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3:53 pm August 21, 2012
| Nick
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| Member | posts 247 |
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I was recently asked if I knew of financial planning software to solve this guy's problem. (Mint isn't what he was looking for). Any suggestions?
"I want to run Monte Carlo simulations for retirment planning to better identify how much I need for retirement and what the likely hood of actually hitting my target is. I also want to run various scenarios for college planning to better identify the target that we should be shooting for. "
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5:17 pm August 22, 2012
| Money and Risk
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| Member | posts 73 |
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I use Naviplan. They are considered to be top of the line. Note that you still need to check all the assumptions and calculations as their tax calculations occasionally have mis-coding. The best thing about NaviPlan is their customer service. They were very patient whenever I challenged their results. On one plan last year, I spent 10 hrs on the phone with their coding department to drill down on a mistake that I caught.
Monte Carlo is not the be all end all as you have to understand the assumptions behind the coding and whether it matches the customer's circumstances.
The cost on Naviplan stripped down is about minimum $5,000/year up front. They just got bought and I'm not sure what the current pricing will be. I am on their download version until I renew at tax season.
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6:44 am August 23, 2012
| MyJourneytoMillions
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I HATE naviplan. I forgot what version I was using before we didn't renew but it was such a pain in the butt. I use e-money at work.
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8:31 am August 29, 2012
| Miss T @ Prairie Eco-Thrifter
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We use Quicken and really like it. It is very versatile and lets you keep track of everything.
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12:07 pm August 29, 2012
| AmericanDebtProject
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| Member | posts 199 |
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Does this person have an Etrade or TD Ameritrade account? They have many sophisticated planners and calculators right on their site once you login.
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6:25 pm August 29, 2012
| OneCentAtatime
| | Florida, USA | |
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I was going to say just that. My Fidelity account comes with a great tool to calculate retirement need and college education need. Even Merill Lynch has one.
Nothing like you have to crack the code to understand situation, you can enter your own situation.
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7:41 am August 30, 2012
| PK @ DQYDJ
| | The Intersection of Politics, Economics and Personal Finance. | |
| Moderator
| posts 361 |
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Nick said:
I was recently asked if I knew of financial planning software to solve this guy's problem. (Mint isn't what he was looking for). Any suggestions?
"I want to run Monte Carlo simulations for retirment planning to better identify how much I need for retirement and what the likely hood of actually hitting my target is. I also want to run various scenarios for college planning to better identify the target that we should be shooting for. "
Monte Carlos come for free with my Fidelity account – he should definitely check his 401(k)s, IRAs and Brokerage. If there's nothing there, a quick free option is MoneyChimp.
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