enhancement request

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Can the retirement accounts detail report be revised so that the individual, employer, and Roth account balances are shown separately? When tweaking special withdrawals, I can't tell how much remains in a specific account type. I only find out when the amount I schedule to withdraw doesn't happen. One can only infer that the specified account type has been depleted.

The above being only a report change and the data being known to the program, it shouldn't be too challenging.

Secondly, on the special withdrawals tab within the program, can you add an option to permit the program to automate which account type to take the withdrawal from? That would be determined by the order of withdrawal specified on the smooth withdrawals tab. The result would be that, if a particular account type is already depleted (or is depleted by the withdrawal) the system would take the withdrawal from the next account type in succession.

That could be accomplished in the app by an additional column labeled "automated" or something to that effect. Alternatively, add a check box on that page specifying to automate account type selection. All special withdrawals would be managed by the system. In that case I would gray out all but one column and maybe change the title column.

I recognize the latter request involves changing the logic of the system, and that you may have other priorities at this time.

If other users can improve on my suggestion, feel free to comment.

Thanks

Chris

Comments

Dan Royer's picture

Will pass this on . . .

I second the first request on breaking out the reports by type. That would be helpful. I'm certain there has been at least one other request for this on the forum.

For the special withdrawal tab, I prefer to be able to experiment manually. If there is ever an automated "optimization" function that would be ideal. Until then, I like the flexibility to adjust these manually. Having the reports broken out would definitely help here. In some cases, it makes sense to take a combination of withdrawals from different account types in a given year. This can lower your marginal tax bracket, for example.

Best,
Brian

Any changes to the special withdrawal function could/should allow the user to control the account type it comes from, or explicitly allow ESP to automate it.

Chris,

The full user control (account type, amount, year, spouse) for withdrawals can each make a difference in your consumption. Unless there is some way for ESPlanner to automatically optimize the variables (which doesn't appear to be on the horizon), it would be a big step back if these were somehow reduced. I don't think you're pushing for this, but just in case there is confusion.

Best,
Brian

"Pushing" would be an exaggeration but I run into the hidden account balance limit fairly often. To be able to allow ESP to automate would be much easier for may purposes, at least. My suggestion is that, if made available, it should be an option, only. And it would still maintain the distinction between primary user and spouse.

Putting the balances on the report by account type is easier, benign, mutually beneficial, and higher priority.

Dan Royer's picture

I tagged this as "feature request" so that we could find it easily in the future.