Retirement Tax Planning - Income Optimization?

[Humbooster]

One other software that I found that looks interesting (and is certainly affordable) is this one:

VeriPlan - Lifetime and Retirement Personal Financial Planning Software for Home Users - Complete Lifetime Financial Planning Software for Individuals | VeriPlan – Lifetime and Retirement Personal Financial Planning Software for Home Users

I intend to check it out over the next few weeks if I can get some time.
If anyone is familiar with it would appreciate your comments.

[Midpack]

Quote:

Originally Posted by Humbooster One other software that I found that looks interesting (and is certainly affordable) is this one: VeriPlan - Lifetime and Retirement Personal Financial Planning Software for Home Users - Complete Lifetime Financial Planning Software for Individuals | VeriPlan – Lifetime and Retirement Personal Financial Planning Software for Home Users I intend to check it out over the next few weeks if I can get some time. If anyone is familiar with it would appreciate your comments.

Great. I’m sure many here would be interested in your assessment. I’d encourage you to start another thread as this one is understandably petering out, as they all should.

[fishfactory]

Humbooster, I would definitely be interested in the VeriPlan software. Looking at their site, it is not obvious that their software optimizes taxes via Roth conversions, which is my main interest. I am converting from age 55 onward in order to take advantage of current low fed brackets, minimize medicare premiums, avoid the widow tax trap, minimize future taxes from RMDs. If you find the software does this, please let us know by posting.
Thanks,
Fishfactory

[target2019]

There is a free user guide download. It was last modified in 2017.
http://www.myfinancialfreedomplan.co...user-guide.pdf

[tenant13]

I went ahead and bought the $20 subscription to Income Strategy. Has anyone else had issues with linking Fidelity? They have tons of options but my credentials don't work with any of them. Strange because I have no issues at Personal Capital or Mint aggregators.

[Midpack]

Quote:

Originally Posted by tenant13 I went ahead and bought the $20 subscription to Income Strategy. Has anyone else had issues with linking Fidelity? They have tons of options but my credentials don't work with any of them. Strange because I have no issues at Personal Capital or Mint aggregators.

I input my info manually since I wasn’t sure I’d want to subscribe ongoing. Give them a call or email, you shouldn’t have problems with connecting to Fido.

[RME1958]

Quote:

Originally Posted by tenant13 I went ahead and bought the $20 subscription to Income Strategy. Has anyone else had issues with linking Fidelity? They have tons of options but my credentials don't work with any of them. Strange because I have no issues at Personal Capital or Mint aggregators.

I had no problem with Fidelity but could not get Schwab to link. I inputted that manually and even with that, I could not get it to recognize one of my Schwab funds.

[tenant13]

Quote:

Originally Posted by RME1958 I had no problem with Fidelity but could not get Schwab to link. I inputted that manually and even with that, I could not get it to recognize one of my Schwab funds.

I got Fidelity to work - I wasn't selecting Fidelity Investments. As to Schwab I had to select Schwab for investments and Schwab Banking for my checking/ATM account. Same thing with Chase: Investments and banking had to be added separately.

I noticed that while credit card accounts can be added they don't really appear in the profile. Not a big deal for me since I pay all the bills monthly.

[On My Own]

Quote:

Originally Posted by fishfactory Midpack You can do the analysis yourself. Go to Josh's website and pay $150 one time fee for access to the RightCapital software. On the website, click on "connect" tab, then fill out personal info and under "select and option" choose "get access to software". You will have access for as long as he uses it - no additional fee beyond the one time $150. https://heritagewealthplanning.com/contact/

Fishfactory,

Considering using Income Strategy; however, was wondering about any advantages Right Capital may offer. Can you offer any insights into use of Right Capital ?

[fishfactory]

On My Own,
I am not very knowledgeable of Income Strategy, so I can't speak on a comparison. I like RightCapital because it has detailed budget capability, handles Roth conversions, optimizes taxes, and provides future tax returns for each scenario. I also use i-orp which is free as a comparison to RightCa[ptal on optimizing Roth conversions/taxes. I won't pay for any more software due to my particular situation. I am 55 and have several years of Roth conversions before needing to look at anything else to optimize. There may also be new free software coming out during that time.

I find RightCapital well worth a one time charge of $150, but I suggest you look at some of the youtube videos of Heritage Wealth Planning where Josh is using the software so you can make a decision.

[rkser]

Fish Factory,

I paid for Right Capital, & have received an email from Josh to sign up for Financial Planning as he calls it. I am trying to understand how this works.

I understood it was just access to Right Capital Software & then we take it from there. Is it difficult for a regular joe to use the software, as it is intended for Certified Financial Planners.

Thanks in advance

[fishfactory]

rsker,
No, it is not that difficult. There are videos on the rightcapital website to help, and Josh youtube videos as well. If I were you, I would try on my own first, then hire Josh if you feel you need him. It took me a couple of months to work out all details, but you can't break it. "Play" around with it and you will figure it out. You are under no obligation to use Josh for financial planning. Give it a go ! You can always use Josh as a fallback position.

[Midpack]

I’ve never worked with Right Capital though I’ve seen it on YouTube videos and it looked useful, I was tempted enough to contact Josh at Heritage Wealth.

For purpose of comparing cost, you can use Income Strategy for $20/month, no contract so you could limit your spend to $20. One on one personal help is available for $125/hr. OTOH it takes some doing to fully master Income Strategy and get the full benefit. I had it about 80% figured out after a week, but I did a one hour session to get the other 20%.

Unfortunately I have no idea the level of difficulty with Right Capital - maybe fishfactory does...

[fishfactory]

Midpack,
I only have experience with RightCapital and i-orp, so I can't comment on Income Strategy level of difficulty compared to RightCapital. Since rkser has already paid the $150 and now has unlimited access to RightCapital, my suggestion is to take some time to figure out RightCapital before spending additional money on another software package or paying Josh $2500 for a personal analysis. There is enough support through Josh youtube videos and RightCapital home page to make RightCapital software workable for the "average Joe" as rkser put it.

[rkser]

I put in the number & feel my way through Right Capital.

I have a Non taxable Disability monthly income, Right Capital is calculating as taxable & has inflated my income by including it in my 1040 Taxes. That is where I am at now, I hope I can find a way around it.

Otherwise, info input is easy enough for Right Capital to get the Tax Forms filled out after getting the numbers from the linked Vanguard, Fidelity & the bank accounts. As the final distributions start trickling in, the taxes should take a Form closer to real taxes.

[fishfactory]

rkser,
There may be a way around the disability income by treating it as income from an annuity, but I am not sure. Josh has started a forum for those he has using Right Capital through him. You should have received an invite to join. If you have not, you should contact him through his website to sign up. You can pose the disability income question on the forum and other users may be able to help. I am still viewing some of Josh's old youtube videos where he uses RightCapital and am learning quite a bit. The software has a few quirks, but I think you will like it once you get used to it.

[rkser]

Thanks FishFactory,

I am looking & will continue to look.
I think an Annuity does have taxes on the gain although you deposit after tax funds to get the Annuity started, please correct if I am wrong.

[fishfactory]

rkser
Sorry, I don't know much about annuities. I thought an annuity purchased with regular IRA money paid out as taxable. Maybe someone else on this thread can help.

[fishfactory]

rkser
If you go to profile, income,add income dropdown, other, then put 0 in annual increase, choose tax free in taxes dropdown, this should mimic your tax free disability payments. On that same screen you would put in the annual $ and date span for the years you will receive. Let me know if that works.

[rkser]

Fish Factory,
Thanks a lot, what you showed seems to be working.
I am still working thru the software, I will contact Josh for the User Group Registration.

Thanks again