Wow, this is a great training video. I just created an account (12/24) and this will help me think thru my inputs. The Roth Conversion discussion was very helpful. Thanks.
I have been watching Joe for over 3 years. He introduce me to Boldin. Boldin has done two major things for me. #1, fire my financial planner. Saving us $30k per year. #2 Boldin software gave me the confidence to retire early at 56. Lastly, knowing my numbers puts me at ease in retirement. Thanks Joe for what you do. Excellent content! One question I do have; what percentages you put in for optimize and pessimistic for returns?
Looks like great software and for an average cost of $10/month this is amazing. I've been using spreadsheets for the past few years, I need to buy this soon. I've heard you talk about this software and how good it is, seeing how it works is priceless, thanks for posting this !
Thanks, Joe. I've been playing with the Roth conversion feature. I liked the tax bracket option too because it maximized my Roth accounts before RMDs kicked in. Instinct told me this was the best option. I appreciate your explanation why.
Great Video Joe! You and Rob Berger turned me onto Boldin and I'm a huge fan of it. It's given me the confidence to be able to model my own finances and do away with an AUM CFP I had. I had thought that I would need to work till 60, but now am on track for 58! The questions I still have are healthcare and what my investments need to look like in Retirement. It's looking like $20K/year for insurance and then when I finally get past 59.5 and can completely manage my own accounts something fairly simple in the 70/30 Equities/Bucket1 investments. I'm in way too many funds right now and am trying to get a handle on simplifying this in the future. I've been listening to Rick Ferri some on this and his Core-4. I think a tweak or two to something like this is what I'm looking for.
I have had this for a year and set it up very similar to your example. Go go years vs slow go. A car payment for a specific timeframe. Also added a few weddings and a few years apart in the one time expenses. You can also enter healthcare costs pre 65 as an expense and end it at 65. And a separate expense for a spouse if they are youger. The paid version is a big help for me. The silly 80% of income or 4% rule seems ridiculous when you can model the plan with such detail.
The first time I signed up for the free trial I knew I was going to pay the annual fee. Glad I found you. As I have said here before it allowed me to have a test for what my AUM was telling me. Or test Boldin. And I could play around with expenses and get the bandwidth limits. I haven’t found but one error dealing with SS, that they have acknowledged. If I start SS the same year I retire it incorrectly penalizes my benefit based on income earned that year, prior to receiving benefits. So, I start SS the year following retirement in all my scenarios and all is well (which I may do in reality). Hope they correct this. Good post!
This was helpful, I have used this software for a couple of years. They have continually improved and updated the software. I do not think they had the option to pay the Roth conversion tax out of the conversion in the past.
Situations changed at work, especially for my wife. One example was not getting a promotion because " She didn't have long to work ." I've been doing shift work for thirty years. I found out I could get health insurance through her retirement plan. Even with the added expense of that for one year till 65 our success rate only dropped 1% to 94. Thank You Boldin ! Thank You Joe for the reference to the software. The Roth stuff was a eye opener. Retiring in the spring !
Hi Joe, great overview and content as usual. I love running multiple scenarios through Boldin. Making changes like you showed is much easier to see overall success rate (monte carlo), trending and year-over-year broken out by income/taxes/etc. compared to a spreadsheet. One thing to point out- you have your rate assumption backwards for SS COLA (Optimistic is better (higher), and Pessimistic is worse (lower))- it and housing are different than the other two in the group. The one-time big expenses really change a lot, which I value seeing to make my decision what works. Thanks.
Be careful on optimistic. The program selects all optimistic assumptions when that is selected. So I want low general inflation which will mean low ss inflation. You can’t have it all
@joekuhnlovesretirement ah, good point. I have run all three assumptions, and the worst case for me is 84%. I'm still tweaking. That's the beauty of it, and I may try your "crazy money" option to burn it a little more! 😀
There is another cool Roth feature in terms of estate planning. You don't have to just give the kids the money outright. You can have a trust (look through) hold the Roth for up to 10 years generating tax free gains for the kids prior to distribution. That's power.
Thanks for the video. I contacted Boldin to see if there are any future plans to be able to plan using the guardrails approach like the Income Lab software, but no such plans.
I love Boldin. I entered all my information and it says I have a 99 percent chance of success and that I can retire as early as 57.5. I'm still working and I just turned 58.
When I started using it earlier this year, my personal plan (not based on as much actual data) was to work another 3 years. Once I ran things through, I had it tell me I was at 99% to retire this year! I made sure to buff my numbers, and get other advise on my plan. I'm no longer working for another 3 years- but as you said, personal choices. Everyone has a plan until they get punched in the face. It's good to feel safe when you take that leap!
I make named scenarios before I apply suggestions from the explorer. That way, I always have my baseline to go back to if I goof something up. And at anytime Scenarios has a compare feature ❤
Very helpful. Thank you. At about 9:44 into the video you went to the left toggle column under Boldin. I noticed you have more options than my Boldin has: ie: IRMMA, Taxes, Current net worth, etc. How did you get these extra choices in the left column? I can find those options, but they were a littler harder to find as I followed along in my own Boldin plan. Thank you for the video.
Could you do a podcast on the pros and cons of the 3 different withdrawal strategies in Boldin and how to set them up correctly? The choice seems like a big decision for sure.
Great video. Thank you so much. If you could please dive into the withdrawal strategies if possible it would be great appreciate it. I paid for the software a few weeks ago and would like a better understanding.
Fantastic question Carlos, and not hugely straightforward! I'll tell you what I've done to answer this question inside Boldin. So you have to develop some criteria on just what you want to find successful with Withdrawal. For myself, I assume age 90 as my "Plan End Date ;)". Initially I want to see what withdrawal rate (which is in Money Flows) gives me a 90% success rate for the Monte Carlo (MC) estimation and assuming Poor performance. For this I get a Low number which in my case was 4.3%. I then find a Max rate where I iterate the % withdrawal assuming Average returns such that I barely have enough money to have anything in my accounts at age 90. I have no children and am not really worried about leaving any money to successors. My great nieces call sell off all my assets if they want something ☺. After this I find my Max withdrawal rate is 6.4%. Now I have my "Guardrails". Mid range of this is then 5.35%. So, in my own thinking when the Market is normal, I draw 5.35%, when it sucks I draw 4.3%(or frankly live off Bucket 1), and when it's great I'll draw 6.4%. I later started modeling some Roth conversions and then numbers became 4.3%, 5.35%, and 6.9% but honestly I'm still playing around with that. Hope this helps!
My only issue with Boldin is that it doesn't give me the ability to drill down to the expense level in the future (PS I use the paid version so i have the detail expense functionality). So if i want to know how much i will spend on vacation with inflation 10 years from today they don't show at that granular level. Also makes it hard to debug expense mistakes that i may have made.
@@joekuhnlovesretirement Thanks for the quick reply, I took another look, and I found your list of options under Insights tab. Up until now, I didn't know Insights tab has more options under it, they all look very useful, like you described, for understanding things like Taxes, and IRMAA, RMD, etc. Thanks again!!
Hi Joe- just started following and new to planning (trying!) Why are you using the software if you are also leveraging a CFP for financial planning and an advisor for the 1% AUM?? What is truly / most needed? Looking to maximize growth and retirement spend - while minimizing taxes, risk, etc. thank you !! New Subscriber Steve Confused.
I have much richer and challenging questions when I come in prepared. I also don’t trust anyone fully with my money. I love Neil, but I verify everything he says. It’s my money. Lastly I want to know how the sausage is made. I’m an engineer
@ Appreciate the response. To confirm; do you strongly recommend I/we secure all 3 of those components- software that we run/monitor, a CFP for comprehensive financial plan & an advisor @ ~1% to manage retirement fund(s)? Thanks.
I state in videos and in text. At no cost I get a promoter fee from Boldin. I pay for software for myself and after 2 years of promotion they decided to give me a fee.
Hey Joe, if I'm 10 years out from retirement, do you think it's worth the investment for Boldin? I've done the free version, kind of thinking I'll wait until maybe I'm 5 years out before paying for software. Curious about your thoughts.
5 years out you need to start getting your money in right locations. Spreadsheets can work at 10 years but not bad idea to buy for just one year and have expire. If you’re like many you may find you can retire in 7-8 years. My 2 cents
Great question. Since rule of 55 says no penalty if you retire the year you turn 55, does it take that into acct and not add the penalty? I ask as I turned 55 6 months ago and seriously looking into this " retirement " thing.
Until they figure out how to access my account values in real time it’s not interesting. With AI, you should be able to automatically know returns and suggest tax strategies, harvesting, and predict probability of success without any tedious data entry. The software shouldn’t be just a what if. It should have enough info to tell you what you need to do to optimize your situation and tell you how you are doing compared to others. Almost like turbo tax of retirement. For example, the software should see that I’ve lost money on a stock but have gains on another and suggest that I should sell and harvest because predictors indicate that this stock has a 30% of increasing enough to make sense to keep, etc.. that should all be automatic, much like a finance advisor but better. Another example, hey you’re 63, lower your income to prepare for Medicare. Hey, RMD coming up, do this. Etc..
I believe that majority of these Monte Carlo packages only do 100, you never see 3 significant digits in the results. It is always a number ending in zero (I.E. 920 versus 923).
Wow, this is a great training video. I just created an account (12/24) and this will help me think thru my inputs. The Roth Conversion discussion was very helpful. Thanks.
I have been watching Joe for over 3 years. He introduce me to Boldin. Boldin has done two major things for me. #1, fire my financial planner. Saving us $30k per year. #2 Boldin software gave me the confidence to retire early at 56. Lastly, knowing my numbers puts me at ease in retirement. Thanks Joe for what you do. Excellent content! One question I do have; what percentages you put in for optimize and pessimistic for returns?
Stock fund 9 and 5.
@@joekuhnlovesretirement Thanks Joe.
Looks like great software and for an average cost of $10/month this is amazing. I've been using spreadsheets for the past few years, I need to buy this soon. I've heard you talk about this software and how good it is, seeing how it works is priceless, thanks for posting this !
Totally agree!
Thanks, Joe. I've been playing with the Roth conversion feature. I liked the tax bracket option too because it maximized my Roth accounts before RMDs kicked in. Instinct told me this was the best option. I appreciate your explanation why.
Great Video Joe! You and Rob Berger turned me onto Boldin and I'm a huge fan of it. It's given me the confidence to be able to model my own finances and do away with an AUM CFP I had. I had thought that I would need to work till 60, but now am on track for 58! The questions I still have are healthcare and what my investments need to look like in Retirement. It's looking like $20K/year for insurance and then when I finally get past 59.5 and can completely manage my own accounts something fairly simple in the 70/30 Equities/Bucket1 investments. I'm in way too many funds right now and am trying to get a handle on simplifying this in the future. I've been listening to Rick Ferri some on this and his Core-4. I think a tweak or two to something like this is what I'm looking for.
I have had this for a year and set it up very similar to your example. Go go years vs slow go. A car payment for a specific timeframe. Also added a few weddings and a few years apart in the one time expenses. You can also enter healthcare costs pre 65 as an expense and end it at 65. And a separate expense for a spouse if they are youger. The paid version is a big help for me. The silly 80% of income or 4% rule seems ridiculous when you can model the plan with such detail.
I agree. It’s way better
The first time I signed up for the free trial I knew I was going to pay the annual fee. Glad I found you. As I have said here before it allowed me to have a test for what my AUM was telling me. Or test Boldin. And I could play around with expenses and get the bandwidth limits. I haven’t found but one error dealing with SS, that they have acknowledged. If I start SS the same year I retire it incorrectly penalizes my benefit based on income earned that year, prior to receiving benefits. So, I start SS the year following retirement in all my scenarios and all is well (which I may do in reality). Hope they correct this. Good post!
This was helpful, I have used this software for a couple of years. They have continually improved and updated the software. I do not think they had the option to pay the Roth conversion tax out of the conversion in the past.
Situations changed at work, especially for my wife. One example was not getting a promotion because " She didn't have long to work ." I've been doing shift work for thirty years. I found out I could get health insurance through her retirement plan. Even with the added expense of that for one year till 65 our success rate only dropped 1% to 94. Thank You Boldin ! Thank You Joe for the reference to the software. The Roth stuff was a eye opener. Retiring in the spring !
Congratulations
Hi Joe, great overview and content as usual. I love running multiple scenarios through Boldin. Making changes like you showed is much easier to see overall success rate (monte carlo), trending and year-over-year broken out by income/taxes/etc. compared to a spreadsheet. One thing to point out- you have your rate assumption backwards for SS COLA (Optimistic is better (higher), and Pessimistic is worse (lower))- it and housing are different than the other two in the group. The one-time big expenses really change a lot, which I value seeing to make my decision what works. Thanks.
Be careful on optimistic. The program selects all optimistic assumptions when that is selected. So I want low general inflation which will mean low ss inflation. You can’t have it all
@joekuhnlovesretirement ah, good point. I have run all three assumptions, and the worst case for me is 84%. I'm still tweaking. That's the beauty of it, and I may try your "crazy money" option to burn it a little more! 😀
There is another cool Roth feature in terms of estate planning. You don't have to just give the kids the money outright. You can have a trust (look through) hold the Roth for up to 10 years generating tax free gains for the kids prior to distribution. That's power.
Thanks for the video. I contacted Boldin to see if there are any future plans to be able to plan using the guardrails approach like the Income Lab software, but no such plans.
I got it and found it easy to use. Great tips Joe, I’ll try these ideas
Great comprehensive video of this software! Great to see it in use!
Wow!!...that is amazing....Iam not the best with inputs of information...but that was impressive..ty Joe
Glad you enjoyed it
I love Boldin. I entered all my information and it says I have a 99 percent chance of success and that I can retire as early as 57.5. I'm still working and I just turned 58.
So you love it, but ignore the advice?
@stump182 yep. when to retire is a personal choice but knowing I already have enough using Boldin is freeing
When I started using it earlier this year, my personal plan (not based on as much actual data) was to work another 3 years. Once I ran things through, I had it tell me I was at 99% to retire this year! I made sure to buff my numbers, and get other advise on my plan. I'm no longer working for another 3 years- but as you said, personal choices. Everyone has a plan until they get punched in the face. It's good to feel safe when you take that leap!
“Crazy spending” to test where a plan will fail. Brilliant!❤
I make named scenarios before I apply suggestions from the explorer. That way, I always have my baseline to go back to if I goof something up. And at anytime Scenarios has a compare feature ❤
This is something @JoeKuhn could make a brief tutorial showing how & why… (Saves time undoing)
Very helpful. Thank you. At about 9:44 into the video you went to the left toggle column under Boldin. I noticed you have more options than my Boldin has: ie: IRMMA, Taxes, Current net worth, etc. How did you get these extra choices in the left column? I can find those options, but they were a littler harder to find as I followed along in my own Boldin plan. Thank you for the video.
same here. I don't have the taxes field to click on on my version. Does the program need an update?
Select "Insights", it will expand to show IRMAA, Savings, Taxes, etc...
@@anothergeek7987 Thank you. I can see it now.
Could you do a podcast on the pros and cons of the 3 different withdrawal strategies in Boldin and how to set them up correctly? The choice seems like a big decision for sure.
Good idea
Great video. Thank you so much. If you could please dive into the withdrawal strategies if possible it would be great appreciate it. I paid for the software a few weeks ago and would like a better understanding.
Fantastic question Carlos, and not hugely straightforward! I'll tell you what I've done to answer this question inside Boldin. So you have to develop some criteria on just what you want to find successful with Withdrawal. For myself, I assume age 90 as my "Plan End Date ;)". Initially I want to see what withdrawal rate (which is in Money Flows) gives me a 90% success rate for the Monte Carlo (MC) estimation and assuming Poor performance. For this I get a Low number which in my case was 4.3%. I then find a Max rate where I iterate the % withdrawal assuming Average returns such that I barely have enough money to have anything in my accounts at age 90. I have no children and am not really worried about leaving any money to successors. My great nieces call sell off all my assets if they want something ☺. After this I find my Max withdrawal rate is 6.4%. Now I have my "Guardrails". Mid range of this is then 5.35%. So, in my own thinking when the Market is normal, I draw 5.35%, when it sucks I draw 4.3%(or frankly live off Bucket 1), and when it's great I'll draw 6.4%. I later started modeling some Roth conversions and then numbers became 4.3%, 5.35%, and 6.9% but honestly I'm still playing around with that. Hope this helps!
My only issue with Boldin is that it doesn't give me the ability to drill down to the expense level in the future (PS I use the paid version so i have the detail expense functionality). So if i want to know how much i will spend on vacation with inflation 10 years from today they don't show at that granular level. Also makes it hard to debug expense mistakes that i may have made.
I recently signed up but my screen looks VERY different from yours. I don't have Taxes tab, for example.
Need to expand. I believe 3 horizontal bars top left
@@joekuhnlovesretirement Thanks for the quick reply, I took another look, and I found your list of options under Insights tab. Up until now, I didn't know Insights tab has more options under it, they all look very useful, like you described, for understanding things like Taxes, and IRMAA, RMD, etc. Thanks again!!
Are you able to model a car loan at some point in the future, say seven years out. Not a one time withdrawal, but a loan for 60 months?
Yes. Easy. 60 payments of $500 Jan 2030- Jan 2035. Super easy. 99% of other products won’t do this. Great question. I’ll make a video on this. Thanks!
@@joekuhnlovesretirement Looking forward to the video. Thanks!
Hi Joe- just started following and new to planning (trying!)
Why are you using the software if you are also leveraging a CFP for financial planning and an advisor for the 1% AUM??
What is truly / most needed?
Looking to maximize growth and retirement spend - while minimizing taxes, risk, etc.
thank you !!
New Subscriber
Steve
Confused.
I have much richer and challenging questions when I come in prepared. I also don’t trust anyone fully with my money. I love Neil, but I verify everything he says. It’s my money. Lastly I want to know how the sausage is made. I’m an engineer
@ Appreciate the response. To confirm; do you strongly recommend I/we secure all 3 of those components- software that we run/monitor, a CFP for comprehensive financial plan & an advisor @ ~1% to manage retirement fund(s)?
Thanks.
Joe, thanks for the video. For full transparency purposes, does Boldin pay you a commission or other payment for recommending their plan?
Joe always posts his "Affiliate Disclosure" in the description of his videos.
@davidperry2725 that's not what the question was. Not 100%, any way.
I state in videos and in text. At no cost I get a promoter fee from Boldin. I pay for software for myself and after 2 years of promotion they decided to give me a fee.
Hey Joe, if I'm 10 years out from retirement, do you think it's worth the investment for Boldin? I've done the free version, kind of thinking I'll wait until maybe I'm 5 years out before paying for software. Curious about your thoughts.
5 years out you need to start getting your money in right locations. Spreadsheets can work at 10 years but not bad idea to buy for just one year and have expire. If you’re like many you may find you can retire in 7-8 years. My 2 cents
@@joekuhnlovesretirement Great advice, thank you!
How did you withdraw money from your accts when you retired early at 54
I had money in a brokerage account
Will the software provide guidance on investing 2 to 3 years prior to retirement such as 401k vs Roth?
No.
If I’m doing a Roth conversion why is it still calculating RMD’s?
It’s just math and the law. If you have a dollar in IRA you take an RMD.
I just signed up for Boldin but I am worried about linking accounts. Should I be?
I don’t link. There are data breaches everywhere
Tried to find a Canadian equivalent but no such luck. 😢
Boldin said they are considering adding. I told them it would be huge
Does Boldin account for Rule of 55 401k withdrawals? My current package automatically adds in the 10% penalty for ages 55-59.
Not automatically. Just have to enter payment in a specific time frame. 1 minute
Great question. Since rule of 55 says no penalty if you retire the year you turn 55, does it take that into acct and not add the penalty? I ask as I turned 55 6 months ago and seriously looking into this " retirement " thing.
Boldin is also endorsed by Grogu and Pooh Bear!
Until they figure out how to access my account values in real time it’s not interesting. With AI, you should be able to automatically know returns and suggest tax strategies, harvesting, and predict probability of success without any tedious data entry. The software shouldn’t be just a what if. It should have enough info to tell you what you need to do to optimize your situation and tell you how you are doing compared to others. Almost like turbo tax of retirement. For example, the software should see that I’ve lost money on a stock but have gains on another and suggest that I should sell and harvest because predictors indicate that this stock has a 30% of increasing enough to make sense to keep, etc.. that should all be automatic, much like a finance advisor but better. Another example, hey you’re 63, lower your income to prepare for Medicare. Hey, RMD coming up, do this. Etc..
They only run 1000 Monte Carlo simulations. That's a bit low. And some of their charts could be much improved.
I believe that majority of these Monte Carlo packages only do 100, you never see 3 significant digits in the results. It is always a number ending in zero (I.E. 920 versus 923).
lol, you need more than 1000 simulations to see if you can retire? 😮😢
Buggy software. Brings over my mortgage as negative balances