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Retirement withdrawal optimization tools or advisor?
Posted on 3/28/25 at 3:35 pm
Posted on 3/28/25 at 3:35 pm
Retirees, what are you using to optimize? I'm early retired trying to start withdrawals/conversions to augment pension and would like to assist parents with theirs as well. I used to play w I-ORP to model Roth conversions etc... but that site is dead. Dabbled w Boldin free version too (previously NewRetirement). I'd consider a fee only advisor to review/optimize my strategy but don't know how to find one local w knowledge/experience w early retirement optimization. I dont need or want investment management. What are others using?
This post was edited on 3/28/25 at 3:36 pm
2
Posted on 3/28/25 at 10:55 pm to TorchtheFlyingTiger
Posted on 3/28/25 at 11:28 pm to AaronDeTiger
quote:
Minimize Taxes: Use Roth and HSA early to keep taxable income low, delay 401k withdrawals until RMDs or as needed.
Grok is going to cost you A LOT of taxes at RMD time with this strategy. Sincerely.
Posted on 3/28/25 at 11:48 pm to AaronDeTiger
I asked Grok a straight forward ? about Traditional IRA contributions and FICA and it got the answer completely wrong. I was 90% sure I knew better so Googled and got the answer direct from IRS site. I fed the correct info to Grok and it said it would adjust results for others but I'm not convinced. Grok isnt there yet for annual and long term optimization not even close.judging from the result posted. Let the RMD tax bomb grow and prematurely drain tax free accounts, WTF?!
Posted on 3/29/25 at 12:01 am to TorchtheFlyingTiger
I'm in my 30s and haven't given this any thought yet, so I didn't recognize a shite answer. How's this look after using the "think" function?
grok in think mode
grok in think mode
Posted on 3/29/25 at 6:31 am to AaronDeTiger
quote:
Required Minimum Distributions (RMDs) will begin at age 72, which we’ll aim to manage by reducing the balance earlier at lower tax rates.
Getting better.
However, RMD age is 75, not 72, for those born 1960 or later. Grok has some ways to go. Proceed w/caution until.
Posted on 3/31/25 at 10:12 am to AaronDeTiger
AI just isnt there yet. Too many errors and unless you already know what you're doing you wouldnt even catch them. Also, I'm looking for something that will run monte carlo on my scenarios and provide visuals etc. Could probably do that with AI too but prompts would be on me and wouldnt be confident it'd address any blind spots I have.
Posted on 3/31/25 at 12:09 pm to AaronDeTiger
quote:
Later Years: RMDs push you into higher brackets (22%), but early tax-free withdrawals reduce the 401k balance subject to RMDs.
This part doesn't sound right.
Maybe it is assuming some of your 401K balance is Roth?
Posted on 4/1/25 at 10:58 am to CharlesUFarley
Roth accounts are not included in RMD's.
Posted on 4/2/25 at 12:24 am to TorchtheFlyingTiger
I used to play around with I-ORP and have used Boldin too. I've seen on Bogleheads that many people use Pralana. Pralana was originally built as a package on top of Excel.
They recently released an online version which is easier to use/better interface and doesn't require Excel. The online version has a yearly subscription fee but seems reasonable. Probably don't have to buy it every year once you have an overall plan unless significant changes come up.
I haven't tried Pralana yet as I'm still a few years from early retirement but I've seen videos, read some of their docs etc. But I may test it out at the end of the year just to see what it can do. Like you, I'm more interested in tax optimization and what withdrawing from my portfolio will look like in retirement.
Fyi, you can still buy the current Excel version but it won't get feature updates and there won't be future versions. It is supposed to still get changes for bugs and any tax law changes.
https://pralanaretirementcalculator.com/
They recently released an online version which is easier to use/better interface and doesn't require Excel. The online version has a yearly subscription fee but seems reasonable. Probably don't have to buy it every year once you have an overall plan unless significant changes come up.
I haven't tried Pralana yet as I'm still a few years from early retirement but I've seen videos, read some of their docs etc. But I may test it out at the end of the year just to see what it can do. Like you, I'm more interested in tax optimization and what withdrawing from my portfolio will look like in retirement.
Fyi, you can still buy the current Excel version but it won't get feature updates and there won't be future versions. It is supposed to still get changes for bugs and any tax law changes.
https://pralanaretirementcalculator.com/
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