Press and Reviews

A recent analysis from MaxiFi, a personal financial planning platform, found that the more assets a retiree couple has, the more their discretionary spending will increase in retirement by downsizing their home.

I rarely promote products at my blog but I know that many of my readers are do-it-yourselfers and many have expressed interest in software tools. I have a lot of confidence in MaxiFi.

The analysis found that the retiree could boost his lifetime retirement income by $25,000 by tapping the tax-deferred account earlier.

We dug into readers' questions on Roth IRA conversions and other maneuvers to reduce your taxes in retirement.

But others liken it to an annuity that provides free rent long after the house is paid off. This group includes economist Larry Kotlikoff, who was a guest on a recent webinar discussing reverse mortgages.

The Social Security Administration is misleading and mistreating Americans by “running scams” and “tricking them” into making claiming choices that cheat them out of benefits to which they're entitled, argues Laurence Kotlikoff, Boston University economics professor, in an interview with ThinkAdvisor.

MaxiFi will also make suggestions to help improve your money plan. These changes are intended to lower your tax bill, optimize your income and help correct your current spending habits.

Roth conversions make sense for retirees who have enough after-tax money to pay the taxes on the funds being converted. Otherwise, retirees have to pull even more money from their tax-deferred account to cover taxes.

One recent convert is Laurence Kotlikoff, an economics professor at Boston University who's an expert on retirement planning.

Democratic presidential nominee Joe Biden's plan for Social Security includes increased benefits for low earners and more taxes for high-income individuals.

"It's a complicated product to get your brain around. If you couldn't come up any other option to stay in the home, then use a reverse mortgage."

How Social Security made it easier to see what you could get, depending on when you start claiming

The software is easy to use and provides amazingly detailed financial recommendations which are supported by advanced Monte Carlo analysis. MaxiFi Planner is an outstanding resource for regular investors as well as for professional investors with a large financial planning practice.

Should I sell stocks or wait for the market to recover? Should I tap into my retirement funds now? What should I do about Social Security?

Life-cycle economics can provide guidelines for far more than retirement finance questions.

Sure, there's plenty of financial software out there that can help you establish a budget, save money for your kids' education and even live out your dream retirement. But can these apps help you calculate your highest sustainable living standard? MaxiFi Planner takes on the role of a financial planner to help you live your best life. It takes into account your entire financial picture and calculates what your retirement will look like with several scenarios

Tools do exist for doing it right, but a good adviser can be invaluable.

If you have complex situations such as previous marriages, children's benefits, disability benefits, etc., maybe the paid calculators will give you something different.

Professor Kotlikoff's Economic Security Plannings Inc.'s tools include MaxiFi, which works to analyze your spending, saving and insurance to make sure they match your lifestyle and level of wealth. It also looks at other ways to increase the money you take in through Social Security, annuities or retirement savings.

In a Roth conversion, you move money from a tax-deferred pretax account like a traditional IRA to the tax-free after-tax account. Each dollar you convert is taxed as ordinary income on the day it moves. In essence, you're electing to prepay taxes that wouldn't ordinarily be due for years.

The difference between MaxiFi Planner compared to other financial planning software is that it plans out your future retirement - it shows you what you can spend and how much you will be able to withdraw from your accounts. ... Figuring out how to maintain your current living standard for the rest of your life is a feature unique to MaxiFi. It prioritizes maintaining your standard of living and creates a plan for you based on that. A comfortable, happy retirement is the ultimate goal for millions of workers, and MaxiFi Planner can help you plan with your highest sustainable standard of living in mind.

Planning for retirement? Look no further than your tablet or smartphone.A growing array of apps and websites make it easier to complete many of the most basic-and most important-tasks, from saving money and creating legal documents to figuring out a second career and where to live.