Retirement Projection (e.g. Monte Carlo Simulation) Section/Area
It would be amazing if Simplifi would have a "Retirement" section/area, where it would use all the data available, plus retirement plan settings, to model long-term income and net worth. It should essentially provide what newretirement.com is doing (or integrate). Right now I have to manually keep NewRetirement up to date.
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I've been keeping a spreadsheet of a Monte Carlo simulation for coming on three years now. One could argue that three years is not enough data to make accurate projections - especially when most of the last three years has been drastically downward. We'll see what happens in the coming year, as outlooks seem to be mostly positive
In any case I've found the projections to be wildly inaccurate - anywhere from 10% to 100% or more off from what the actual total turns out to be or even from what the previous month projected.
With such wild swings from month to month, it's not really possible to get a firm picture of what the future looks like, other than any given month is going to end between +$XXXXX and -$XXXXX.
I have this data demonstrated in lots of other ways that I won't share, line graphs that show the most likely trend of my retirement savings over the next 30 years and such. Again, the graph changes dramatically with every refresh of the page.
Even if it was reasonably accurate, at this stage of my life I don't think it would be very useful beyond satisfying a vague curiosity. There's almost no action I can take adjust what is being forecast. Perhaps if I was younger I could consider changes - but I'm afraid the extreme fluctuations would lead me to overcompensate, and would probably end up hurting me in the long run.
Anthony Bopp
Simplifi User Since July 2022Money talks. But all my paycheck ever says is goodbye1 -
@budgetj75, thanks for sharing your feedback!
I'd suggest adding your vote and feedback to this existing request, and then following it for updates:
I hope this helps!
-Coach Natalie
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@ajbopp that's an interesting idea, but I really was just thinking about using the existing snapshot and settings (e.g. planned retirement date etc.) to do what NewRetirement (and other prediction sims do - e.g. Vanguard etc.) does for forecasting. Although, I think the historical spending habits (e.g. over X years) is probably a better input than what I put in manually.
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