We are excited to announce the 2023 version of The Complete Retirement Planner (TCRP 2023)!
As is the case each year, this annual update includes the most current tax laws, retirement savings contribution limits, I.R.S. RMD rules, and Medicare costs, as well as several new features that further enhance the already extensive capabilities of TCRP:
• Federal tax deductions for State Sales/Income Tax, Charity, and Medical Expenses may now be applied to different time frames, making these deductions even more useful since one amount does not need to be applied to all years.
• There are now separate entries for a general inflation rate, and a health care inflation rate that applies to specific health care expenses. We still recommend a 6% inflation rate for health care, but now you can adjust that as desired.
• The upper limit of the entry for the percentage of excess income to be Auto-Saved has been raised to 85% (from 75%).
(It's not 100% because it isn't reasonable to expect that anyone will save every penny of excess income for every year.)
• The total amount of excess income that is auto-saved (total for all years) is now displayed, together with an option to enter a separate auto-save %, for comparison. See the amount being saved vs. how much could be saved.
• There are now 10 One-Time Events available. This helps with Inherited IRA's if 10 years are desired for withdrawal.
• An entry was added for Qualified Charitable Donations (QCD's), for either spouse (if married). This can help to lower taxes when RMD's are required, but may not all be needed, since it directly reduces the taxable amount of an RMD.
• Optional buttons were added on the Income page to auto-fill the Investment Return % columns for either spouse (if married). We highly recommend using varying annual rates of return rather than a single return % for all years, so this will make those entries quick and easy. Choose between Conservative, Moderate, or Aggressive risk tolerances while still being able to manually adjust individual years, if desired.
• An alert was added to the Results page to automatically check for annual income levels that may trigger IRMAA, causing increased Medicare premiums. What's IRMAA? A full explanation has been added to the Health Care page.
• The Combined Results on the Results page (for both spouses, if married) has been re-designed to more logically show total income vs. total expenses (including taxes), by year, making it easier to track cash flow.
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 financial planning experience, to create a comprehensive, individualized financial plan for their future.
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 the primary 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.