Is your retirement plan tool this good? New Retirement demonstration using real data and results

[@TheRaindogger]

I signed up for Boldin based on your recommendation. All I have to say is wow! This is definitely a game changer. What a powerful tool.

[@Dan-Ogiewon]

Thanks, Joe. I have been using New Retirement for a few months now, based on your recommendation. It is a great tool. I just turned 55 and I am gaining confidence in my plan. Just need to validate my plan with a few experts to make sure I am not missing anything. I too am an Engineer, working in manufacturing for 32 years. I am ready for the next phase!

[@joekuhnlovesretirement]

Well done

[@kevink178]

Joe, someone else already asked about modeling a 3 bucket strategy but would you consider doing another video showing it in action and how best to implement this in the software? Like you I see the benefits of this strategy but wasn’t sure how best to implement it in the software. Thanks for all of your videos and thoughtful content!

[@msorkin]

Hello Joe - 62 this year and working, subscribed to New Retirement and I'm finding with it's flexibility I am making decisions now that will give me the best outcome for my retirement goals. Case in point includes selling my house in the next year or 2 and purchasing a less expensive home at half the value looks better without a mortgage payment. I love being able to see all the options and how making one choice over another effects the overall picture and possible outcomes. I will continue to subscribe to NR each year.

[@bubbaburke]

Great product. I'm 10 years form retirement and pay for this product just to support it. Keeps me focused on my goal.

[@RobertSeemann]

Because of you Joe is how I found New Retirement. Excellent tool! Because of it, I retired confidently at 56. Happy man of leisure, now living in Kfar Yona, Israel. Come over for a visit, I'll be happy to show you the country.

[@joekuhnlovesretirement]

I plan to. Wife a little nervous now, but on our bucket list.

[@andrewconnelly4893]

just found/subscribed your channel and have watched a couple of your videos - - incredible content in a no non-sense manner. Keep up the great work!

[@joekuhnlovesretirement]

Welcome aboard!

[@genglandoh]

Cleveland OH I have been using the free version of New Retirement and it helped me decide to retire in Jun 2024. It helped me see an overview of my but the free version it does not help me with my taxes. Thank you for showing me the advantages of buying the full package. I will be buying it soon to help me with the Roth conversions and taxes. Its funny but I have a financial advisor and their software is not as good as New Retirement. For example their software you can't pick a month you will retire but only the year. If your birthday is in the end of the years the numbers are all wrong. So if you get 3,000 per month in SS they software assumes you will get 12 months or $36,000 the first you you are getting SS But if your birthday is in November you will only get 2 months or $6,000 for the year. My financial advisor did make some manual adjustments to the report to handle this problem New Retirement does a much better job.

[@jimgardner1306]

I’m already retired. It was only a few months ago that I built my own Excel spreadsheet to estimate how long I can expect my retirement account to hold out. After watching your video I’m really satisfied at how my spreadsheet stacks up to this planning software. Thank you for the demonstration.

[@joekuhnlovesretirement]

Well done

[@gregkloe]

6 months out from retirement so I signed up yesterday and am about 80% complete on my inputs. I'm going to invest some time getting the feel of it and running different scenarios and then use it quarterly once I'm in retirement. Thanks Joe.

[@joekuhnlovesretirement]

Ensure you check out the free classes

[@abreug2]

Hi Joe, i started using NR based on your recommendation and i find it very easy to build and love the options/scenarios to calculate! This is in addition to using another software package and using a financial advisor. Getting close to retirement in 2024 so just want to make sure my plan is well stressed tested and I considered worse case scenarios.

[@joekuhnlovesretirement]

Nice work!

[@mainerin_texas-gordon-9598]

Thank you, Joe. I took the plunge today and signed up for New Retirement. I was deep into this with an Excel spreadsheet sheet, however, was getting way complicated. This is so much easier. Some minor things that would make it easier for users, however, not many users will use this like I am, everyone is different.

[@joekuhnlovesretirement]

Excellent! Leave a future comment on any help the software was. Real examples best. Ex. I can retire one year earlier

[@mainerin_texas-gordon-9598]

@@joekuhnlovesretirement - Yes, the software showed me something that I had never thought about before. Since I am waiting until 70 for SS, and my wife will be getting spousal benefits the same year (she is 3 years younger than I am), the software showed me excess income. Now I must figure out what to do with the excess money since I do not want any RMDs. I do not want to have any additional income that I would be taxed on via SS. Thank you

[@karenpeters4457]

Wow! Haven’t tuned in for probably a month. Your diet and exercise plan is paying off!!! Probably your best investment ever. Your improved health is evident. Just saying.

[@jskweres2]

thanks for sharing the scenarios! Looking forward to many more!

[@joekuhnlovesretirement]

Thanks

[@mark72164]

Hello from Evansville, Indiana. Bought NR off of your recommendation, thank you Joe! I’ve started to spend early Sunday mornings stressing my plan. Our plan is working and dumping COJ is closer than expected.

[@joekuhnlovesretirement]

Fantastic Mark.

[@lkey4045]

Thank you so much for this demo Joe! You convinced me. I love your videos! Thanks from west Texas.

[@joekuhnlovesretirement]

Glad to hear it!

[@rusnsc7622]

Good stuff Joe, been thinking about this tool as I am very close to retirement. Some of the tools and graphical info is quite similar to those in my 401 account. Those graphics are powerful and I am able to insert similar type data inputs to affect change to my “score”. Time for me to dig in deeper… great channel Joe!

[@joekuhnlovesretirement]

NR will give you great peace of mind.

[@tracybrown9752]

It’s the best! I love playing with it!

[@jaymetheaccountant]

Absolutely love ❤️ this software Joe it’s so dynamic and responsive to input changes. Modeling is soooo easy I enjoy the process (the accountant in me 😂) highly recommend the small expense. Office hours are great too - learn a lot from other users and the moderators 👍

[@joekuhnlovesretirement]

Totally agree!

[@dougjohnson435]

Thank you! This was very helpful.

[@joekuhnlovesretirement]

Glad it was helpful!

[@Michelle-bw1xg]

Great channel. I will definitely buy this software thanks to your repeated mention and this very helpful overview. I will likely have to retire earlier than financially ready for. Very interested in tax liability year to year and if/when Roth conversions make sense. Way better than my advisor's tools. Thank you!

[@joekuhnlovesretirement]

Glad it was helpful!

[@holeechitgaming7289]

Thanks for the Demo Joe. Great breakdown. Looks like I want this software. 8 years and 5 months until retirement unless the software tells me otherwise. Shooting for 52. Cheers

[@jpdriver1967]

Great demo. SOLD!

[@WayneMarcy]

@Joe Kuhn - Thanks for the demo. I do like this software and its probably the best on the market. It's a bit wonky when you are working and doing things like a 401K Roth but your employer matches to the non-roth part. And even the matching, I am not once a year. Its a challenge to do that stuff. I think once I am in the spot you are i.e. living off what is saved the tool will be easier to use. Thanks for another good video. ~Wayne

[@conureron3792]

Thanks for the demonstration.

[@joekuhnlovesretirement]

You bet!

[@jumping438]

Thanks for demo'ing!

[@BLR653]

I update my balances monthly. It’s super easy to do. The best part of the tool is the scenario comparison tool. You can model and compare an infinite amount of things; Roth conversions, death, different rates of return and most importantly - when you retire. I discovered i can easily retire 5 years earlier than planned. Not bad for $96!

[@joekuhnlovesretirement]

Preach it!!!!!

[@bobackerman54]

Awesome video joe ... the cost of $120/year is negligible to the $70k/year i spend ... thanks joe !!!

[@joekuhnlovesretirement]

No doubt!

[@EatLeadPal]

Hi Joe. The video was blurry and hard to see. It might be just me but I can see other videos and they aren't blurry. I retired a few months ago and have been using NR for about 6 months based on your recommendation and I think it's great. Very cheap when you compare it to paying an FP.

[@youarehere1251]

Change video quality to 1080hd

[@nikhilgupta9432]

Hi Joe, Could you create a video to demonstrate how you stress test your portfolio? I remember watching your video where you mentioned using the optimistic assumption (instead of the average assumption) to decide on Roth Conversions. In what other ways do you stress test the portfolio and what other things do you check for? Thank you very much.

[@joekuhnlovesretirement]

I have several but plan more

[@mathrocks7591]

Do you get a royally from promoting this software.

[@Wayneman50]

Can't figure out how to get NR to recognize i will be using cash the first 3 yrs of retirement. The cash is my bucket 1 of my retirement and as i use it my overall portfolio changes. It is sometimes confusing on how to implement this type of plan.

[@miketilley4523]

Thanks Joe Been using NR for about 18months. Getting a big difference in success with toggle between optimistic (97%)and average (below 15%) …not sure what I may have wrong as there isn’t that big of spread between rates. Appreciate any feedback or comments

[@joekuhnlovesretirement]

Yeah, that is very unusual. Check your inputs for rates of return, inflation, etc to make sure you did not fat finger a percent under optimistic or pessimistic.

[@paulmarshall1127]

So they retire 64 and in first version took social security at 64 and success was calculated at 73%. You raised taking social security to age 67 which requires them now to take roughly $3,600 per month from savings and the plan still went to 87% success. Is this correct? If so interesting with spending $130,000 from savings. With needing that money it would have had to be moved to a saver bucket and thus not be getting the rate of return projected . FYI I like your stuff

[@paulmarshall1127]

Takes 12 years to break even by delaying social security to 67 How does system take into account the lost earnings on the $130,000 that had to be taken from savings. Also $500,000 with 4% rule is $20,000. They want $5,500 per month which is $66,000 they need from their $500,000 savings and is a withdrawal rate of 13.2% roughly (will be higher % in year 2 and 3 because the nest egg has shrunk).

[@joekuhnlovesretirement]

Exactly. SS is considered fixed income. Investments are risky especially in short term. SS is a great lever.

[@stewdogg42]

Very cool

[@chuckm777]

Hi Joe, Trying out Boldin now. Interested in running various scenarios, changing order of account withdrawals, roth conversions, etc. Wondering if I'm missing something right off the bat. For the account I'd like to pull from first to cover expenses, I only want to pull a certain amount. I initially entered all of my accounts (no linking), put in blended rates of return, etc. Suppose that one of my accounts is a 401k with 2M. 1M in treasury bonds yielding 4.5% and 1M in stocks. In order to pull out 45k in interest annually, do i need to split my 401k account into a 401k Bond Acct and a 401k Stock Acct. Then setup an annual transfer of 45k from the Bond Acct to some other account that I exhaust each year, then continue pulling additional funds from other accounts? Am I making this too difficult? Initial search in Help and subreddit didn't help.

[@joekuhnlovesretirement]

The way you described looks right to me.

[@TonyVasquez-e8c]

How are you creating different households for different people within the platform? Or are you just creating a different user name and login and purchasing the software for every client you work with? Or is it possible to start from ground zero within the platform and build out different scenarios for different households?

[@joekuhnlovesretirement]

I just have one for myself . I don’t create scenarios for others. NR gave me a demo account since I use it to promote their software

[@TonyVasquez-e8c]

@@joekuhnlovesretirement perfect. Makes sense. Thank you Joe.

[@fredmorgan996]

Thanks Joe. I use New Retirement in my preparation for retirement. However, I use pessimistic and optimistic numbers of 2 - 6 respectively for my account numbers. In your opinion, am I being way too conservative?

[@joekuhnlovesretirement]

That's a personal decision. For my stock funds I use 5 pess and 9 opt.

[@MikeP-p8s]

Thanks for everything Joe. I too am a New Retirement user and have been for some time now. A question I have pertains to something you noted during a recent video, as you talked about Social Security. If I recall you noted you were looking to collect Soc Sec at age 69 vs 70 as it made sense for you. I was curious...what is thought process you went through in order to determine this? Thanks again.

[@joekuhnlovesretirement]

My wife is 2 years younger than me. She will get spousal pay. This maxes out at my FRA and she gets full amount if retires at 67. Which makes me 69

[@deanrotering879]

Hey Joe. Can I link my Fidelity IRA to Boldin software so it knows what my investments are?

[@joekuhnlovesretirement]

I believe so but check

[@JAT922]

Hi Joe, I have a couple of questions on NR. How does it handle dividend income? Do you just include it as part of your annual rate of return or is it figured differently? Also, how does NR handle buckets? Can you put in different rates of return for different accounts or do you have to average it out yourself?

[@joekuhnlovesretirement]

Yes and yes. Put dividends in ROR or you can add as passive income -- you choose. For buckets, I just list asset and ROR from that asset. Pretty simple.

[@gg80108]

All right I'm gone after 2secs

[@Jeff_Slown]

For the taxes and what brackets. Does it take into account change from a joint income to being single filer if spouse ends up passing away and what that increase in tax bracket? Also on the social security taking into account being over a certain amount and being taxed 85%. Thanks

[@joekuhnlovesretirement]

I’m pretty confident of answer but prefer you ask NR in help chat or read. I don’t want to be responsible for a partial correct answer

[@calabazasbike8863]

Using the tool as you recommended. One question about RMD if you know the answer. If drawdown is 30k and RMD is 22k, why the program suggests taking both withdrawals? Isn't RMD satified when I withdraw 30k already?

[@joekuhnlovesretirement]

Perhaps better long term tax wise if take more

[@zentothemax299]

Hey Joe-What is your assessment of the NR modeling of end of life costs. Do you feel that it is reasonably accurate (too much, too little, just right? The modeling does siphon off a considerable sum of assets over the last two years of the plan. Am interested in your thoughts. THX.

[@joekuhnlovesretirement]

Way too high for most. Basically assumes everyone goes to nursing home. I personally select “no need”. The data is manipulated to scare you

[@tr3vorb438]

Can you enter stocks and cost basis, etc., or do you need to link your brokerage account?

[@joekuhnlovesretirement]

You can link but I do not.

[@BadPhD777]

Joe: how are you entering an example without messing up your own entries?

[@joekuhnlovesretirement]

I was given an account to use for demonstrations like this. My personal account I paid for

[@BadPhD777]

I was wondering. Excellent! Now that you have that extra account, you have the responsibilty to use it to teach the rest of us! 🙂

[@robm9673]

If I input a rate of return on my portfolio at say 6% Optimistic, and 4% pessimistic, does it use this as my annual rate of return for my projections? I don't understand how it is using Monte Carlo simulations, which uses actual stock market returns under multiple historical time periods. It seems the two approaches would be much different.

[@joekuhnlovesretirement]

They calculate 500 scenarios using your percentage and assumed stock bond mix. Example if you use 10%, this will assume heavy stocks. If 5% perhaps 40/60.

[@genabarclay2465]

Joe I just bought the software and am unsure what the excess income is under the money flow tab. If you have the income set to cover the expenses why would you have excess income? I've changed that % and it takes my outcome from 99% to 15% by changing the excess number to 80%. It's drastic.

[@joekuhnlovesretirement]

Excess income generally is when forced to take RMD income and expenses are less than RMD. I assign 100% to brokerage acct. anything less than 100% the software assumes you spend.

[@leohill]

Joe - Great Video.. I am also using new retirement. How are you mimicking the Bucket strategy within New Retirement (different accounts.. order of withdraws..etc)... Would love to hear your insights. (My retirement date is planned.. only 6 months away)

[@joekuhnlovesretirement]

My b3 is my IRA, my B2 is my brokerage, my b1 is other. I model any refill in my quarterly review process.

[@leohill]

Thank you!@@joekuhnlovesretirement

[@peaceofcake8464]

The main thing I dislike about NewRetirement is the way it handles RMDs. It treats them as new income instead of a transfer of savings. If you manually set up a transfer from an IRA to a taxable brokerage account it doesn't do that - why should an RMD be any different? It should show spending an RMD as a drawdown of savings.

[@Bal4833]

I recently subscribed to the planner and I am still trying to figure out how to put IRA withdrawals in the program prior to RMD. I am surprised it is not an input on the Income tab. I currently have it in Transfers to my checking account and have been assured by NR that the program will recognize that as taxable income. I have been through the NR tutorial and now searching KZbin for more hep.

[@peaceofcake8464]

@@Bal4833 Yeah, you just set it up as a transfer. It will do the taxes.

[@johnpiroz7075]

Hey Joe, how does it work for Canadian?

[@joekuhnlovesretirement]

It doesn’t sorry

[@kevinharris3672]

Does the software provide retirement planning guidance? For example I am planning to retire in 4-years and was wondering if the software would make suggestions on how to align asset allocation for optimal retirement in 4 years

[@joekuhnlovesretirement]

Returns and choices drive the results. Asset allocation and risk is fundamental to the plan

[@brianlangsdorf949]

Joe - AWESOME work. Ok, so i got my plan showing 95+% success, gogo/slowgo/fail modes enabled, detailed expenses to the nth degree, but when digging further into the tools, i get an "unfunded gap" in the surplus/gap chart, where i understand this means, i really DON'T have money to cover expenses or end up with some other form of debt to cover them? maybe i am missing something here. HELP? COMMENT? An idea for a new Joe video? :-)

[@joekuhnlovesretirement]

If you asset balances have money in them and you still see unfunded gap, you may have inadvertently restricted the software from taking from an account -- Like your IRA. I have seen this before.

[@katxiong123]

Question - why does the software predicts my home will be worth over 1 million dollars in 30 years? Is that an accurate assumption? Home worth 450k now.

[@joekuhnlovesretirement]

You enter a home appreciation rate range. It uses optimistic, average and pessimistic values

[@wilma6235]

Is putting your personal data into Nee retirement safe from hackers?

[@joekuhnlovesretirement]

Yes

[@carolyncummings1724]

Hi Joe, I have found Heritage Wealth Planning, Safeguard Wealth Management and your KZbin videos to be my "go to" financial experts. fyi: a friend told me the White Coat Investors youtube video followers get a 20% special discount// $96 PlannerPlus Special Offer. I plan on signing up in 2024 to decide if Roth conversions are beneficial at this point for me. Thanks for all you do.