Tax Planning Software For Retirement


The Complete Retirement Planner

Fidelity FREE Retirement Planning Software

TCRP 2022is our most comprehensive retirement planning tool to date, expanding on a long list of essential planning features not found in other planning tools. Included are the most current tax laws, retirement account contribution limits, Medicare costs and I.R.S. divisors for Required Minimum Distributions . Our ongoing commitment to providing a superior financial planning tool also means that we have not, and will not, raise the price of TCRP due to inflation!

Selected as one of the “Best Retirement Planning Tools” by U.S. News & World Report for 2021 and 2022!

New Customers – Please continue reading below to see a complete list of the unique features that TCRP has to offer.

Existing Customers – As always, you may upgrade to the most recent version of TCRP for only $12.99! Use Discount Code: TCRP2022 at checkout.Thank You for your continued confidence in The Complete Retirement Planner!

TCRP Gift Cards are also available, and are the perfect way to help friends and family to plan for their financial future as well!

Make Sure The App Offers Support

When it comes to any software solution, youll eventually have a question that will require support. And when this happens, youll need access to a live agent.

Check and see what types of support options are available before using a platform.

Often, companies restrict support, making it difficult to resolve issues. If customer service isnt a top priority, move onto another provider.

Software For Financial Advisors

Financial software programs typically provide a wide arrange of useful information and capabilities. The most in-demand software products include:

  • Customer relationship management software organizes client information and streamlines process flows and communication techniques.
  • Financial planning software provides cash flow analysis, long-term planning, and tax strategy plans.
  • Portfolio management software provides comprehensive reporting tools for greater awareness and management of your client’s entire asset holdings.
  • Trading/rebalancing software automates and coordinates portfolio transactions.
  • Investment analytics software provides all-encompassing data and historical information regarding securities and other investments.
  • Risk tolerance software identifies, navigates, and quantifies hidden and known portfolio risks.
  • Document management software simplifies document transmission, signature retrieval, or document storage.

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Managing Cash Flow Concerns

Cash flow is a top concern for retirees. Those worried about having sufficient income might choose to place much of their portfolio in higher-yielding bonds and higher-yielding or dividend-paying stock. This increases portfolio risk and reduces tax efficiency.

This increased risked means more of a retirees principal may be reduced at a moment when its needed most, such as during an emergency. In addition to the risk, a retirement income strategy that depends solely on interest or dividends is less tax efficient compared to a strategy dependent on capital gains.

Knowing your clients tax situation can lead to stronger planning strategies. Completing a long-term cash flow and tax projection can help identify opportunities for tax maneuvering, and regular monitoring of changes to cash flow can help your retired client stay on track.

Automatically Project Your Lifetime Federal State And Local Income Taxes Capital Gains Taxes Property Taxes And Other Taxes

Retirement accounts: Pre

VeriPlans tax calculator software automatically projects your real dollar tax obligations using current tax rates and tax limits that would apply in your particular situation. For example, regarding your income taxes and income tax rates, the VeriPlan investment and income tax planning software for individuals uses current marginal federal income tax rates after taking into account your projected tax deductions, exemptions, and adjustments.

Regarding state taxes and local income tax rates, VeriPlans tax projection software and tax calculator tools assess these taxes according to the marginal or flat tax rate method that applies in your tax jurisdiction. The VeriPlan pre- and post-retirement tax calculator automatically assesses Social Security taxes, Medicare taxes, self-employment taxes, real estate and property taxes, short-term capital gains taxes, and long-term capital gains taxes. In addition, VeriPlan fully integrated IRA retirement calculator and 401k retirement calculator facilities automatically apply lifetime taxes related to your traditional IRA, 401k, 403b, 457, Simple, Keogh and other retirement accounts and to your Roth IRA and to your designated Roth 401k, Roth 403b, and Roth 457 account contributions.

The VeriPlan tax calculator software projects your full lifetime taxes in annual increments in these eight separate tax categories:

  • Federal income taxes on earned income, interest income, retirement income, and other income
  • Property and real estate taxes
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    Tying It All Together

    Smart tax planning plays a vital role in a retirees long-term financial security. And being ready to address this issue and other planning topics with your clients can contribute to your firms continuing success.

    Expand your knowledge and demonstrate your expertise through the AICPA Retirement Planning Certificate program, a series of courses covering the retirement planning life-cycle. Earning this certificate gets you one step closer to the Personal Financial Specialist credential, setting you apart from other CPA and non-CPA planners.

    New Rules Boost Financial Protection For Seniors But Getting Them To Opt In Can Be A Delicate Process

    Is it accurate? I assume it is, based on the assumptions made and the data sources used. Im just not sure it is believable. The generalizations made within the software cast doubts on the output, whether accurate or not. I may have more confidence in the numbers if I was able to see the rates of return used.

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    The Right Retirement Income Planning Software Can Make Or Break Your Business

    INCOME PLANNING | 12/16/21 9:07 AM | by Katie Godbout, Vice President of Sales & Marketing

    Comprehensive, well-built retirement income planning software provides benefits to both financial advisors and their clients.Financial advisor software empowers advisors to demonstrate their value to clients by building easy-to-understand retirement strategies, from complex tax or income calculations to cash flow breakdowns. The right financial advisor software should include features to help clients through every step of the retirement income planning process, including:

    • Pinpointing the optimal time to start claiming Social Security
    • Navigating taxes
    • Assessing portfolio risk
    • Reducing taxable income

    Failing to utilize the best available tools can lead to wasted time and resources, as well as missed opportunities for clients to build wealth.

    Is Life Insurance A Good Idea

    Fidelity Retirement Planning Software Analysis

    Yes, life insurance is a great idea.

    If you have a family, its critical to get life insurance to support them in the event of your untimely departure.

    Whats more, there are some great plans available that can enable you to maximize tax-friendly growth for possible living retirement benefits. Talk to a tax advisor or life insurance agent to learn more about this strategy.

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    The Canadian Retirement Planner’s Software

    Professional Planners and Gifted Amateurs can prepare sophisticated retirement plans that sort through all of the complexities of the Canadian Retirement System with employer pensions, government pensions, Tax-Free Savings Accounts, Registered Retirement Savings Plans, Registered Retirement Income Funds, Locked-in Retirement accounts, minimum withdrawals, age tax credits, pension income splitting, etc.

    You can plan out the accumulation of funds for retirement over many years, assess an early retirement offer from an employer with pension alternatives, and figure out how best to withdraw funds during retirement to sustain targeted lifestyle expenditures.

    The Canadian Retirement Planner’s Software was first developed in 1987 and has since been used by professional firms to produce retirement plans for thousands of their clients. And Gifted Amateurs have learned much about our retirement and income tax systems.

    An Annual License For Professional Planners

    enables you to prepare retirement plans for clients in all life situations. If your client is many years away from retirement, you can develop a savings plan allocating savings between pensions, CPP/QPP, TFSAs and RRSPs. If your client is approaching retirement, you can assess an employer’s retirement offer and pension benefit alternatives. If your client is already retired, you can determine the amount of lifestyle expenditures they can sustain, plan RRSP and RRIF withdrawals, and project the assets for their estate plan.

    Personal Capital Retirement Advisor

    The Personal Capital Retirement Planner goes into greater detail than some other retirement planning programmers on the market.

    This application is the best retirement planning software, among other applications. They analyze your expenses and help you to save your money. It is the top retirement planner software as it may also help with planning for a variety of events such as taxes, savings increases, and Social Security payouts.

    It is a free retirement planning software they are easy to use and works with any Android or Apple smartphone.

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    What Is Retirement Income

    As the phrase suggests, retirement income is money that you collect in retirement to pay for things like groceries and housing expenses.

    The main difference between retirement income and regular income is that retirement income doesnt come from a full-time job. It comes from other sources like savings accounts, retirement accounts, pensions, and Social Security distributions.

    Unfortunately, some people reach retirement age without anything put away in the bank and this is very dangerous.

    As such, its critical to plan ahead for retirement. That way, you wont get stuck in a situation where you have to keep working in your golden years.

    How To Choose The Right Plan

    FREE Retirement Planning Spreadsheet Calculator

    Your clients have a lot of factors to consider when selecting their retirement plan. To help them decide, you can do a few things.

    First, ask them what their goals are. Are their goals simply to provide a benefit to their employees? Do they want their jobs to be more marketable? Do they want to encourage employees to stick around for longer? Do they want to incentivize employees to care more about the companys success? These questions alone can help you narrow the selection down to just a few plans.

    Next, ask them how much time, money, and effort they are willing to spend on plan sponsorship. Some plans are simple to administer, while others are time consuming. Some plans require annual filings and rigorous testing, while others do not.

    Then, ask them what their employees want. The age and lifestyle of their employee population will make certain plans better than others. For example, a pension that rewards employees who remain at the company for 10+ years will not entice employees who have a more varied work history. You want the plan to be good for your clients and valuable to their employees.

    Here is a quick comparison table your client’s business might consider for retirement plans:

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    Assess Risk And Reward

    Investing is risky business. So is spending. Both can be too aggressive or too cautious.

    MaxiFis Monte Carlo simulations let you compare the living standard risk and reward from different investment strategies and spending behaviors so you can make smart decisions.

    Conventional financial planning tools use old-school Monte Carlo. They set a spending target and never change it to reflect reality.

    Our state-of-the-art Living Standard Monte Carlo® incorporates changing investment returns. If returns are low, MaxiFi adjusts discretionary spending so your living standard remains stable. If returns are high, MaxiFi adjusts spending to reflect improvement.

    Betterment’s Retirement Savings Calculator

    Visit Betterment

    Betterment is one of our favorite robo advisor services. More than just helping you do some hands-off investing, the service takes a holistic look at your financial picture to help you reach specific goals. So, of course, Betterment would have a useful retirement calculator.

    To use this free tool, all you have to do is input your age, your household income , how much you have saved for retirement already, and the amount your household is saving for retirement each year. The calculator will then give you an estimate of how much you’ll be able to spend per year.

    Knowing your discretionary spending is important as you plan for retirement so you can stay on track with your budget. Betterment’s retirement planning tool helps in this department, and it’s also a very affordable robo advisor if you need help investing.


    Charles Schwab may be the granddaddy of discount stock brokers , but that doesn’t mean this service hasn’t kept up with the times.

    Schwab’s website offers a free retirement calculator that helps you figure out where you stand today and what you need to do to hit your goals. Just input some details about your current situation and plans , and the calculator will do the rest. You receive a summary of your retirement savings health, along with a series of suggested adjustments you can make to your portfolio.

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    Benefits To Using The Software

    The Canadian Retirement Planner’s Software lets you efficiently and quickly prepare a sophisticated retirement plan, including text.

    Extend Your Professional Services – This Software enables you to provide a valued and sophisticated service at a very low cost. This cost-efficiency allows you to offer this specialized service to clients who previously would have found it beyond their means and enables you to expand your practice.

    Meet the Specific Needs of Your Clients – This Software readily performs thousands of calculations to enable you to respond to client needs and present concrete tax planning strategies – the impact of inflation, appropriate uses of TFSAs, spousal RRSPs, locked-in accounts, income tax considerations, allocation of assets and pension incomes between spouses, life or term annuities.

    Meet Professional Standards – The plans produced by the Software comply with the emerging professional standards for personal financial planning including those for future oriented financial information. Audit trails show the accumulation of savings and projection of retirement incomes to ensure the integrity of the results.

    Fully Supported – The Software is updated at least twice yearly to incorporate changes in the Income Tax Act and to add features requested by users. You have an inexpensive software solution to meet your needs for years to come. Ongoing technical support is just an email away!

    The Benefits Of Finding The Right Financial Advisor Software

    Decker Retirement Planning – 4 Bucket Tax Strategy

    Software like Covisums Income InSight® and Tax Clarity® use visual tools to analyze multiple retirement income streams. The impactful graphic output allows clients to see their current financial situation in one place, eliminating some confusion surrounding retirement strategy. Covisums software options even empower financial advisors to seamlessly move from one product to another using the advisor portal. That means once a financial advisor understands their clients goals, they can efficiently utilize all of the best tools to help them get there. Do your clients want to retire early? Are your clients saving for a major purchase? Do they want to pay off their mortgage soon? There may be many goals at play in your clients long-term outlook. As you begin to build a comprehensive retirement income strategy, you can lean on Covisums retirement income planning software to optimize opportunities and help clients visualize the possibilities ahead.

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    The Best Investment And Income Tax Planning Software For Individuals

    Financial Planning Software for Home Use

    Here is another example that illustrates how the VeriPlan personal tax planning software can identify can be used as tax optimization software. In this situation, the user can visually identify a situation where a series of low income tax Roth conversions after early retirement might make sense to reduce income taxes on traditional IRA required minimum distributions after age 72.

    To prevent product obsolescence in the future, as you continue to use VeriPlan, you can change any tax rates and tax limits, in case tax laws, rates, and limits change in the future. There is no need to buy an updated version of the VeriPlan home financial planning and retirement tax planning spreadsheet software, because you can update it yourself.

    VeriPlan Is Simply The Best Financial Retirement Calculator You Can Buy!
    Related Personal Financial Planning Software Articles

    Most Popular Type Of Software

    In a 2021 survey, 26% of financial advisors stated financial planning software programs were the most important technology tool for their business.

    Though many companies may use several of the software groups above, some are very specific to financial advisors. Customer relationship management, risk tolerance, and document management solutions are common across industries.

    In this article, we’ll look at the top five financial planning software programs used by financial advisors. The top five financial planning software programs used by professional financial advisers based on market share include MoneyGuidePro, eMoney Pro, RightCapital, Orion Financial Planning, and eMoney Plus.

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    Retirement Software Vs Retirement Calculators

    Many people start off retirement planning by asking the question how much income can I afford in retirement? and retirement calculators can often give misleading picture.

    Using retirement planning software is much better than using a simple retirement calculator as they also factor in taxes and can simulate other life or world events that could impact your pension.

    Retirement calculators usually fail to do this and do not give an accurate forecast of what you can expect to retire on although some use more advanced methods such as Monte Carlo simulations to factor in more variables than a standard calculator.

    Helpful Charts And Graphs

    Retirement Planning Software

    Our automated charts and graphs make it easy for you to track and plan finances right through retirement.

    • Get 6 useful charts plotting your income, capital, investments, home value and expenses in retirement
    • Choose which time span to forecast
    • All values show in both future value and at today’s value on rolling over the charts
    • Tax is automatically calculated

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    Help Your Clients Select The Best Retirement Plan For Their Business By Using Tax Planning Software Part Ii

    In our last article, we explored the ins and outs of 401s how they are taxed, how they are administered, and how expensive they would be for your clients to sponsor. But there are so many other types of plans your clients can choose from.

    As you explore other retirement plan options with your clients, think about how you can use your tax planning software to help them make the right selection. With the right software, you can help them compare costs and tax outcomes of each plan, which can make the selection process much more straightforward.

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