Seeking a “Guide” for Decumulation

B

barak

Dryer sheet wannabe
Joined
Nov 3, 2020
Messages
13
So, my accumulation phase of life is over and I have reached retirement. Now I’m seeking a guide (advisor, software, etc.) for my decumulation phase of life. Complex financial issues such as Roth conversions, tax efficient withdrawal strategy, Social Security, annuity considerations, estate planning, etc. must be planned and implemented.

What is the best resource you have found to assist you in this phase of your financial life?
 
To be honest, barak, most of us on this forum seem to be DIY types. If you want a recent book on the topics you mention, you could start with Wade Phau's Retirement Planning Guidebook.



I think the blog-o-sphere and podcast space is mostly occupied by the accumulation types, and there is space for someone to better cover the topics you mentioned.
 
barak said:
What is the best resource you have found to assist you in this phase of your financial life?
Click to expand...

My honest answer to the above question is - This Forum.

There is literally a wealth of information here. There are times where more research is necessary and it’s typically the case that individuals have individual issues that make a stock answer elusive, but this is a great place to talk about and learn about all those things that need consideration.

When I started getting serious about my retirement planning, I realized it was one of those cases where you don’t know what you don’t know. This is a great place to figure out which issues are out there. Then you can figure out how it effects you. It’s a bit of work for sure, but we’ll worth it.
 
Jerry1 said:
My honest answer to the above question is - This Forum.
Click to expand...

+1.

As for software, there are a number of devotees of Pralana Gold on this forum. (I have no experience with it.) I am surprised that no one has chimed in with that suggestion.

In addition to my home-brew spreadsheets, I use i-orp.com, FireCalc, and the Fidelity retirement calculator.
 
I’m not sure how you can separate these phases without having accumulated/ allocated the assets (and rights such as SS) with a strategy for using them/decumulation in retirement.

Many here have done a great job of these strategies DIY. I didn’t do it that way and chose to hire a Financial Advisor to plan all of these things, especially where the needed funds will come from for every phase/ year of my retirement.

I would consider paying for a consultation with a FA who might be able to assist with many of these complex issues.

Good luck.
 
We went the hybrid approach. DW wanted an FA so she hired one to manage her IRA. Her DM also has an FA who we get answers from. We also use a CPA to do our income tax returns, and we get answers from them. We get estate planning answers from MIL's elder care attorney. We haven't found a single professional who can answer all retirement planning questions.

Our best source for help has been this forum. The members here are very knowledgable in a vast array of retirement planning topics and provide a boatload of guidance.

I take all of the info gathered here and from the professionals we deal with to dial in our retirement plan.
 
I second the FA route. If you're now retired and do not have a plan in place you may not be a candidate for DIY. Many of us get a kick out of planning and find it hard to imagine that others, such as my DW, have little interest in managing the process. If that's the case let one the brokerages like Fidelity, Schwab or Vanguard do the work for a small fee.
 
barak said:
So, my accumulation phase of life is over and I have reached retirement. Now I’m seeking a guide (advisor, software, etc.) for my decumulation phase of life. Complex financial issues such as Roth conversions, tax efficient withdrawal strategy, Social Security, annuity considerations, estate planning, etc. must be planned and implemented.

What is the best resource you have found to assist you in this phase of your financial life?
Click to expand...

Since you have been here for 1 1/2 years you may have noticed that most of your questions have been discussed many times in the past that you can access with searches. Then start asking questions as you become better informed.
I understand that sometimes in a limited number of cases that a FA may be a convenient way to address your concerns BUT you have the hassle of finding one that you can rely on and trust AND then you will have to access them every time you have a question. Not so convenient IMHO.
I appreciate all the help I have received HERE once I read many hundreds+ of posts and learned who I believed were the most educated and reliable for my concerns. It was almost like having a fiduciary at my side.
By the way I have now become my wife's fiduciary FA. She has a little understanding of our retirement finances but I am not sure how well she could do once I my bucket is kicked. So I have set up an easy list of instruction to follow to stay financially safe, how to deal with the investments, which areas from which to draw money, where to take tax papers, what new changes takes place once she is single, etc.

Cheers!
 
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Given a lifetime of accumulating and learning, I would want to understand all factors before going to others for financial advice. There's many hidden mines in "the field." The question that always come to the forefront, at least for us, is, "How do we know that a given advisor, website, software, or friend has a background in the various disciplines?"

So, OP, I think you're approaching this in reasonable fashion. In a thread or software app you can get more awareness of factors, how they're defined, and ways of modeling things.

It is beneficial to remain skeptical of graphs and tables. They are valid for just so long, and then something changes. For example, inflation expectations are front and center now. You would want to know how sensitive your plan is to increasing inflation. After all, it's here...

I always ask myself, "What is this person selling me beyond what I asked for?" Is this a sales pitch, or valuable advice?

Strangers on the interent usually recommend what they do, who they rely on, and their software. But as always, YMMV.
 
Like many questions here, it depends on your capabilities, interest and specific needs - what works perfectly for one, may be useless to someone else. I want to “see the work” when it comes to financial decisions as big as retirement financial plans - the difference between a good and bad plan is 6-7 $ figures for many. And some significant mistakes can’t be undone. I wouldn’t just take someone’s (or some online calculator) recommendations without proof…

Not for the faint of heart, but the most convincing decumulation planning tool I found was https://www.incomestrategy.com/. A $20 subscription for just one month was all I needed to actually show me why I needed to do Roth conversions among other things. None of the free ones even come close to proving the case, some are “black boxes” - not convincing IMO.

Not what you asked for, but something re: decumulation that stuck with me long ago (just something to keep in mind) https://www.financialplanningassoci...w Strategy for Managing Retirement Income.pdf

And as others have already said, this place and bogleheads are the best sounding boards I know of.
 
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Our experiences are not dissimilar to others on this forum.

-prior to retirement we engaged a CPA for tax and for tax planning for ten years and for tax planning in retirement. Next year our finances will change and we will engage again for forward tax planning.

-managed our own investments successfully for years. Prior to retirement we consolidated and engaged a wealth management firm. Ten years now and we are very happy with this arrangement. I just do not want to do it any more.

-engaged an estate lawyer to do both wills, POA's, etc. Re-engaged five years later to update same.

I do not do graphs, charts, spreadsheets or bother with spending categories. The only number we look at or care about is after tax spend on an annual basis.. No budget. I have worked with numbers, P&Ls, cash flow, margins all my life. I can do most f'casting in my head or on the back of an envelope. I used a software program leading up to early retirement but deep sixed it when the number indicated that we had nothing to concern ourselves about.

The numbers we f'cast ten years ago as we started retirement have held true with two exceptions. ROI has been much higher and inflation much lower.

Pre covid this left us free to travel for 4-5 months per year. Don't worry about anything except where we will be going next.
 
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For planning purposes and ongoing info:
This Forum ++
Bogleheads forum
Fee only FA used occasionally, esp 1-5 years pre retirement
Firecalc, iOrp, SSA caclulators
Books: those listed in Bogleheads are all excellent.
One time lawyer fee to update wills, POA, trust, healthcare rep.

Retired over 5 years ago, things going well and as planned. Have had some totally unplanned expenses, but overall, have more than when we retired.
 
I agree with the posters who favor/have used self-education/DIY. That said, i regularly listen to a podcast called “The Retirement and IRA Show” presented by two CFPs who run a firm in Colorado focused entirely on financial planning for pre-retirees and retirees. Some of their services may be what you’re looking for.

Their web site is:
https://www.jimhelps.com/

To be clear, I have never used these folks although based on their podcasts they appear to be very knowledgeable and to have a very comprehensive approach to planning for retirement and executing the deculumation phase in retirement.
 
I believe that it comes down to common sense and a bit of basic back of the envelope math.
 
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Zorba said:
To be honest, barak, most of us on this forum seem to be DIY types. If you want a recent book on the topics you mention, you could start with Wade Phau's Retirement Planning Guidebook.

I think the blog-o-sphere and podcast space is mostly occupied by the accumulation types, and there is space for someone to better cover the topics you mentioned.
Click to expand...

Thanks so much for your recommendation.
 
Midpack said:
Like many questions here, it depends on your capabilities, interest and specific needs - what works perfectly for one, may be useless to someone else. I want to “see the work” when it comes to financial decisions as big as retirement financial plans - the difference between a good and bad plan is 6-7 $ figures for many. And some significant mistakes can’t be undone. I wouldn’t just take someone’s (or some online calculator) recommendations without proof…

Not for the faint of heart, but the most convincing decumulation planning tool I found was https://www.incomestrategy.com/. A $20 subscription for just one month was all I needed to actually show me why I needed to do Roth conversions among other things. None of the free ones even come close to proving the case, some are “black boxes” - not convincing IMO.

Not what you asked for, but something re: decumulation that stuck with me long ago (just something to keep in mind) https://www.financialplanningassoci...w Strategy for Managing Retirement Income.pdf

And as others have already said, this place and bogleheads are the best sounding boards I know of.
Click to expand...
Thank you so much for your specific recommendations and resources.
 
brett said:
Our experiences are not dissimilar to others on this forum.

-prior to retirement we engaged a CPA for tax and for tax planning for ten years and for tax planning in retirement. Next year our finances will change and we will engage again for forward tax planning.

-managed our own investments successfully for years. Prior to retirement we consolidated and engaged a wealth management firm. Ten years now and we are very happy with this arrangement. I just do not want to do it any more.

-engaged an estate lawyer to do both wills, POA's, etc. Re-engaged five years later to update same.

I do not do graphs, charts, spreadsheets or bother with spending categories. The only number we look at or care about is after tax spend on an annual basis.. No budget. I have worked with numbers, P&Ls, cash flow, margins all my life. I can do most f'casting in my head or on the back of an envelope. I used a software program leading up to early retirement but deep sixed it when the number indicated that we had nothing to concern ourselves about.

The numbers we f'cast ten years ago as we started retirement have held true with two exceptions. ROI has been much higher and inflation much lower.

Pre covid this left us free to travel for 4-5 months per year. Don't worry about anything except where we will be going next.
Click to expand...
Great insight and much appreciated. Safe travels :)
 
barak said:
So, my accumulation phase of life is over and I have reached retirement. Now I’m seeking a guide (advisor, software, etc.) for my decumulation phase of life. Complex financial issues such as Roth conversions, tax efficient withdrawal strategy, Social Security, annuity considerations, estate planning, etc. must be planned and implemented.



What is the best resource you have found to assist you in this phase of your financial life?
Click to expand...
We are closing in on retirement I think. It's pretty scary when you mostly hear you need millions or you will run out of money... usually by those who have an interest in your continued contributions to their funds...
We have recently discovered Josh at Heritage Wealth Planning on YouTube. To us he seems to be the contrarian to all the retiring doomsdayers saying you can never afford to retire. He was in the industry and couldn't take all the BS. He took the risk and decided to start his own company where he could do things his way. He post a lot of videos on how you can retire on less than the industry keeps telling us. Took a little time for his off the cuff video style to grow on us but now we enjoy it. He seems like a neighbor trying to give you some good advice. https://youtube.com/c/HeritageWealthPlanning
He does offer some books he has written and financial planning course videos and planning service's on his own site. We have been contemplating using his services but are still in the research process.

https://heritagewealthplanning.com/
Interesting to hear what others might think.
 
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JDPascale said:
We are closing in on retirement I think. It's pretty scary when you mostly hear you need millions or you will run out of money... usually by those who have an interest in your continued contributions to their funds...
We have recently discovered Josh at Heritage Wealth Planning on YouTube. To us he seems to be the contrarian to all the retiring doomsdayers saying you can never afford to retire. He was in the industry and couldn't take all the BS. He took the risk and decided to start his own company where he could do things his way. He post a lot of videos on how you can retire on less than the industry keeps telling us. Took a little time for his off the cuff video style to grow on us but now we enjoy it. He seems like a neighbor trying to give you some good advice. https://youtube.com/c/HeritageWealthPlanning
He does offer some books he has written and financial planning course videos and planning service's on his own site. We have been contemplating using his services but are still in the research process.

https://heritagewealthplanning.com/
Interesting to hear what others might think.
Click to expand...

Josh seems like a money grubbing BS artist. Just saying......... He's working hard, running his business and taking his little chunk of your FIRE savings to be his own. His "neighborly" come-on is laughable.

You seem to have deep doubts too since you're still working despite having far, far more than enough to FIRE, despite those "doomsdayers saying you can never afford to retire."
 
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