The 2022 Complete Retirement Planner

Continuous improvement is the goal of TCRP and for 2022 we have added several new features that will only help to enhance our leadership position in personal financial planning tools. As always, this annual update includes the most current tax laws, retirement account contribution limits, I.R.S. divisors for RMD's, and Medicare costs, but there are also several feature additions that easily make this our most advanced planning tool to date:

• Both spouses may now choose the age at which Traditional 401k/IRA distributions should begin. They can use the default age of 60, or specify an age from 55 to 72. For those retiring early, choosing an age of 55 or later will allow access to retirement savings before age 60 without any tax penalty. For those wanting to delay any needed distributions until after age 60, starting at a later age may help to lower tax liability by using only non-retirement savings first (along with income) to pay expenses, and will also allow retirement savings more time to grow.

• There are now dedicated entries for each spouse (if married) for Health Savings Accounts (HSA's). HSA contributions may be entered by year, and the balances will only be used to pay HSA eligible expenses, starting at the age of your choosing. HSA balances, as well as distributions, are shown on the Results page.

• For any year when RMD's are greater than needed to pay expenses, 85% of the excess is automatically saved and is available as non-retirement savings to be used for future expenses. These automatic savings help to prevent "lost" income by saving the majority of the excess. Why isn't 100% of the excess saved? Because we prefer to plan conservatively rather than optimistically, and it wouldn't be prudent to count on saving 100% of the excess year after year. At least some part of excess money always has a funny way of being spent.

• Any positive one-time events may now be assigned to either spouse's non-retirement cash or investment savings (they were previously just added to joint savings). This allows those amounts to benefit from the specific interest/return rates entered for either type of savings, for either spouse, and for either before or after retirement.
Notes about each one-time event may also be entered right next to each event to help explain what they were for.

• Itemized expenses have been expanded to include Medicare and Insurance Premium costs for before and after
age 65, as well as Medicare expenses other than for Parts A, B, C, and D. For clarity, health care costs that are subject to the unique health care inflation rate of 6% are labeled, as are HSA eligible expenses.

• The Results page now calculates until both spouses have reached age 100 (up from age 95 previously).

• Negative one-time events are now inflation adjusted, helping to project their true cost in the future.

There is no other financial planning tool that offers the unique mix of individualized planning capabilities and the unbeatable value of TCRP. There is also no better way to gain a greater understanding of your finances than with a comprehensive financial plan. We are committed to making it easy for anyone, with or without technical or financial experience, to create a comprehensive, individualized financial plan of their own.

The strongest endorsement of TCRP is when users share its benefits with friends, family, and colleagues, as so many households have done from coast to coast. Since we do not advertise (which is a main reason that we can offer TCRP at such a reasonable price), our success has been completely through word of mouth. If you find TCRP to be beneficial, please "pay that knowledge forward" by letting others know. Helping others to gain a greater understanding of their finances is what this is all about.
                     Stop guessing, start planning, retire with confidence.


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