Author Topic: Personal Financial Planning Software/Website  (Read 1215 times)

Grimey

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Personal Financial Planning Software/Website
« on: March 07, 2019, 11:44:52 AM »
* Please forgive me if this is a repeat question.  A few simple word searches didn't yield any satisfactory results.

Does anyone have a recommendation on a program or website for more detailed financial planning that allows for changes in out years?

When I talk with a CFP, they each provide nice glossy graphs and charts for investments and cashflow.  I'd like to do this across several scenarios and potential 'inflection points'. 

Unfortuately, it looks like many of these financial planner programs are proprietary or quite costly.

MusicLover

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Re: Personal Financial Planning Software/Website
« Reply #1 on: March 07, 2019, 11:51:28 AM »
I paid something like $100 / year for a planning software package designed in part by Boston University's professor of economics, Lawrence Kotlikoff.  Here is the link
https://maxifiplanner.com/

I've found it was pretty thorough and was worth the time it took to learn to use it.

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MusicLover

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Re: Personal Financial Planning Software/Website
« Reply #2 on: March 07, 2019, 11:53:55 AM »
Most of us on the forum use or have used https://firecalc.com/ too.  It's free and an excellent first step.

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Grimey

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Re: Personal Financial Planning Software/Website
« Reply #3 on: March 08, 2019, 11:53:05 AM »
Thanks!  I found the Firecalc was a decent overview, but I really want to get into details with cash flow and tax implications drawing from different accounts.  I 'll check out the MaxiFi.

47%MMM

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Re: Personal Financial Planning Software/Website
« Reply #4 on: March 13, 2019, 01:46:31 PM »
I paid something like $100 / year for a planning software package designed in part by Boston University's professor of economics, Lawrence Kotlikoff.  Here is the link
https://maxifiplanner.com/

I've found it was pretty thorough and was worth the time it took to learn to use it.

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This seems interesting. Do you use the online or the desktop version and what do you feel is the best information it's provided you? The part where they calculate your max spending seems pretty un-MMM.


MusicLover

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Re: Personal Financial Planning Software/Website
« Reply #5 on: March 13, 2019, 02:12:26 PM »
As far as I know, the Maxifi product is only available to use over the web.  The same people have another planning software that works on the desktop but I don't know anything about it.

I found the best part of the product was that you can put Roth conversions into the plan before your defined benefit pension and social security begin, and it quantifies how effective those conversions may be in terms of how many more $ you receive to live on.

Also, it identifies changes in your tax situation that you can expect as the accounts get depleted.

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MusicLover

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Re: Personal Financial Planning Software/Website
« Reply #6 on: March 14, 2019, 07:50:38 AM »
I paid something like $100 / year for a planning software package designed in part by Boston University's professor of economics, Lawrence Kotlikoff.  Here is the link
https://maxifiplanner.com/

I've found it was pretty thorough and was worth the time it took to learn to use it.

Sent from my SM-G965U1 using Tapatalk

This seems interesting. Do you use the online or the desktop version and what do you feel is the best information it's provided you? The part where they calculate your max spending seems pretty un-MMM.
I use the calculation of how much I could spend, mostly as an arbitrary measure.  In other words, I don't think the figure will influence what I really end up spending.

Of course, I know what I usually spend today.  The difference between the two figures (maximum spending minus what I spend today) is the "headroom" available in case any of the assumptions in the model turn out to be bad and/or how much I might be able to sustainably increase my spending if I find that I'd like to spend more after giving up my day job.

Thanks for a great, inspiring, timely web site by the way! 

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