting in *zero* for health care expenses in their retirement budgets?
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Old 05-20-2013, 10:57 AM   #3
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Quote:
And as for the statement about needing to include health care costs in retirement planning... well, **duh** -- Captain Obvious to the rescue! Does he think anyone is putting in *zero* for health care expenses in their retirement budgets?
People on this forum would realize *zero* for retirement health care is simply not realistic. However, this forum is the exception rather than the rule. I think the general population (in addition to their other general lack of financial acumen) believes that Medicare will be the answer to their health care prayers. And we all know the answer to that one. Again, most people don't even take that into consideration. Sad, but true..
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Old 05-20-2013, 11:04 AM   #4
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Originally Posted by SumDay View Post
People on this forum would realize *zero* for retirement health care is simply not realistic. However, this forum is the exception rather than the rule. I think the general population (in addition to their other general lack of financial acumen) believes that Medicare will be the answer to their health care prayers. And we all know the answer to that one. Again, most people don't even take that into consideration. Sad, but true..
Maybe. I don't think many people are deluded into thinking Medicare pays every cent of their health care costs, but I could be wrong. I have little doubt that most folks underestimate how much they will pay out of pocket, though.
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Old 05-20-2013, 12:28 PM   #5
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I always wondered what happened to Eddie Murphy.
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Old 05-20-2013, 12:30 PM   #6
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Quote:
Originally Posted by SumDay View Post
People on this forum would realize *zero* for retirement health care is simply not realistic. However, this forum is the exception rather than the rule. I think the general population (in addition to their other general lack of financial acumen) believes that Medicare will be the answer to their health care prayers. And we all know the answer to that one. Again, most people don't even take that into consideration. Sad, but true..
Many of the budgets I see on this board don't seem to allow much for healthcare costs.

Also, look how many are planning on very low cast health insurance, for their entire families, when still young by jiggering income and getting subsidies. That would be nice, seniors paying for various slacker young millionaires and their wives and kiddies.

I've been on Medicare for 6 years now, and I have yet to see more billings than I have paid out in premiums. Don't get me wrong, I'll take health over "getting my money's worth" out of Medicare, but I do not feel joyful over the way the wind is blowing.

Ha
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Old 05-20-2013, 12:53 PM   #7
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FireCalc is unlike most of the financial calculators out there. It's focus is on financial independence and early retirement - not normal retirement time frames.
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Old 05-20-2013, 01:40 PM   #8
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Another quote for the "well, duh!" category:

'These calculators enable participants to incorporate outside income sources like IRAs and investments so they can “take a holistic approach” to their retirement savings, Mr. Sindlinger said. “It helps the participants become more engaged.”'

I've always laughed at my MegaCorp calculator on their 401(k) cusodian's web site that only includes what's in the 401(k), not to mention that they "analyze" your asset allocation based only on the 401(k). Especially having only worked here for three years, that account is less than 10% of my total savings (it's only that high because I'm now over 50 and withholding the legal maximum).
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Old 05-20-2013, 03:16 PM   #9
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Quote:
Originally Posted by Grinch View Post
FireCalc is unlike most of the financial calculators out there. It's focus is on financial independence and early retirement - not normal retirement time frames.
It is?
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