www.newretirement.comI have been using the free Empower account aggregator. I have linked all of my accounts and I’m trying to get enough data to accurately track my spending as well as investments. It was relatively easy to set up and I am overall happy with it despite a few obvious glitches.
The retirement calculator on this program uses the data from your investments to estimate the success rate given yearly spending, retirement age, etc. My understanding is the calculator claims to use the investment account type, portfolio balance, the entered income and tax filing status to estimate taxes in the distribution phase. Does anyone know if this is true and if so how accurate is it? I am assuming the estimated spending is in post tax dollars but I could be wrong. This makes a big difference for me as most of my retirement savings is in a traditional IRA.
This link describes there methodology https://docs.empower.com/PDF/p/misc/Emp ... lanner.pdf
Also they claim to estimate state taxes but I don’t think I told them where I live. Can they tell by my IP address ?
I am close enough to retirement that the details really matter. A rough estimate is not good enough. I have corrected assigned categories so I believe my income and spending numbers should be correct but there are still issues. For example even though my income exceeds spending the program claims I have a negative savings rate. I can ignore that and instead use the positive cash flow as my savings, but it concerns me there may be other errors.
Statistics: Posted by OKOKOK — Mon Jul 15, 2024 11:36 am — Replies 11 — Views 1783