Does your retirement plan detail expenses the way you actually spend money? Most do not

A good retirement plan begins with getting expenses right. Most planners use a monthly spend number alone, neglecting one time expenses and future financed purchases. Huge mistake. This will have a dramatic impact on savings and taxes.
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_*PLEASE STOP USING Spreadsheets!_ It falls way short optimizing every retirement factor*
Retirement Tool Link I reference and use and recommend -- Boldin (old name: New Retirement)
Free 2 week trial. $120/yr after. You will buy this after trying (I have purchased for 5 years ).

* NEW NAME: BOLDIN All my old links will continue to work for your free trial!*

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*Need a CFP to create your professional retirement plan for a one time fee?* I use Neil Fortwendel [phone]. Neil created my plan. Plan updates as you wish for a smaller fee. Check Neil out on Facebook and LinkedIn. Average Cost: $3500 - includes 12 months coaching!

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*DO NOT GO IT ALONE!!!!!!!*
*Money Pickle - FREE! use link to set up a FREE 45 minute dialog with a Financial Advisor*
No obligation. Get answers to your specific questions. Get an expert to look at your plan.

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Looking for a FINANCIAL ADVISOR - Assets under Management or one time plan creation. I use
Neil Fortwendel with Northwestern Mutual ph: 812 471 2492.
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Video by Lean Driven Reliability LLC
This video is not investment advice nor advice at all. For entertainment ONLY and reflects my personal story. Seek professional help to understand your unique situation.

Affiliate Disclosure: Most of the links on this channel are affiliate links, meaning at no cost to you I earn a commission if you click through and purchase or set up a discussion. Nevertheless, I only recommend products or services that 1) I currently use or have used or 2) I believe can help the majority of people.

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[joefilbrun]

Great video, Joe! I'm a fan of the detailed budgeter. I don't like to get super granular, but I have about 20 line items on it - didn't take all that long and gives me a sense of comfort that I'm accurate. I also like that you can set up 'like to spend' and 'must spend' amounts in the detailed budgeter, and you can easily flip back and forth between those in the menu. This lets me model how I might make budget cuts when I switch to that dreaded pessimisitc rates setting, and see if my plan could still survive it. It's a great feature in Boldin.

[tfrauenhofer]

I'm coming up on 2 years using this software. What sold us was the detailed budgeting, giving us an idea on taxes, medical expenses, and what-if'ing (we started with looking at drawing social security at different times). It's not perfect but it's really the best. Thanks for doing this video, Joe!

[freedomlife]

You are correct, Joe. How anyone can do financial planing without knowing how much they need to maintain their lifestyle after retirement is beyond me. It’s so easy to track your spending with so many of expense tracking apps. You can even categories them properly, so you know how much is your essential spending, what you can cut if market turns ugly. It’s just simple math.

[rarelycares]

Hi Joe, San Diego reporting in. I definitely use the detailed budgeter, the 'must spend' stays pretty constant (update about once/year for changes) I play with the 'like to spend' a lot to see where it breaks.

[BadPhD]

Awesome video, Joe! Thanks! I use the detailed budgeter because I have things like car insurance and I'm changing those numbers when I think I will no longer be insuring the kids. Boldin lets you keep it simple, or get really detailed. It's your choice!!

[lynnejennings]

Hello, really loved this video. I have been working on the expense budget a bit and trying to figure out how to structure this. Your video was extremely timely and helpful. Would love if you could go into a bit more detail on both your budget and how to best use the detail budgeter. How did you figure out amounts for go go vs slow go.

[ILL-INI-XC-TF-]

Agree totally. Central Illinois loves Joe

[probuilder]

Gonna have to watch this one later on the PC, too small for me to see on my phone.

[patiencezero-xczl]

We went back an entire year, and since we use a credit card for all purchases, it was easy to create an excel spreadsheet of all cassh flow and categorize it. Then, it is simple math to determine what your monthly and yearly expenses are as well as determine what your discretionary expenditures are. Hopefully, you have been living below your means and saving the surplus, because you want to retire WITHOUT having to reduce your standard of living. This is why many, many people who may have higher annual income than you, find they have to work longer. Most people do not live below their means and this is very dumb behavior. They are wasting time for money and time is far more valuable.

[resterAnonyme]

Absolutely! Even when still working, it’s not what you make it’s what you keep after your expenses.

I think the detailed budgeter is so much better. It didn’t take me more than 30-minutes to get my average monthly expenditure for each reoccurring expense. The more accurate you are the better your plan.

The best part of the detailed planner is you can create a specific start date and end date for expenses like life insurance or a car. Or when you expect your child(ren) to leave the home you can create a lower expense for food and all other costs that will be reduced on that specific month.

[georgeamurray]

Are future expenses, like your car or furnace examples, modelled in today's $ or future $?

BTW, nice microphone and glasses!

[Jim-kzue]

hey Joe, love your videos.. I played around with both options.. one thing I am stuck on or not confident. is relocating residences.. I want to move to another county within California when I retire. Meaning sell my place to move. not necessarily downsizing but move of the same house (condo) in another county. Can you do a video on that?

[hydrogolfer]

Hey Joe, what probability of success do you use as your lower limit?

[phuongha]

What kind of withdraw strategy does Boldin have? Does Boldin keep track of withdraws?

[clbcl]

You mean my cable is not going to cost the same in 2032 as now?

[hydrogolfer]

Sorry one more, do we know if Boldin uses aftcasting (actual historical market data) or does it only use Monte Carlo data (statistical data)?

[jamesscroggins]

This is a little off topic, but how would you add the value of a pension into your net worth?

[clicgear]

I’ve tried new retirement and it just doesn’t seem like it’s accurate with our situation. I’m retiring early, wife is staying on for four more years, I’m jumping on her insurance, I’m not spending any of my pension until she retires etc etc. it’s just a mumble jumble of a mess on that site. I know it’s me and prob not the site. But I’m lost on it.

[anniesshenanigans]

4k a month for "basics"? Wow. My whole budget all in is 2500, which includes a monthly debt of 600.

[Mitzi]

With these software planners do you have to link your accounts or is it optional?