Empower Retirement Planner Workshop | Live Q&A

[@philf4086]

Rob - we started a trial Personal Capital account about 18 months ago. We ultimately aggregated all of our accounts "for real" into Empower and we have been very pleased with their management of our retirement. The big thing for me was to get these accounts under one roof so that future understanding and mgmt. by my wife (should I pass away) was easy. Too many accounts scattered across the landscape scared us. Sleeping better at night, and the planning tools seem to be just what we needed.

[@krisskogs2532]

Great episode, Rob! My 401k is with Empower. I didn’t want to link accounts, but once you showed you could manually enter them, I did so in the retirement planner.

[@Herbal90]

Rob - The only way I've found to work in an inherited IRA in Empower is to estimate the value when inherited, and create 2 income events in the bottom of the planning section as follows: 1) Pull the average of the RMDs over 9 years and 2) the remaining amount at the 10 year.

[@SueTNguyen]

@robberger have you compared the Boldin vs Empower Retirement planning using same inflation and income and spend? I did and it gave me different savings at the end of longevity, in today's dollars. What could be the reason?

[@kyleevanston]

I Hit 110k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject. thanks to Brooke Miller for helping me achieve this

[@nickmcdonarld]

She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states

[@HighlightsSerieATIM]

The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.

[@jadewashington7]

I'm surprised that you just mentioned and recommended Brooke Miller, I met her at a conference in 2018 and we have been working together ever since.

[@SaadmaanShohid]

I'm new at this, please how can I reach her?

[@mary_.1peterson]

I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills

[@dckyle]

Will be interesting what your comparison of tools tests for Monte Carlo uncovers. I think chance of success after doing Roth conversions could move the needle in the sense that it would decrease the future value of your tax-deferred accounts. And by this I mean if you run a Monte Carlo, the annual impact on your accounts (e.g. taxable, tax-deferred, and Roth), depending on the randomized trials, could send some of your balances to zero quicker. If impacts are uniformly hitting accounts in your model (for example, let's say one year is a -20% impact that let's assume hits all three the same, and another trial after that has a similarly negative impact), this case may be more likely to send your tax-deferred account to zero more quickly and affect your ending balance by requiring usage of Roth funds sooner.

[@mapmanlxii1715]

I’m a fan of Empower I use it for planning and data aggregation. I’ve learned their numbers and locations when they are ringing me for an appointment. Which I ignore! Think of the data mining they do. That may be as valuable as their money management!

[@GregJohnson-s6h]

I often have issues with linked accounts after they’re set up, not just with Empower but with other aggregating tools. Too often have to go in and “fix” the account. Does anyone else keep running into this issue?

[@genzinvesting8405]

All the aggregation tools work the same way so you’ll always have this issue. It has to do with the source of the information

[@brute_force_and_ignorance]

You can change the retirement age by clicking on the spending goals box on the right hand side of the retirement planning window, or you can click on the icon for the retirement age on the graph

[@kevinfreimarck3301]

Does empower have access to your personal setup and can see all of your assets and expenses when you set it up? Sounds not very secure if it's free.

[@JohnDoe_1609]

For the retirement spending do I enter the amount for me today at 50 or an estimate for the inflated amount when I retire at 65?

[@anothername2730]

Bergmeister!

[@ej3476]

Empower requires your SSN# even for a free account, doesn't it? If so, that's a dealbreaker for me.

[@shosansah4629]

which tool is better for tax planning? in my situation i have more money saved in taxable account than deferred. Tax planning is important to me.

[@ellacolson4540]

Boldin is better for tax planning than empower by quite a bit in my opinion.

[@wilma6235]

@Rob Berger I wish I could just check the interest calculation on I bonds. I know the 3 months delay, etc but still can’t get it to calculate the same as they do.

[@RDHarris]

Does anyone have concerns about linking account to Empower? I'd prefer to manually enter account balances (not specific investments/holdings), but maybe it would not work properly. I really don't like the idea of linking brokerage/bank accounts to 3rd party applications.

[@Sean_neaS]

Now most brokerages are setup with read only accounts for these things. Meaning you grant them a login to ready your transactions but they can't do anything to move money, etc... I don't know if it's all or most but some tell you what access you are granting when you sign up. It depends on the broker.

[@greenzza]

18:18 first time I’ve ever heard Rob make a mistake. AK is Alaska not Arkansas.

[@mlw1700]

I opened a free account with Empower, but it won't let me go further into the too without linking my investment accounts. Is this necessary?

[@quint6363]

enter anything like "jimmy" it will fail to find it then you'll see the options to add manually

[@Csharpflat5]

❤

[@scotthoward6211]

One thing that kinda bugs me about Empower is if your 401k plan, for instance, has a Target Date fund that is one of the ‘Trust’ offerings they can’t pull in the asset allocation and I don’t think there’s any way to manually enter these values. So the AA portion of Empower’s tool is pretty useless for me.

[@alealealealealealealeale]

There is a way to manually classify those as long as there is a known ticker that matches your target retirement fund's allocation, e.g. VTIVX. My 401k is at vanguard and I had to do it for a few of my holdings there.

[@70qq]

🤘

[@isaacsplumbing]

👍

[@marcdale-1]

The level of inefficiency and corruption in this administration is becoming absurd. Those who are not financially stable or those who are disabled and do not receive the support to which they are legally entitled to makes me sad. I sincerely thank you, Kris Lizette Dornbush for turning my life around. Imagine making $57k in four days with an investment of $10k.

[@scottwal]

Wow!! This is a life changing opportunity. How do i get in touch with her please?

[@peter-hr1gl]

you actually would feel safe having all your account information and balances stored with a company you have no relationship with? Interesting.

[@mapmanlxii1715]

Yeah kinda weird but I trust them they even have a live connection to my Schwab and 401k accounts. They actually have better data aggregation and analysis than Schwab or my employers 401k provider. Their app is excellent too!

[@mlw1700]

My question exactly. I don't want to link accounts. I just want to enter amounts manually. Bolden lets you do it that way.

[@genzinvesting8405]

Empower lets you enter values manually. They also don’t store your info

[@msfromresedaca1271]

👍