The Complete Retirement Planner Blog

The 2021 Complete Retirement Planner (TCRP)!

Each year we strive to enhance the capabilities of TCRP to maintain its leadership position in personal financial planning tools and to best fit the needs of our present and future customers. We are pleased to announce that The 2021 Complete Retirement Planner lives up to that goal. As always, this annual update includes the most current tax laws (including new I.R.S. divisors for RMD's), retirement account contribution limits, and Medicare costs, as well as several significant improvements that easily make this our most advanced planning tool to date:• If married, Social Security spousal benefits now calculate automatically, with the...

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Too Many Ignore The Need For A Comprehensive Financial Plan

Are you one of the 82% of households (per a Fidelity study) that doesn't have a written financial plan? Maybe you think that you don't need one, maybe you have a DIY spreadsheet/back-of-the-napkin plan that you think is sufficient, or maybe you trust generic advice and benchmarks to guide you. If that's the case, with respect, I propose that you are mistaken and you are doing yourself a disservice. Regardless of your net worth or stage of life, having a comprehensive financial plan is a crucial step in assessing your current and future financial health and it acts as a...

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The 10 Biggest Risks In Retirement Planning

We all know that life is full of risks and we typically do our best to mitigate those risks - we wear seat belts when driving, we have insurance for our homes, and we try to eat healthy food and exercise regularly to protect our health. But what are you doing to actively mitigate your financial risk as you age and prepare for retirement? The following are ten of the biggest risks to account for when planning for retirement:1. Longevity It's impossible to know how long you, or your spouse, may live. This makes it even more important to plan...

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The Possible Pitfalls Of A Roth IRA Conversion

The advantages of having a Roth IRA are clear: • Since contributions to a Roth IRA come from after-tax dollars, those savings grow tax free.• Contributions and earnings can be withdrawn tax free after age 59 1/2. • Contributions can be withdrawn tax free at any age.   Earnings withdrawn before age 59 1/2 will incur taxes and a 10% penalty.• A first-time home purchase ($10,000 maximum), college expenses, and birth or adoption expenses qualify as  exceptions to the rule concerning withdrawals before age 59 1/2.• Required Minimum Distributions (RMD's) are not required.With these advantages, however, come some limitations. A...

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Using Monte Carlo Simulations For Retirement Planning - Fool's Gold?

If you’ve ever spoken with a financial adviser about retirement, they probably suggested running a Monte Carlo simulation program to help determine how financially prepared you are. These programs randomly combine historical outcomes (annual market returns for the most part) with personal financial data to arrive at a probability of success (i.e. that you won’t run out of money in retirement). Telling clients that they have run thousands of scenarios to arrive at this information sounds like they have really worked hard to earn their money. But there are a few problems. To begin with, not all of these programs...

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