November 14, 2017 at 8:21 am #412
The Can I Retire Yet? Android apps show off only a subset of our underlying high-fidelity personal financial model. Features for which we already have some support and which may make it into future major releases include:
- historical simulations
- Monte Carlo simulations
- more built-in asset classes
- state/local effective tax rates
- user-defined account withdrawal order
- user-created accounts
- new financial events: debt, Medicare, reverse mortgage, rental income, etc.
- estimators/wizards for input variables: expenses, Social Security, inflation, returns, etc.
- manage multiple scenarios, with comparison
- spending strategies
- withdrawal strategies
- IRA conversions
- improved reporting
- improved help system
What and when we release is going to depend on the uptake for current versions and what kind of support we get from our user base. If you use the apps, help us spread the word, and feel free to vote for your favorite new features here!
- This topic was modified 1 year, 9 months ago by darrowk.
November 15, 2017 at 12:18 am #415
All good for a starter phone app calculator. For my personal situation, it needs improvement in the following (in order of importance):
user defined account withdrawal order
manage multiple scenarios
November 15, 2017 at 8:02 am #416
Thanks for the feedback BruceG. Very helpful, and duly noted!
January 18, 2018 at 1:51 pm #500
1) My pre-retirement budget is very different from my post-retirement budget. Is there a way to create different budgets for different time-frames? I don’t see “Living expenses” in the “new” events menu. Is new “Withdrawal” treated the same?
2) Withdrawal strategies are critical for me. I’d like to withdraw as much as possible from my “tax deferred” account until I hit a specific marginal tax rate. If I still need more cash for my budget, then I would pull from my cash account as long as I’m under the amount that qualifies as tax free. If I still need more, I’d pull from my pre-tax account. If I have surplus over my budget, then I would do this as a post-tax -> pre-tax roth conversion.
==> Basically I’m looking for the best ways to get money out of my traditional 401k with the least tax hit.
January 18, 2018 at 5:44 pm #501
1) Yes, that is correct. Our pre-loaded “Living Expenses” event is just a renamed Withdrawal event. You can create as many events of as many different types as you need. And they can Start and End in the simulation years of your choosing. You can also rename or delete existing events by long-pressing on the event in the list and selecting off the popup menu.
2) Thanks for describing your requirements. That is helpful to understand. Right now CIRY Pro is a high-fidelity tool that performs detailed tax calcs, shows your marginal tax rate, and gives you flexibility via events for manually experimenting and fine-tuning your withdrawal strategy. You can change the withdrawal order by long-pressing an Account name and choosing Move Up/Down. You can use Transfer events to move money between accounts (Roth conversion), and the app will handle any tax consequences. We also hope to add individually saved/loaded scenarios soon.
In the long run we would like to offer more automated intelligence for optimizing withdrawals, but that will depend on attracting an active user base to support our development efforts. Thanks again.
- This reply was modified 1 year, 7 months ago by darrowk.
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