I don’t trust those online calculators, mostly because I can’t see the mechanics and assumptions. Takes a little more time but I find setting my own assumptions and building out Excel spreadsheets is more reliable. Also, that article is garbage and speaks to why everyone doing any calculation for personal finance should look to their own specific situation and not rely on these online calculators or articles which are based on average comparisons. For example, PA ranks in the middle of the pack but is one of the best states to retire in from a tax standpoint – they don’t tax IRA distributions or social security. Find a nice, out-of-the-way place and your property taxes are reasonably low. Not the case if living in/near Philly though.
Yeah, NJ is insane. PA is nice for retirement but it’s a trap in a way. 4.5% estate tax on inheritance. You either have to gift below the exemption amount while alive or move.
I’ve only started playing with it, but there is what looks to be a very comprehensive calculator from one of the Bogleheads members:
https://www.bogleheads.org/wiki/Retiree_Portfolio_Model
I don’t trust those online calculators, mostly because I can’t see the mechanics and assumptions. Takes a little more time but I find setting my own assumptions and building out Excel spreadsheets is more reliable. Also, that article is garbage and speaks to why everyone doing any calculation for personal finance should look to their own specific situation and not rely on these online calculators or articles which are based on average comparisons. For example, PA ranks in the middle of the pack but is one of the best states to retire in from a tax standpoint – they don’t tax IRA distributions or social security. Find a nice, out-of-the-way place and your property taxes are reasonably low. Not the case if living in/near Philly though.
I don’t trust those online calculators, mostly because I can’t see the mechanics and assumptions. Takes a little more time but I find setting my own assumptions and building out Excel spreadsheets is more reliable. Also, that article is garbage and speaks to why everyone doing any calculation for personal finance should look to their own specific situation and not rely on these online calculators or articles which are based on average comparisons. For example, PA ranks in the middle of the pack but is one of the best states to retire in from a tax standpoint – they don’t tax IRA distributions or social security. Find a nice, out-of-the-way place and your property taxes are reasonably low. Not the case if living in/near Philly though.
I think my favorite retirement calculator is the one built into my wife’s fidelity account.
She maxed out 401k for 4 years as a resident and for the 2 years she’s been an attending has maxed out 401k (+6% match), 457b, Backdoor Roth. Portfolio performance over those years has been 8-20%.
Fidelity retirement score: 44/150 = “needs attention.”
I don’t trust those online calculators, mostly because I can’t see the mechanics and assumptions. Takes a little more time but I find setting my own assumptions and building out Excel spreadsheets is more reliable. Also, that article is garbage and speaks to why everyone doing any calculation for personal finance should look to their own specific situation and not rely on these online calculators or articles which are based on average comparisons. For example, PA ranks in the middle of the pack but is one of the best states to retire in from a tax standpoint – they don’t tax IRA distributions or social security. Find a nice, out-of-the-way place and your property taxes are reasonably low. Not the case if living in/near Philly though.
I think my favorite retirement calculator is the one built into my wife’s fidelity account.
She maxed out 401k for 4 years as a resident and for the 2 years she’s been an attending has maxed out 401k (+6% match), 457b, Backdoor Roth. Portfolio performance over those years has been 8-20%.
Fidelity retirement score: 44/150 = “needs attention.”
Was going to come here and post virtually the same thing about my wife’s fidelity account.
I’ve even played around with it and the best I can get out of it is 74/150 “fair.” ????
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