Am curious as to whether people are aware of any open source or commercially available financial planning software packages that allow the user to manage their finances during retirement. I’m specifically interested in packages that allow one to optimize retirement account drawdown in a tax efficient (and legal!) manner.
Yes, I could pay someone the management fee to just give me an ‘annuity’ that covers my costs, but I hate giving banqueiros money if it can be avoided. Cuts into my gains!
So I have been trying to write my own, but (a) I’m not a CPA and (b) I have no confidence that even if I’m able to model the cash flows & tax calculations (given LT/ST gains, Q/Non-Q dividends, etc) that the arithmetic is correct. To say nothing of having to update the calculations as tax laws change.
TBH, the concept is simple, but it gets very quirky with the circular logic of the drawdown of funds has tax implications that impact the drawdown of funds… And down the rabbit hole I go…
Checkout Boldin or Pralana. Pralana may be more to your liking if you’re already trying to DIY it. Rob Berger has excellent YouTube content on both Boldin and Pralana. You may need to search on “New Retirement” as well (the former name for Boldin).
If you want someone to validate your approach, you can try Mark Zoril at PlanVision, for only a few hundred bucks you can use their software (a version of eMoney that Fidelity also provides for some clients—but you have to use PlanVision’s version, which they’ll explain in detail) and once you’ve filled it all out—very similar to Boldin or Pralana inputs—you will get his opinion on your retirement planning.