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Strange results from Fidelity's RIP
Old 08-15-2014, 10:41 AM   #1
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Strange results from Fidelity's RIP

Has anyone else experienced a problem with Fidelity's RIP in the past week. I did not make any changes to my inputs, but my living expenses suddenly tripled in my 80's. Has anyone else experienced this?
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Old 08-15-2014, 10:49 AM   #2
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Nope. I just looked at my detailed cash flow and it doesn't show any odd jumps at any age. Dang it, I'm way behind on my spending!
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Old 08-15-2014, 10:51 AM   #3
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Mine looks fine. That my favorite planner, I love the detail expense planning.
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Old 08-15-2014, 10:54 AM   #4
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I get odd results from time to time because when it reloads the saved data, it "forgets" some of the accounts under the asset category. If I go back and look at the assets page, then save, it will "find" them again without me doing anything else. I've just gotten used to doing that whenever I use it.
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Old 08-15-2014, 11:03 AM   #5
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I get odd results from time to time because when it reloads the saved data, it "forgets" some of the accounts under the asset category. If I go back and look at the assets page, then save, it will "find" them again without me doing anything else. I've just gotten used to doing that whenever I use it.
+1 I have the same problem at times.

I usually log off then log back in and the accounts will be there. I think your method is much quicker and I will try it next time.
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Old 08-15-2014, 11:17 AM   #6
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Do you use the worksheet budget for expenses? If so go back and verify there have no changes there.
I had several weeks of "discussions" with my Fido rep on spontaneous changes showing up in my RIP--things like expenses changing, accounts balances being dropped or changed. Part of the explanation was that data is saved on different servers and you do not exit in a given way, you may get data errors. (When you finally want to leave RIP, use the SAVE and EXIT feature at the bottom of the page)
I also learned that Yodlee who provides data for the Full View function has a new release and Fido was getting errors in the update function. I finally had to drop my brokerage accounts from Full View and use their manual entry option.
I now review the balances prior to each use to ensure, the problem has not reappeared.
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Old 08-15-2014, 11:33 AM   #7
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I didn't like Fidelity's RIP until DLDS showed me what it was doing that seems different (and wrong IMO) for other. It has some crazy inflationary medical expenses if you input data into the health area (going by memory here for the exact name of the entry). That had expenses going crazy high in early 80's with a needed withdrawal rate of over $1M a year. While HC inflation is higher than the others, a quick check shows it running about 4% currently. Once I moved the HC expenses into just another expense category (with some additional buffer) the numbers were more inline with other calculators...and common sense. As DLDS said, I don't think we are going to go ahead and drive every senior into bankruptcy
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Old 08-15-2014, 12:48 PM   #8
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I called Fidelity and they were very helpful, even though I am not a customer. The planner had, on its own, put in 6 years of long term health care for DW and me at something like $75,000 per year each. When I backed that expense out, we were back to the normal scenario I am used to seeing.

Who knows, maybe they do that to give you a glimpse of what could happen without LTC insurance.
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Old 08-16-2014, 07:47 AM   #9
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my living expenses suddenly tripled in my 80's ........... I called Fidelity and they were very helpful, even though I am not a customer. The planner had, on its own, put in 6 years of long term health care for DW and me at something like $75,000 per year each. When I backed that expense out, we were back to the normal scenario I am used to seeing.
Your living expenses is only $25,000 per year? Wow.
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Old 08-16-2014, 07:53 AM   #10
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Your living expenses is only $25,000 per year? Wow.
I think it is $50K for them. Underlining added below:
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Originally Posted by brianc629 View Post
Quote:
I did not make any changes to my inputs, but my living expenses suddenly tripled in my 80's. Has anyone else experienced this?
. . . .
Quote:
The planner had, on its own, put in 6 years of long term health care forDW and me at something like $75,000 per year each.
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Old 08-16-2014, 07:59 AM   #11
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No, our living expenses are a little under $75,000. The planner added in another $150,000 for LTC (approximately $75,000 a year for each of us.) Hence, the tripling of our expenses. Sorry if I wasn't clear.
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Old 08-16-2014, 08:08 AM   #12
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"... a quick check shows it running about 4% currently."
Can you provide your source of the 4% number? My medical insurance premiums went up 7% this year. Thanks.
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Old 08-16-2014, 10:48 AM   #13
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This article from Fidelity has some ideas on retiree health care costs and the rates of increase decrease over the recent years -

https://www.fidelity.com/viewpoints/...dical-expenses

Logically, rates could not keep rising forever faster than SS or the majority of retirees would all be homeless and starving just to afford their colonoscopies.
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