Posted: 12/6/2025 6:04:56 PM EDT
[Last Edit: Utahshooting][Edited]
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I have a Fidelity account for my retirement IRA and while their planning tools are good, I need something better. I want to model different retirement dates for me and my wife, factor in timing of potential Roth conversions, see monthly cash flow and a host of other things. Any recommendations? I'm looking to retire next year at 61. Wife will continue to work until I am Medicare eligible at 65 then she will retire at 55 the same month I go on Medicare. I self direct my Fidelity account if that matters |
Behave Yourself
| Firecalc will let you play with different retirement dates, different dates for claiming SS, different types of assets in your portfolio and different spending models. It won’t do everything you mention, but can provide a lot of insight. |
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Boldin will do what you are looking for. Model different conversion options and targets. Unlimited version was $144 a year. Maybe more now. Another option would be Right Capital. That is the software that a lot of financial planners use. Some planners will allow you to pay for access. I use both. |
| Boldin is generally considered one of the gold standard retirement planning software options. |
Blessed are those not cursed with self-awareness.
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The level of detail you want is generally not free. https://www.rightcapital.com/ will do all the things you seek. Given your situation you have a lot of opportunities to avoid some serious taxes, I would recommend you consider a fiduciary advisor. I got a free right capital account from the advisor I used! That $3k I spent for a year of his service was the best money I spent my entire life. |
| Projection Lab is what I have been using for the last couple years. It will model everything you are asking for and has a ton of tools to run different scenarios. After you get everything set up it will tell you a lot about your taxes in the outwears, etc.... |
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Well, not as easy as I thought. Easy to enter all the data but something is messed up with cash flows. Its showing a negative cash flow of $79,000 next month. LOL. For the life of me, I cant figure out what is messed up. Incomes and expense data is all correct. We dont have a deficit in real life as we have no debt outside two modest mortgages. The future projections seem out of whack as well. Way too high despite me forecasting conservative investment strategies. Wound up scheduling a $250 session with a Boudin tep to review setup as something is clearly out of whack. EDIT: Figured it out. The Roth conversion estimator was saying to convert $280K from a CD this month, which I can kinda understand. What I don't get is it recommended moving $500K from wife's pre-tax 401K to a Roth next December. Thats a huge tax hit. We are already in 32% bracket and she will only be 52, so another 10% penalty on top of that. Its trying to maximize portfolio size at end of our lives at the cost of high tax transfers now. |
Behave Yourself
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Let us know how the Boldin meeting goes. Boldin will let you choose different targets for Roth conversion. Max ending estate. Minimum taxes. Tax bracket percentage. IRMAA. ETC. Regarding the 10%. A conversion does not constitute a withdrawal. No early withdrawal penalty on it. If you can get access RightCapital Tax strategies will solve for the optimum Roth conversion plan. |
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Originally Posted By MtnWest: Let us know how the Boldin meeting goes. Boldin will let you choose different targets for Roth conversion. Max ending estate. Minimum taxes. Tax bracket percentage. IRMAA. ETC. Regarding the 10%. A conversion does not constitute a withdrawal. No early withdrawal penalty on it. If you can get access RightCapital Tax strategies will solve for the optimum Roth conversion plan. I'm gonna have to educate myself a bit more on what all that means. Boldin has some good videos on YouTube that I'm watching now. Good point on moving money to Roth being a conversion, not a distribution. I did not know that. I'm gonna skip their recommended conversion for this month. I need time to review all this. |
Behave Yourself
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Originally Posted By Utahshooting: EDIT: Figured it out. The Roth conversion estimator was saying to convert $280K from a CD this month, which I can kinda understand. What I don't get is it recommended moving $500K from wife's pre-tax 401K to a Roth next December. Thats a huge tax hit. We are already in 32% bracket and she will only be 52, so another 10% penalty on top of that. Its trying to maximize portfolio size at end of our lives at the cost of high tax transfers now. 32% tax on $500K? That doesn't seem like a good idea. With it grow enough tax free in the Roth to make that up vs slow withdrawn from the 401k when your older and lower rate? |
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Originally Posted By AR_Dale: 32% tax on $500K? That doesn't seem like a good idea. With it grow enough tax free in the Roth to make that up vs slow withdrawn from the 401k when your older and lower rate? That's what I'm thinking, but neither her or I are savvy investors and have a lot to learn. Sweet spot for Roth conversions would seem to begin in 2029 and last a few years. I retire in July 2026 at 61 and AGI drops. It drops like a stone in July 2029 when she retires at 55 (she makes more money then I). I also go on Medicare at that time as I'll be 65. This is important as I have medical issues and we use her excellent insurance for all of us. She has no medical issues and can go on ACA along with kids (until they turn 26 and she turns 65). I could delay social security withdraws until at least 2029 to keep us in lowest possible tax bracket to do conversions and pay the conversion taxes using our pre-tax IRA's/401K's. We do large conversions to Roth at that time for a few years to all but eliminate RMD's later in life and leave nice, tax free nest egg to our two kids. I'm going to continue to input data and create different scenarios. I added one time expense events where we both buy new vehicles next year and give each kid (teenagers) the 20% down on a home later when they want to buy a house. These are all significant cost events that changed long term numbers significantly. It's amazing software. The more data you input the better. I'm just wrestling a bit with understanding all the terms and details. Thanks to everyone for the assistance. |
Behave Yourself
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Medical insurance is THE big deal for most early retirees. Assume you have looked at the potential IRMAA penalty when you go on Medicare. Two year lookback of your modified adjusted gross income. Also, if she is the one driving your good healthcare choices now, why would she and the kids willingly go to Obama Care as it sounds like you intend. |
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Originally Posted By VegasEggus: Medical insurance is THE big deal for most early retirees. Assume you have looked at the potential IRMAA penalty when you go on Medicare. Two year lookback of your modified adjusted gross income. Also, if she is the one driving your good healthcare choices now, why would she and the kids willingly go to Obama Care as it sounds like you intend. I have not yet looked at IRMAA penalty. I've had 12 hours of experience with this.  .As to why her and kids would go on ACA (Obamacare), I'm not sure we have any other choice if she retires at age 55 in 2029. I will be on Medicare and neither her or kids have any health issues. She has no medical coverage options from employer in retirement. Financially, there is no reason for her to work past 55, yet we still need health insurance for her and kids (20 & 17). Am I missing something here (very possible)??? |
Behave Yourself
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Originally Posted By Utahshooting: I have not yet looked at IRMAA penalty. I've had 12 hours of experience with this. .As to why her and kids would go on ACA (Obamacare), I'm not sure we have any other choice if she retires at age 55 in 2029. I will be on Medicare and neither her or kids have any health issues. She has no medical coverage options from employer in retirement. Financially, there is no reason for her to work past 55, yet we still need health insurance for her and kids (20 & 17). Am I missing something here (very possible)??? No, I'm the one who misunderstood. For some reason I was thinking only of your insurance need until 65. She/they will likely need to go to the exchange based on how you responded. Again, this points out what we experienced as the biggest challenge to early retirement. I was offered and accepted a subsidized extension of my work insurance. It went up 45% in year 2. 😠. |