I watched your videos and your product is a possiblity for my financial planning as I'm already retired at age 66. Two questions:
1. Your program seems not to separate Roth from Traditional IRAs nor to factor in RMDs after age 70 1/2. This is key as it relates to tax planning after RMDs start occuring. Am I missing something?
2. Is your program capable of inputing expenses that occur, for example, every four years such as the purchase of an automobile? The video would lead one to believe such an expense would have to be put in multiple times in each year it occurs until the end of the plan.
Thanks for answering these two questions, Tom
Tom.
To answer your questions...
1. Your program seems not to separate Roth from Traditional IRAs nor to factor in RMDs after age 70 1/2. This is key as it relates to tax planning after RMDs start occuring. Am I missing something?
--- Yes you missed it in the program.... The Roth IRA money goes under "Tax Free". It does not say Roth but the Roth is tax free. In Help text it tells you some investment types that are Tax Free. The TRaditional IRAs go under the "Tax Deferred" bucket.
And YES the program does calculate the RMDs. You can enable and disable them under the Settings menu. Most people are not aware of RMDs and to most people it is a complication they don't want to deal with... thus we have hidden away the calculations onto the spreadsheet. Go there and look for the ORANGE columns. It will show you the detailed RMD calculations.
2. Is your program capable of inputing expenses that occur, for example, every four years such as the purchase of an automobile? The video would lead one to believe such an expense would have to be put in multiple times in each year it occurs until the end of the plan.
--- You are correct. We do not have a method of injecting an expense every 4 years, except for listing each as a separate line at a specified age. You can do something as a one time lumpsum at a specific age, or as a consecutive recurring item. Beyond that we have seen customers enter multiple lines to model various expenses for automobiles. Anytime you move towards modeling an ongoing budget with Special Expenses, the work involved in doing that is going to go up commensurate with that detail. But if you take the time to enter those items, the nice thing is the program will indeed model that for you.
Hope this helps.