To get rich, you must spend less than you earn, and invest the difference. build your worth while earning and then manage your money while retired to maximize the enjoyment of your retirement life style. Plan now for your retirement.
Determine a yearly life style budget so that you can have the excellent retirement life style you deserve. But at the same time you do not want to withdraw so much that you run out of money too early. And you do not want to withdraw so little that you stint on your life style and die with large amounts still in your estate. Enter your current financial information, along with your assumptions for the rate of return on investments, the inflation rate, and your income tax rate and this program will forecast your future cash flow and net worth.
This program forecasts the results of your plan using the assumptions you made, and shows a series of charts showing cash flow transactions for each asset you specified. Your goal is to adjust your savings and spending to end up with the desired yearly cash in-hand for your retirement life style along with the desired amount left over in your estate when you die. You especially should move the interactive sliders to try different tax rates, different inflation rates, and different rates of investment earnings. You may be surprised at the results.
The pagination dots below the chart show this is the 4th of the charts showing cash flow and balances of the plan's assets. The other charts are visible by swiping left and right, or tapping a dot. The bullet point notes are a continuation of the prior help charts in this demo from the program.
Your spouse retires in year 2034 and stops making deposits into the IRA.
Your spouse reaches age 70 1/2 in year 2038 and starts taking Required Minimum Distributions from the IRA. The distribution is more than enough to cover the balance of funds needed for retirement living expenses, so the excess (shown in grey) is deposited in the tax-normal account.
The IRA account balance has been reduced so that the RMD from the account is not large enough to cover the balance of funds needed for retirement living expenses, so the tax-normal account begins to provide funds again.
When you die in year 2057, your spouse inherits your IRA account balance, without tax consequences.
The tax-normal account runs out of money in 2065, so in years 2065, 2066, and 2067, your spouse's IRA solely supplements the pension and social security payments to cover the balance of funds needed for retirement living expenses. The IRA is depleted the year your spouse dies in 2067.